TSG Consumer Partners (a leading specialist private equity firm focused exclusively on the consumer sector) announced it has signed an agreement to buy EoS Fitness, a leading US operator of High Value. Low Price. (HVLP) gyms. And 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 go-forward company.
EoS is a rapidly growing gym chain with over 175 gym locations open and on the way across the US and a goal to make fitness accessible to everyone. And the company is transforming 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. EoS is led by Rich Drengberg, with a deep and cohesive team of industry veterans.
Advisors/Counsel: Ropes & Gray provided legal counsel to TSG Consumer. And Piper Sandler served as the lead financial advisor to EoS, with Baird also acting as financial advisor. Milbank served as EoS’ legal counsel.
KEY QUOTES:
“We are honored to partner with TSG Consumer, a firm that shares our vision to make high-quality fitness available to everyone. 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.”
Rich Drengberg
“Partnering with EoS at this pivotal point in their journey opens exciting avenues for growth and innovation. 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.”
Michael Layman, Managing Director at TSG Consumer
“EoS is well known for its ability to deliver value without compromise. Their company-owned model enables best-in-class operations across locations, providing consumers with a high-quality and consistent experience that they love and trust. We’re excited to bring our resources to support their mission to create loyal, lifelong fans and exercise practitioners.”
Adam Hemmer, Managing Director at TSG Consumer
“On behalf of my colleagues at BRS, we’d like to extend our congratulations to the EoS team. 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.”
Rashad Rahman, Managing Director at BRS & Co.
