PE-Backed Operator Reaches 61 Club Pilates Studios

Aligned Fitness Holdings acquired six Club Pilates studios in central New Jersey in June, buying two locations from operator Gary Laden and four from Karen and Todd Spidare. The transactions bring Aligned's portfolio to 61 studios across multiple states and mark the company's entry into the New Jersey market, supported by Atlanta-based private equity firm Eagle Merchant Partners.

How the PE-Backed Roll-Up Model Works

Eagle Merchant Partners supplies acquisition capital while Aligned Fitness contributes operational infrastructure, a split that lets the platform absorb existing studios, staff, and member bases without rebuilding from scratch. The selling franchisees receive liquidity while their studios continue running under a larger operator with more capital depth. For PE firms focused on health and wellness, a portfolio of high-performing boutique fitness studios offers revenue predictability, since members commit to packs and memberships in advance rather than transacting visit by visit.

Why Club Pilates Attracts Consolidators

Club Pilates, owned by Xponential Fitness, has maintained member retention rates most service franchise categories cannot match, because reformer Pilates technique keeps members attached to their specific studio and instructors. That retention creates a predictable revenue base that acquirers can underwrite with confidence, making existing high-performing locations worth more to a platform buyer than new builds would be. As the category matures, a gap between strong operators who built loyal member bases and smaller operators stretched by staffing or capital is producing a steady supply of acquisition opportunities.

What Franchisees Considering a Sale Need to Know

Franchise agreements give franchisors approval rights over ownership transfers, so any sale to a platform acquirer requires Xponential Fitness' consent before the deal closes. Staff retention and member communication during the transition carry the most operational risk, since both directly affect the revenue the buyer is paying for. Franchisees approaching a sale should understand the franchisor's transfer process, associated fees, and any post-close operating requirements before signing a letter of intent.