New York-based middle market private equity firm BRS & Co is exploring a potential sale of EoS Fitness that could value the business at approximately $1bn, including debt, according to a report by Reuters citing unnamed sources familiar with the matter.
The company has reportedly engaged Piper Sandler to run a sale process and assess buyer interest, with potential suitors expected to include other private equity funds. The process remains in the early stages, and all parties have declined to comment.
EoS has grown rapidly under private equity ownership, expanding from just 16 locations at the time of BRS’s investment in 2015 to more than 175 corporate-owned sites today across key US markets, including Arizona, California, Florida, Georgia, Nevada, Texas, and Utah.
Positioned as a value-focused gym operator, EoS targets the underserved middle-income consumer segment with memberships starting at $9.99 per month – an attractive proposition for PE firms seeking predictable, recurring revenue models with scalability potential.
The company’s capital-light structure and strong member retention align well with the investment playbook that many private equity firms now favour, especially as the industry rebounds from the pandemic and focuses on growth through operational optimisation and real estate expansion.
News of a possible EoS exit comes just days after Leonard Green & Partners acquired rival Crunch Fitness, further underscoring the sector’s appeal to private capital. Unlike Crunch’s franchise-led model, EoS operates all of its clubs directly – offering acquirers more control and upside through operational improvements.
