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Private Equity’s Big Workout: Rolling Up Gym Chains
Private equity’s fitness chain playbook
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PE Playbook: Fitness Chains
State of Play
There’s been a flurry of fitness-related PE deals over the last few months. Most notably:
- May 2025 – TSG Consumer Partners acquired EōS Fitness, an HVLP (high-value, low-price) chain based in Dallas, for $1.5 billion
- April 2025 – Leonard Green recapitalized Crunch Fitness, another HVLP chain previously owned by TPG, at a $1.5 billion+ valuation
- In Europe – Waterland Capital (a $4B+ AUM PE firm) invested in Wellness Sports Club, a premium French fitness chain
Over the years, fitness chains have become one of the few retail categories where PE has consistently found repeatable success. Let’s dive into why.
Course Launch
In less than a month, I’m launching Road to Carry, a private equity training course built around how deals actually get done from start to finish.
You’ll get step-by-step video walkthroughs, real-world templates, and hands-on exercises across the full deal lifecycle: NDAs, models, memos, diligence, and more.
🎓 I’m opening early access to a small founding cohort. Join the waitlist: resources.roadtocarry.com/course-waitlist
(If you’ve already signed up, no need to do it again.)
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