TSG Consumer to Acquire EōS Fitness
Partnership to bolster EōS’ expansion into new and existing markets, accelerate innovation across offerings and further mission to make fitness accessible and enjoyable to everyone
Acquisition builds on TSG Consumer’s proven success in the fitness industry, including leading brands Planet Fitness and Sunshine Fitness
SAN FRANCISCO & DALLAS – May 12, 2025 – TSG Consumer Partners (“TSG”), a leading specialist private equity firm focused exclusively on the consumer sector, today announced it has signed a definitive agreement to acquire EōS Fitness (“EōS”), a leading US operator of High Value. Low Price.® (HVLP) gyms. EōS 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.
EōS is a rapidly growing gym chain with more than 175 gym locations open and on the way across the US and a goal to make fitness accessible to everyone. The company is redefining 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. EōS is led by Drengberg, with a deep, cohesive team of industry veterans at the helm.
"We are honored to partner with TSG Consumer, a firm that shares our vision to make high-quality fitness available to everyone,” said Drengberg. “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 EōS 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 EōS at this pivotal point in their journey opens exciting avenues for growth and innovation,” said Michael Layman, Managing Director at TSG Consumer. “With the help of their outstanding team, EōS 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 EōS through their next phase of growth."
"EōS is well known for its ability to deliver value without compromise,” said Adam Hemmer, Managing Director at TSG Consumer. “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.”
“On behalf of my colleagues at BRS, we’d like to extend our congratulations to the EōS 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 EōS’ continued growth and success in this next chapter.”
Ropes & Gray LLP provided legal counsel to TSG Consumer. Piper Sandler & Co. served as the lead financial advisor to EōS, with Robert W. Baird & Co. also acting as financial advisor. Milbank LLP served as EōS’ legal counsel. The transaction is subject to customary closing conditions and regulatory approval.
About TSG Consumer Partners
Founded in 1986, TSG Consumer Partners, LP is a leading consumer-focused private equity firm with approximately $14 billion in assets under management. Leveraging the firm’s deep knowledge of the consumer, TSG partners with exceptional leaders and transformational brands, empowering them to grow and meet the ever-evolving needs of their consumers. Representative past and current partner companies include CorePower Yoga, Summer Fridays, Mavis Tire, Dutch Bros Coffee, Chemical Guys, Canyon Bicycles, Revolve, Planet Fitness, IT Cosmetics, Think! and Yard House. TSG has investment offices in San Francisco, New York and London. For more information, visit tsgconsumer.com.
About EōS Fitness
EōS Fitness, a leader in the fitness industry with its High Value. Low Price.® (HVLP) gyms, is an inclusive and welcoming organization committed to empowering exercise practitioners of all experience levels. With more than 175 gym locations open and on the way in Arizona, Florida, Georgia, Nevada, Southern California, Texas and Utah, EōS Fitness is rapidly expanding. Providing serious fitness options, EōS Fitness offers the best equipment, high-energy workout classes, top-notch amenities and extensive personal training options starting at just $9.99 per month. www.EoSfitness.com.
About BRS & Co.
BRS is a New York-based private equity investment firm with a combined capital invested of $1.2 billion, focused on investing in lower middle market consumer goods and services businesses. Since 1996, BRS has purchased over 50 portfolio companies for aggregate consideration of over $6.9 billion. In addition, BRS portfolio companies have completed over 40 add-on acquisitions. For more information, please visit https://brs.com/
Media Contacts
Prosek Partners for TSG Consumer Partners
Pro-TSG-Consumer@Prosek.com
EōS Fitness
Melissa Rue
Nuffer Smith Tucker
mkr@nstpr.com
208-850-5939
