SAN FRANCISCO and DALLAS – TSG Consumer Partners, a private equity firm specializing in the consumer sector, has signed a definitive agreement to acquire EoS Fitness, a fast-growing U.S. gym operator known for its High Value. Low Price.® (HVLP) model.
EoS Fitness, led by CEO Rich Drengberg, operates more than 175 gym locations across the country. The company plans to continue expanding its reach while focusing on its mission to make fitness accessible and affordable for everyone. Drengberg and his leadership team will remain in place and retain a stake in the company after the acquisition.
“Partnering with TSG Consumer is an important step forward for EoS,” said Drengberg. “They share our vision of providing high-quality fitness experiences to all people. TSG also brings deep experience in working with leading fitness brands and a strong commitment to innovation and long-term value.”
Drengberg thanked the team at BRS & Co., including Bruce Bruckmann and Rashad Rahman, for their 11-year partnership. He also acknowledged the contributions of EoS’ leadership and staff for their role in building the company’s success. EoS now serves more than 1.5 million members nationwide.
Founded with a goal to reshape the fitness industry, EoS offers large, clean facilities, state-of-the-art equipment, and a wide variety of classes—all at accessible price points. The company has become a trusted name by focusing on friendly service and a strong community atmosphere.
Michael Layman, Managing Director at TSG Consumer, said the acquisition comes at a time of strong demand for affordable fitness options. “EoS has created a powerful brand with a broad member base. Their focus on low-cost, high-quality fitness aligns with what many consumers are looking for today,” Layman said. “We’re excited to support them through their next phase of growth.”
Adam Hemmer, also a Managing Director at TSG Consumer, added, “EoS delivers consistent quality across all its locations. Their company-owned model sets them apart and ensures a reliable experience for members. We look forward to helping them grow and continue building a loyal customer base.”
Rashad Rahman, Managing Director at BRS & Co., expressed his confidence in EoS’ future. “It’s been a privilege to support EoS since our initial investment in 2014. Rich and his team have built a leading business, and we’re proud of their progress. We’re excited to see what comes next.”
Legal counsel for TSG Consumer was provided by Ropes & Gray LLP. Piper Sandler & Co. acted as the lead financial advisor to EoS, with additional financial advisory support from Robert W. Baird & Co. EoS received legal representation from Milbank LLP.
The deal is expected to close following regulatory approval and standard closing conditions.
