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PE Playbook: Fitness Chains
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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.