Who is buying gyms and fitness studios?
16 named consolidator platforms are actively acquiring US fitness businesses; 13 of them are private-equity-backed. The most recent named acquisition tracked on this page closed in September 2026.
Why gyms and fitness studios are consolidating
- •The United States has 55,294 health club and studio locations, with a combined economic impact of $22.4 billion, according to the Health & Fitness Association.
- •At the end of 2025, 86 franchisee groups ran all 2,604 franchised Planet Fitness clubs. About 98% of those clubs belonged to groups with at least three clubs, and the largest franchisee owned 208, according to Planet Fitness's 2025 Form 10-K.
- •Fitness M&A totaled 102 transactions and $3.2 billion of disclosed value in 2025, after 115 deals in 2024 and 70 in 2023, according to Houlihan Lokey's chart of S&P Capital IQ data.
- •Buying 98-club Grand Fitness Partners from HGGC in 2026 made Flynn Group the fifth-largest Planet Fitness franchisee, at 141 clubs, according to Franchise Times.
- •A record 81 million Americans belonged to a gym, studio or other fitness facility in 2025, up 5.2% from 2024, according to the Health & Fitness Association.
The platforms consolidating gyms and fitness studios
The named groups acquiring US fitness businesses, with their current owner and a source for each. Most grow through individual partnerships that are not separately disclosed; where a platform publishes named deals, recent ones are listed.
| Acquirer | Owner / backer | Type | Headquarters | Latest named deal |
|---|---|---|---|---|
| Crunch Fitness | Leonard Green & Partners (majority, bought from TPG Growth, April 2025) | Private equity | New York, NY | Aug 2026 |
| Fitness Ventures | Meaningful Partners (acquired August 2024) | Private equity | Orlando, FL | May 2026 |
| Genesis Health Clubs | Rodney Steven II (owner and president); privately held and family owned | Strategic / family-owned | Wichita, KS | Apr 2026 |
| EōS Fitness | TSG Consumer Partners (bought from BRS & Co., 2025) | Private equity | Dallas, TX | Oct 2025 |
| National Fitness Partners | Argonne Capital Group (since 2016; recapitalized through Argonne continuation vehicles in July 2023) | Private equity | Camp Hill, PA | Jun 2025 |
| Excel Fitness | Olympus Partners (since April 2022) | Private equity | Austin, TX | Dec 2024 |
| Flynn Group (Flynn Planet Fitness) | Founder Greg Flynn and management, Ontario Teachers' Pension Plan and Main Post Partners (roughly one-third each, per Reuters, Feb 2024; Main Post still lists Flynn as a current investment) | Private equity | San Francisco, CA | Mar 2026 |
| CR Fitness Holdings | North Castle Partners (largest shareholder; majority investment 2019, recap 2022); Sixth Street ($350M minority investment, Oct 2025) | Private equity | Tampa, FL | Apr 2025 |
| The Bay Club Company | KKR (since 2018) | Private equity | San Francisco, CA | Jun 2026 |
| Onelife Fitness | 26North Partners (bought from Delos Capital, Oct 2024) | Private equity | McLean, VA | Sep 2026 |
| Easy Mile Fitness | Co-founders Peter and Philip Amato (privately held) | Strategic / family-owned | Boston, MA | Sep 2025 |
| Aligned Fitness Holdings | Eagle Merchant Partners (majority stake, June 2025) | Private equity | Not disclosed | Jun 2026 |
| Primetime Fitness | CapitalSpring (controlling stake, December 2023) | Private equity | New Fairfield, CT | Aug 2025 |
| JF Fitness of North America | Trive Capital and 808 Capital Partners (June 2024) | Private equity | Richmond, VA | Jun 2024 |
| Life Time | Public company (NYSE: LTH) | Strategic / public | Chanhassen, MN | Apr 2025 |
| PureGym (US: Pinnacle US Holdings) | Leonard Green & Partners (majority); KKR (significant minority investor since December 2021) | Private equity | Leeds, UK | Nov 2024 |
Crunch Fitness
Private equity- Owner
- Leonard Green & Partners (majority, bought from TPG Growth, April 2025)
- Headquarters
- New York, NY
- Scale
- over 550 gyms worldwide in 41 states, the District of Columbia, Australia, Canada, Costa Rica, Puerto Rico, and India (Aug 2026)
Crunch is the franchisor. Most Crunch M&A is done by its PE-backed franchisees (Fitness Ventures, CR Fitness Holdings, Primetime Fitness and JF Fitness), which are listed separately. Franchise Times' 2026 Top 400 profile (Sep 2026) still names Leonard Green as the owner.
Fitness Ventures
Private equity- Owner
- Meaningful Partners (acquired August 2024)
- Headquarters
- Orlando, FL
- Scale
- 115 locations across 30 states (May 2026)
Since May 2026 the largest franchisee in the Crunch system. The HQ city comes from the datelines on its 2025-2026 press releases; no source says outright where it is headquartered.
Genesis Health Clubs
Strategic / family-owned- Owner
- Rodney Steven II (owner and president); privately held and family owned
- Headquarters
- Wichita, KS
- Scale
- 86 clubs across 14 states (Apr 2026)
Calls itself the largest privately owned health club chain in the US. The 'family owned' description comes from its May 2024 Saw Mill Club release. It buys independent and big-box clubs and moves them onto its premium pricing.
EōS Fitness
Private equity- Owner
- TSG Consumer Partners (bought from BRS & Co., 2025)
- Headquarters
- Dallas, TX
- Scale
- more than 225 locations open or on the way (Jul 2026)
EōS also bought 14 gyms in Q1 2026 (SGB, Apr 2026), but the sellers were not named, so those deals are not listed. Dallas Innovates describes it as Dallas-based.
National Fitness Partners
Private equity- Owner
- Argonne Capital Group (since 2016; recapitalized through Argonne continuation vehicles in July 2023)
- Headquarters
- Camp Hill, PA
- Scale
- over 200 clubs in 14 states (company site); 198 after the June 2025 Pizzazz deal
Argonne's July 2023 release says it recapitalized NFP and that Argonne affiliates continue to manage the NFP vehicle. SEC Form D filings list NFP Continuation Partners entities, one of them formed in 2025.
Excel Fitness
Private equity- Owner
- Olympus Partners (since April 2022)
- Headquarters
- Austin, TX
- Scale
- over 180 Planet Fitness locations across Texas, Oklahoma, Tennessee, Georgia, Arkansas, Missouri, North Carolina, Utah, and Virginia (company site)
Of the 11 Texas Family Fitness gyms, Excel converted seven to Planet Fitness and closed four.
Flynn Group (Flynn Planet Fitness)
Private equity- Owner
- Founder Greg Flynn and management, Ontario Teachers' Pension Plan and Main Post Partners (roughly one-third each, per Reuters, Feb 2024; Main Post still lists Flynn as a current investment)
- Headquarters
- San Francisco, CA
- Scale
- 141 Planet Fitness clubs in 7 states (Apr 2026)
Mainly a restaurant franchisee (Pizza Hut, Applebee's, Taco Bell and others). It entered fitness in 2023 by buying Alder Partners. The ownership split comes from February 2024 reporting that Flynn was exploring a majority stake sale; no completed sale was found. It is classed as private equity because Main Post Partners and a pension fund each hold about a third. Corporate office: 225 Bush Street, San Francisco.
CR Fitness Holdings
Private equity- Owner
- North Castle Partners (largest shareholder; majority investment 2019, recap 2022); Sixth Street ($350M minority investment, Oct 2025)
- Headquarters
- Tampa, FL
- Scale
- 95 open Crunch Fitness clubs across Florida, Georgia, North Carolina, Tennessee and Texas, expanding into Arizona (May 2026)
It called itself the largest Crunch franchisee by unit count in October 2025, but Fitness Ventures claimed that position in May 2026. In May 2026 it reorganized into three regional subsidiaries. The HQ city comes from its Tampa press-release datelines. Franchise Times and Houlihan Lokey both put Sixth Street's stake at $350M.
The Bay Club Company
Private equity- Owner
- KKR (since 2018)
- Headquarters
- San Francisco, CA
- Scale
- more than 35 clubs across California, Oregon and Washington; over 150,000 members (May 2026)
A sale may be coming. Private Equity Wire, citing Reuters (May 18, 2026), reported that KKR is exploring a sale of Bay Club at about $3bn, with Moelis and Morgan Stanley advising. No signed deal was found in this run. Bay Club runs premium athletic and racquet clubs, not budget gyms. San Francisco is its founding city and press-release dateline.
Onelife Fitness
Private equity- Owner
- 26North Partners (bought from Delos Capital, Oct 2024)
- Headquarters
- McLean, VA
- Scale
- more than 70 clubs companywide (Feb 2025); 61 clubs when 26North bought it (Oct 2024)
WTOP (Feb 2025) describes Onelife as McLean, Virginia-based.
Easy Mile Fitness
Strategic / family-owned- Owner
- Co-founders Peter and Philip Amato (privately held)
- Headquarters
- Boston, MA
- Scale
- over 70 locations across Alaska, Florida, Georgia, South Carolina, Oregon, Puerto Rico and Canada
Its own releases, as late as May 2026, call it 'privately held', and OKTA's sellers called it a 'family-owned operator'. No outside equity investor was found; PitchBook lists only debt financing. It has corporate offices in Boston and San Juan.
Aligned Fitness Holdings
Private equity- Owner
- Eagle Merchant Partners (majority stake, June 2025)
- Headquarters
- Not disclosed
- Scale
- 61 studios across multiple states (Jun 2026)
A Club Pilates franchisee that started with six studios in Raleigh, NC. No source states its current HQ; its 2026 releases carry an Atlanta dateline, where Eagle Merchant is based.
Primetime Fitness
Private equity- Owner
- CapitalSpring (controlling stake, December 2023)
- Headquarters
- New Fairfield, CT
- Scale
- 36 locations nationwide (Aug 2025)
A Crunch Fitness franchisee. Franchise Times (Jan 2024) reported CapitalSpring's controlling stake. The HQ city comes from its press-release dateline.
JF Fitness of North America
Private equity- Owner
- Trive Capital and 808 Capital Partners (June 2024)
- Headquarters
- Richmond, VA
- Scale
- 24 gyms across North Carolina, South Carolina, Georgia, Alabama, Virginia and Maryland (Jun 2024)
A Crunch Fitness franchisee. Trive's May 2026 firm overview still lists it as a holding. Trive and 808 also invested in Crunch Canada, a Canadian business, in November 2024.
Life Time
Strategic / public- Owner
- Public company (NYSE: LTH)
- Headquarters
- Chanhassen, MN
- Scale
- more than 185 athletic country clubs across the U.S. and Canada (Feb 2026)
A premium operator that grows mostly by building new clubs. It buys only occasionally, and favors large athletic clubs when it does.
PureGym (US: Pinnacle US Holdings)
Private equity- Owner
- Leonard Green & Partners (majority); KKR (significant minority investor since December 2021)
- Headquarters
- Leeds, UK
- Scale
- 61 US gyms; over 700 gyms group-wide (Jun 2026)
A UK-headquartered owner that buys in the US. It paid $121m in cash for Blink, and its FY25 report says the acquired sites were mostly rebranded to PureGym during 2025.
Selling in your state?
What fitness businesses sell for, who is buying, and how many there are, state by state.
Frequently asked
Who is buying gyms in the US right now?
Mostly operators backed by private equity. Crunch Fitness (Leonard Green & Partners) and its franchisees bought dozens of clubs in 2025 and 2026: Fitness Ventures (Meaningful Partners), CR Fitness Holdings (North Castle Partners) and Primetime Fitness (CapitalSpring). Planet Fitness franchisees did the same, among them National Fitness Partners (Argonne Capital), Grand Fitness Partners (while HGGC owned it) and Flynn Group, which bought Grand Fitness in 2026. The family-owned Genesis Health Clubs and KKR-backed Bay Club are the most frequent buyers of independent athletic clubs.
Will a large operator buy a single independent club?
Yes, if the club is large and established. In 2025 Genesis Health Clubs bought Pelican Athletic Club in Mandeville, LA, a 70,000 sq ft facility on 15 acres. In 2024 it bought Saw Mill Club in New York, which had been family owned for 52 years. Bay Club bought Harbor Square Athletic Club in Edmonds, WA and Griffin Club in Los Angeles in 2025. In 2026 Onelife Fitness bought the two Phaze 3 Fitness clubs in Alabama.
Can I sell my franchised gyms to another franchisee?
Yes, and this is the most common kind of deal in the market. Planet Fitness says 86 franchisee groups ran its 2,604 franchised clubs at the end of 2025. Recent sales include Pizzazz Fitness's 21 clubs to National Fitness Partners, Bravo Fit's 17 clubs to Easy Mile Fitness, and Harman Fitness's 22 Crunch clubs to Fitness Ventures. Fitness Ventures says it offers a path for operators 'looking to scale further or transition their businesses.' Franchisors buy too: Crunch bought the eight-club Bay Area Crunchers group in 2026.
What happens to my members, staff and prices after a sale?
It depends on the buyer. Athletech News reported that EōS Fitness planned to keep all of the gym-level teams at the 23 Southern California Gold's Gym clubs it bought. Fitness Ventures announced more than $50 million of upgrades for the former Harman Fitness clubs. Genesis Health Clubs, on the other hand, said dues at the eight Esporta clubs it bought from LA Fitness would be 'dramatically increased' to match its premium model.
Are boutique studios being bought too?
Yes. Eagle Merchant Partners bought a majority of Club Pilates operator Aligned Fitness in June 2025. Aligned has since bought studio groups in North Carolina, Georgia, Columbus, OH and central New Jersey. In November 2025 an entity set up by an undisclosed family office bought Maverick Fitness's 27 Orangetheory studios in Dallas-Fort Worth. In October 2024 L Catterton agreed to buy a majority stake in [solidcore], which had about 130 studios in 25 states and DC.
How active is fitness M&A?
Houlihan Lokey called 2025 'a banner year' for the fitness market. Its chart of S&P Capital IQ data shows 102 fitness transactions in 2025 and 115 in 2024, up from 70 in 2023.
Methodology & sources
This list was compiled in October 2026 and then checked a second time by a reviewer trying to disprove it. The main sources were Club Insider's club-acquisition posts from 2024 to 2026 (pulled through its WordPress API), deal press releases, PE firm portfolio pages, Franchise Times, SGB, Athletech News and Houlihan Lokey's fitness market update. They were found through Parallel search, and every cited page was re-read directly. Each platform's owner was checked for a sale or recapitalization in 2025 or 2026. Coverage has limits. It leaves out deals that were never announced publicly and buyers whose current owner could not be confirmed. It also leaves out deals that are minority stakes or where the stake was not disclosed.
Market sources
- Health & Fitness Association: The U.S. Health and Fitness Industry Is a $22.4 Billion Economic Powerhouse (May 2024) ↗
- Planet Fitness, Inc. Form 10-K for fiscal 2025 ↗
- Houlihan Lokey: Fitness Market Update 2H 2025 ↗
- Franchise Times: Flynn Group Makes Its Biggest Planet Fitness Play Yet (Apr 2026) ↗
- Health & Fitness Association: 81 Million Americans Were Members of a Fitness Facility in 2025 (Apr 2026) ↗
Last updated October 6, 2026. Platform ownership last verified October 6, 2026. Ownership in this sector changes frequently; figures reflect the most recent public sources available and are not investment, legal, or tax advice.
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