Pilates Franchise Consolidation Wave Reshapes Studio Economics

Key Takeaways

• Private equity consolidation is accelerating: Eagle Merchant Partners-backed Aligned Fitness now operates 55 Club Pilates locations after acquiring 19 studios through add-on deals in 2025-2026, while Riser Fitness secured a $72 million growth capital commitment from Fortress Investment Group to expand its 85-location portfolio.
• Franchise expansion is outpacing independent growth: JETSET Pilates opened 24 studios in 2025 and surpassed 350 territories awarded by Q1 2026, while Bodybar Pilates plans 70+ new openings in 2026 after 60% footprint growth in 2025, and Pilates Addiction aims to open over 100 locations this year.
• Studio count is rising but revenue growth is negative: U.S. studio count grew just 0.2% while industry revenue declined 0.8% in 2026, creating a crowded market where operators feel busy but financially strained.
• Average unit volumes for successful franchises exceed $1 million: JETSET Pilates reported approximately $1.13 million in systemwide average unit volume for 2025, and Studio Pilates International achieved $888,774 AUV, setting benchmarks for scale economics.
• Reformer capacity among studios has nearly tripled since 2021: The percentage of studios offering Pilates classes grew from 17% in 2021 to 45% in 2025 among Mariana Tek users, reflecting mainstream adoption and intensified local competition.
• First-visit retention is the critical bottleneck: Pilates consumers show lower return rates from first to second visit than studio averages, but clients who continue beyond their second visit demonstrate exceptionally strong retention.

Private Equity Firms Are Consolidating Club Pilates Franchisees Into Multi-Unit Platforms

Private equity capital is reshaping Pilates studio ownership from single-location boutiques into scaled, professionally managed portfolios. In early 2025, Eagle Merchant Partners acquired a majority stake in Aligned Fitness, a Club Pilates franchisee operating 34 locations at the time. By April 2026, Aligned Fitness had absorbed 19 additional studios through two add-on acquisitions, including the six-location CAM Pilates portfolio in Columbus, bringing its total footprint to 55 studios.

This consolidation wave extends across the Club Pilates franchise network, which is part of Xponential Fitness' 1,200-plus global studio system. Spartan Fitness Holdings operates 114 Club Pilates units, making it the largest franchisee, while Riser Fitness operates approximately 85 locations and secured a $72 million growth capital commitment from Fortress Investment Group to fund further expansion. These platform operators are investing in centralized instructor development, shared supply chains, and operational systems that independent single-unit owners cannot replicate at scale.

Emerging Franchise Brands Are Adding Hundreds of Territories in 2025-2026

While private equity consolidates existing Club Pilates portfolios, newer franchise brands are racing to lock in territory commitments and open studios at unprecedented speed. JETSET Pilates opened 24 new studios in 2025 across Texas, Florida, Georgia, North Carolina, New Jersey, Massachusetts, Colorado, and Washington, D.C., targeting premium neighborhoods with strong real estate fundamentals. By Q1 2026, JETSET had surpassed 350 territories awarded and opened 25 additional studios, with 92 new territories signed in the first quarter alone. The brand reported a 2025 systemwide average unit volume of approximately $1.13 million.

Bodybar Pilates grew its footprint 60% in 2025 with 27 new studios and currently operates 73 locations across 21 states. The brand has 190 signed development agreements and is targeting over 70 new studio openings in 2026, with 40 scheduled for the second half of the year and 130 to 200 additional units in development. Pilates Addiction, owned by Sequel Brands and founded by former Xponential CEO Anthony Geisler, has surpassed 200 territories sold and plans to open over 100 locations in 2026, positioning it as one of the fastest-growing Pilates franchises. Studio Pilates International, with 125-plus studios open globally and 70-plus in development, entered 2026 with a U.S. average unit volume of $888,774 and early-year openings in South Carolina and New York.

Studio Count Is Rising While Industry Revenue Declines, Compressing Margins

The rapid expansion of Pilates studios is occurring against a backdrop of stagnant industry economics. U.S. studio count grew just 0.2% while industry revenue declined 0.8% in 2026, according to data cited in industry reports. This combination means more studios are competing for a revenue pool that is contracting in real terms, explaining why many operators report feeling busy yet financially strained.

High operating costs, market saturation, and difficulty retaining customers are inhibiting profitability. Hiring top-tier instructors is expensive, and combined with high rent and equipment costs, these fixed expenses compress margins even when studios maintain steady class attendance. The percentage of studios offering Pilates classes among Mariana Tek users grew from 17% in 2021 to 45% in 2025, nearly tripling reformer capacity in local markets and intensifying competition for the same client base.

First-Visit Retention Remains the Critical Challenge for Pilates Studios

Pilates consumers exhibit lower return rates from their first to second visit compared to studio averages across other modalities, creating a leaky funnel at the top of the client journey. However, clients who do return for a second visit and continue beyond that threshold demonstrate exceptionally strong long-term retention. This pattern places enormous strategic importance on the first-visit experience and immediate follow-up communication.

The retention challenge is compounded by the fact that Pilates was identified as the undisputed global driver of movement in 2025 according to ClassPass' 2025 Look Back Report, meaning new clients are discovering Pilates through aggregator platforms rather than studio-owned channels. Studios must convert these trial visits into direct memberships while competing with the convenience and discoverability that aggregators provide.

Mainstream Adoption Is Shifting Market Dynamics and Search Behavior

Club Pilates has emerged as one of Xponential Fitness' most successful performers, and Pilates has overtaken spinning and high-intensity interval training in consumer search behavior. In Dallas, Google search data shows "Pilates" began outpacing "Spinning" and "High-Intensity Interval Training" starting in 2022, reflecting a broader national trend toward strength-forward modalities that clients perceive as challenging and effective without burnout or injury risk.

This mainstream adoption is driving demand for both in-studio and at-home equipment. The global Pilates reformer market is projected to grow from $7.65 billion in 2025 to $16.81 billion by 2035 at an 8.2% compound annual growth rate, with home use leading the application segment at 45% share. Manufacturers are investing in modular, space-efficient systems with recyclable materials, quieter mechanical systems, and sleeker footprints. Smart reformers now incorporate motion sensors, AI-driven form correction, and resistance profiles that adapt in real time.

What This Means for Studio Operators

Editorial analysis — not reported fact:

Independent studio operators face a bifurcating competitive landscape. On one side, private equity-backed multi-unit franchisees are achieving economies of scale in instructor training, marketing, and vendor negotiations that single-location owners cannot match. On the other, rapid franchise expansion is saturating local markets and driving down average revenue per studio even as total studio count rises.

Operators who remain independent must differentiate on factors that scale economics cannot easily replicate: hyper-local community ties, specialized programming for clinical or niche populations, instructor continuity, and retention systems that convert first-time visitors into long-term members. The data showing weak first-to-second visit retention but strong retention thereafter suggests that studios should invest disproportionately in onboarding sequences, post-first-class follow-up, and reducing friction in the second booking.

For operators considering franchise affiliation, the average unit volumes reported by JETSET ($1.13 million) and Studio Pilates International ($888,774) provide benchmarks for evaluating whether franchise systems and brand recognition can offset royalty fees and reduced operational autonomy. The key question is whether franchise support and lead generation can overcome the 0.2% studio count growth and negative 0.8% revenue growth headwinds affecting the broader industry.

Sources & Further Reading

• Franchise Times: Private equity firm acquires majority stake in growing Club Pilates franchisee — Coverage of Eagle Merchant Partners' acquisition of Aligned Fitness and subsequent add-on acquisitions, plus broader consolidation trends including Riser Fitness and Spartan Fitness Holdings.
• ClassPass 2025 Look Back Report — Data on Pilates as the leading movement modality globally in 2025.
• Mariana Tek user data on studio Pilates adoption — Growth in percentage of studios offering Pilates classes from 17% in 2021 to 45% in 2025.
• Global Pilates reformer market projections — Market growth forecast from $7.65 billion in 2025 to $16.81 billion by 2035.

Editorial coverage of publicly reported industry developments. The Pilates Business has no commercial relationship with any companies named.