TSG Consumer Partners, a specialist private equity firm focused exclusively on the consumer sector, has signed a definitive agreement to acquire EoS Fitness, a U.S. operator of gyms.
EoS Chief Executive Officer Rich Drengberg will continue to head the company with his tenured leadership team and will retain a vested interest in the company.
EoS is a rapidly growing gym chain with more than 175 gym locations open and on the way across the U.S. and a goal to make fitness accessible to everyone. The company aims to redefine the fitness experience for consumers and their communities by providing spacious facilities, cutting-edge equipment, diverse class offerings and an emphasis on cleanliness and friendliness, all at affordable prices.
“We are honored to partner with TSG Consumer, a firm that shares our vision to make high-quality fitness available to everyone,” said Drengberg in a company release. “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.
“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. 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.”
“Partnering with EoS at this pivotal point in their journey opens exciting avenues for growth and innovation,” said Michael Layman, managing director at TSG Consumer, in a release. “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.”
“On behalf of my colleagues at BRS, we’d like to extend our congratulations to the EoS team,” said Rashad Rahman, managing director at BRS & Co. “Since originally investing in the business in 2014, we have worked closely alongside Rich and his leadership team to help scale the company into the fitness leader it is today, and we look forward to witnessing EoS’ continued growth and success in this next chapter.”
The transaction is subject to customary closing conditions and regulatory approval.