Vasa Fitness, a high-value, low-price (HVLP) fitness operator, has appointed Michael Osanloo as its new chief executive officer.
The corporate-owned gym chain has more than 70 locations across eight states in the Western and Midwestern U.S. and reported adding over 335,000 new members in 2025.
Osanloo, who most recently served as president and CEO of Chicago-style food chain Portillo’s, succeeds Rich Nelsen, who is retiring after eight years.
“I’m honored to join Vasa at such an exciting time in its journey,” Osanloo said. “Rich has built a strong foundation, and I have great respect for what he and the team have accomplished. Vasa is a truly differentiated brand in a dynamic and growing industry, and I’m excited to work alongside the team to build on that momentum and lead the company into its next phase of growth.”
He has also served as CEO of PF Chang’s and held senior leadership roles at Kraft Heinz and Caesars Entertainment, and spent nearly a decade as a partner at Bain & Company.
Under Nelsen, Vasa scaled its footprint from 26 clubs to 71 and rolled out its popular Studio Red, Studio Flow and Studio LFT classes.
In an interview with Athletech News, Nelsen predicted HVLP operators would need to get more personal, flagging boutique-style programming not just as a differentiator for Vasa, but as a way to build community inside a big-box environment.
“We’re going to need to create spaces inside the gym where it feels like you’re a part of something even bigger,” he said in 2024. “Studio is our way of currently articulating that – you can become part of Studio, you have your friends in the Studio community, you might go to (traditional) group fitness and be part of that community, and then you might be on the free-weight floor as a part of that community.”
The HVLP operator announced a $30 million reinvestment in its clubs last fall, targeting expanded boutique-style fitness classes, upgraded equipment and enhanced amenities across the majority of its locations. It’s a move that has become a growing trend in the HVLP space, as operators race to attract Gen Z consumers who may be budget-conscious but have come to expect premium-style offerings.
One of Vasa’s Colorado Springs locations even offers a cold plunge tub, which it debuted last year. A newer location in Rockford, Illinois, features group fitness classes, a childcare center, InBody scanning, steam and sauna rooms, a hot tub, a three-lane pool, red light therapy, massage lounge chairs and a half basketball court.
The hire lands at an inflection point for the HVLP segment. Investor interest in low-price fitness is high, and for good reason.
“There’s probably more institutional interest in HVLP right now than there has been in a long time. … We think that’s a long, multiyear trend here, maybe multidecade, and that’s why you see a lot of capital getting excited to find a place to invest,” Adam Hemmer, managing partner at TSG, said during an HFA Show panel earlier this month.
