Gym chain EoS Fitness explores $1 billion sale, sources say
By Abigail Summerville
NEW YORK, April 16 (Reuters) - EoS Fitness is exploring a sale that could value the fast-growing gym chain at around $1 billion, including debt, according to people familiar with the matter.
The company, which is owned by private equity firm BRS & Co, is working with investment bank Piper Sandler to gauge interest from potential buyers which include other private equity firms, the sources said, requesting anonymity as the discussions are confidential.
Piper Sandler declined to comment. EoS and BRS did not immediately respond to requests for comment.
EoS Fitness is a budget fitness club that targets middle-income customers, with memberships as low as $9.99 per month.
Private equity firms are big investors in the fitness and wellness industry due to the predictable cash flows from subscription memberships. Earlier this week, private equity firm Leonard Green & Partners bought peer gym chain Crunch Fitness, which had been exploring a sale.
Crunch uses a franchised business model whereas EoS locations are company-owned. EoS has over 175 locations across Arizona, Florida, Georgia, Nevada, Southern California, Texas and Utah.
New York-based middle market investment firm BRS acquired EoS with another investment firm in 2015 when the fitness club only had 16 locations.
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