Aire Ancient Baths wants to expand its chain of thermal baths in North America. The company, with headquarters in Barcelona, ??plans to invest 55 million euros in three openings, one in New York, another in Los Angeles and another in Toronto.
“We want to bet on the North American market after seeing the interest aroused by our centers in New York and Chicago,” comments Amadeo Serra, CEO of the company, who for the moment rules out growth through franchises and collaborations with hotels.
The financing, he assures, will be obtained through bank loans and own resources. “We rule out the incorporation of financial partners. The company is profitable and in the last year the turnover grew by 15%,” says the manager, who adds that the business has managed to double the results recorded before the pandemic. According to data provided by the company, Aire Ancient Baths closed the last financial year (in June) with revenues of 69.4 million euros and an Ebitda (gross profit) of 25.1 million, which represents a margin of 36%.
This turnover comes from eight centers, among which are the two that are already operational in the United States as well as those in London, Copenhagen and those in Spain, distributed between Catalonia (2) and Andalusia (2). In fact, the company has a strong Andalusian link. It opened its first center in Seville in 2004 and has always had its headquarters in Granada.
This is explained because the capital is controlled by a group of 21 partners who come, for the most part, from this community. Among them, Amós Milton García, Armando Prados and Adrián Martínez stand out, who have the majority of the capital, and who manage other businesses outside of Aire Ancient Baths.
In fact, seven years ago, the owners decided to professionalize management and hired the current CEO, Amadeo Serra, who had experience in the water sector since he had been responsible for the southern European market of the Catalan group Fluidra. Serra says that today this company is one of the main suppliers of Aire thermal baths. “It allows us to incorporate the latest technology,” he says.
With 900 people on staff, of which 367 work in Spain and 50 in the Barcelona offices, Aire aims to reach 1,500 employees within three years, when the works on the three new centers in the United States and Canada have been completed. The company is convinced that its service, which combines thermal baths and massages, is unique in the world of personal well-being.
