Private equity firm TSG Consumer Partners has signed a definitive agreement to acquire EoS Fitness, a high-value, low-price (HVLP) gym chain with over 175 U.S. locations open or in the pipeline.
Terms of the deal weren’t disclosed, though it comes on the heels of a report that EoS Fitness had been exploring a sale valuing the company at around $1 billion, including debt. EoS CEO Rich Drengberg will remain at the helm alongside his existing leadership team and will retain a vested interest in the business.
In Q1, EoS Fitness, which entered the year with the fitness industry’s first mascot, opened seven new locations, locked in six more leases, reinvested over $3.2 million into its existing clubs and continued its rollout of Refresh, a new wellness-focused amenity featuring popular recovery therapies like cold plunges, hot tubs and infrared saunas.
“We are honored to partner with TSG Consumer, a firm that shares our vision to make high-quality fitness available to everyone,” Drengberg said. “Their deep experience partnering with leading brands in the fitness industry and helping them deliver long-term value to their customers makes them an ideal partner for our next chapter. Importantly, TSG Consumer shares our commitment to innovation, continuous improvement and the evolution of our offering.”
The fitness chain, which differentiates itself by owning all of its locations rather than franchising, plans to open 28 new gyms this year and invest $14 million into upgrades of its existing gyms.
“I’d also like to extend my thanks to Bruce Bruckmann and Rashad Rahman of BRS for 11 years of partnership, as well as the incredible EoS leadership team and our team members, whose hard work and dedication have made this announcement possible,” Drengberg continued. “With TSG Consumer’s support, we look forward to expanding our footprint while delivering exceptional value, experiences and a sense of community to our more than 1.5 million loyal members nationwide.”
The HVLP brand has said it’s aiming to open 250 gyms by 2030.
“Partnering with EoS at this pivotal point in their journey opens exciting avenues for growth and innovation,” TSG Consumer managing director Michael Layman said. “With the help of their outstanding team, EoS has built a compelling brand that resonates with a broad member base, offering a low-priced premium experience at a time when more people than ever are focused on fitness. We look forward to supporting EoS through their next phase of growth.”
EoS Fitness executives are slated to speak at the upcoming ATN Innovation Summit this June.
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