Industry News

Private Equity Pilates Consolidation Accelerates in 2026

PE-backed platforms are rapidly consolidating regional Pilates franchisees. Aligned Fitness grew to 55 studios through acquisitions while Riser secured $72M.

Key Takeaways

Private equity consolidation is reshaping Pilates studio ownership. Eagle Merchant Partners-backed Aligned Fitness has grown from 34 to 55 Club Pilates locations through three acquisitions since late 2025, while SLT announced a multimillion-dollar acquisition strategy targeting reformer studios nationwide.
Franchise territory sales are outpacing studio openings by wide margins. Pilates Addiction sold over 200 territories within months of launching in June 2025, while JetSet Pilates has signed over 200 franchise agreements, though far fewer studios are currently operational.
Institutional capital is flowing to multi-unit franchisees at unprecedented scale. Riser Fitness secured a $72 million credit facility from Fortress Investment Group in October 2025 and committed to opening 127 Club Pilates locations across six western states over five years.
Studio economics support platform consolidation strategies. Club Pilates locations averaged $984,270 in revenue in 2024, with expanded studios generating $1.47 million, while opening costs range from $385,048 to $839,058.
The U.S. Pilates studio market reached $4.8 billion in 2025, growing 9.7% annually. Reformer class offerings have increased 42% since 2022, and ClassPass reported Pilates reservations jumped 66% between 2024 and 2025.
PE firms cite "restorative" modality appeal and longevity-focused consumer trends. Eagle Merchant Partners prioritized Pilates and yoga as regenerative fitness categories that promote long-term member retention and reduce injury risk compared to high-intensity formats.

Why Private Equity Is Betting Big on Pilates Consolidation

Private equity firms are systematically acquiring and rolling up regional Pilates franchisees into multi-state platforms, marking a decisive shift from the industry's historically fragmented, single-unit operator model. The trend accelerated sharply in late 2025 and early 2026 as institutional investors moved beyond exploratory stakes to aggressive add-on acquisition strategies.

Eagle Merchant Partners acquired a majority stake in Aligned Fitness, an Atlanta-based operator that initially held 34 Club Pilates studios across Georgia, North Carolina, and South Carolina. Within months, Aligned completed a four-pack expansion adding 13 locations in Pinehurst, Athens, Charlotte metro, and metro Atlanta, bringing the platform to 47 studios. Most recently, the company acquired CAM Pilates, a Columbus operator of six high-performing studios, pushing the total footprint to 55 locations as of early 2026.

According to a Franchise Times report on the initial Aligned acquisition, Eagle Merchant Partners deliberately shifted focus to "restorative" fitness concepts, with a partner noting that "Pilates, particularly, was kind of the highest on our list" due to regenerative versus degenerative characteristics that promote member longevity. The boutique fitness industry overall is estimated at $24 billion and growing at more than 12 percent annually, per the same report.

Scale-Driven Franchisees Secure Institutional Capital for Aggressive Expansion

Multi-unit franchisees are securing institutional credit facilities sized to fund rapid geographic expansion. Riser Fitness announced a $72 million growth capital commitment from Fortress Investment Group in October 2025, supporting a platform that operates approximately 85 locations as of that date.

In a separate move, Xponential Fitness and Riser Fitness signed a development agreement in April 2026 to open 127 Club Pilates locations over the next five years, expanding the brand across California, Idaho, Minnesota, Nevada, Oregon, and Washington. Xponential characterized the deal as the largest development agreement in company history.

The trend extends beyond Club Pilates. SLT (Strengthen Lengthen Tone) announced plans in early 2026 to acquire select reformer-based Pilates studios nationwide following a new multimillion-dollar investment. The brand currently operates 20 studios in the Northeast. SLT's chief operating officer stated that "consolidation within the category is long overdue, and given the longevity and strength of the SLT brand and operating platform, we believe SLT is uniquely positioned to lead that consolidation," per the Athletech News report.

New Franchise Brands Sell Territories Faster Than They Open Studios

Emerging Pilates franchise brands are signing territory agreements at a pace that significantly outstrips actual studio openings, raising questions about how quickly franchisees can build out their commitments and whether market saturation will eventually constrain growth.

Pilates Addiction, part of Anthony Geisler's Sequel Brands, sold over 200 territories across the U.S. within months of launching its franchise program in June 2025, according to Athletech News. The brand projects it will have more than 100 studios open by the end of 2026. Similarly, JetSet Pilates recently eclipsed 200 franchise agreements signed, with plans to reach 50 open studios by the beginning of 2026. The South Florida-based brand was founded in 2010 by former marketing executive Tamara Galinsky.

Bodybar Pilates signed its 150th franchise agreement as of late 2025, with over 50 locations operational and an additional two dozen scheduled to open by year-end 2025, per the same Athletech News analysis. The Dallas-based company continues national expansion.

Studio Economics and Unit-Level Performance Drive Platform Appeal

The financial profile of Pilates studios underpins the private equity thesis for platform consolidation. Club Pilates locations averaged $984,270 in revenue in 2024, according to Athletech News coverage of Xponential disclosures. Expanded studios with more than 12 reformers, as reported in Item 19 of the franchise disclosure document, averaged $1.47 million in the same period. Opening costs range from $385,048 to $839,058, per the same source.

These unit economics allow platforms to achieve operational leverage through shared services, centralized instructor training, bulk purchasing, and regional marketing. Aligned Fitness's expansion strategy emphasizes integrating studio clusters to improve member experience, instructor development, and operational efficiency through shared branding, systems, and supply chains, according to an Infor Capital release on the company's four-pack acquisition.

Market Growth Metrics Show Sustained Demand Across Demographics

The U.S. Pilates studio market reached $4.8 billion in 2025 and is growing at 9.7% annually, per industry data compiled by Scheduling Kit. Reformer class offerings have grown 42% since 2022, reflecting both new studio openings and existing operators adding reformer capacity.

ClassPass reported that Pilates was the most-booked workout on its platform for the third consecutive year, with reservations increasing 66% between 2024 and 2025, according to Athletech News. The global Pilates and yoga studios market was estimated at $142.30 billion in 2025 and is projected to reach $479.52 billion by 2034, growing at a compound annual rate of 14.5%, per the same industry analysis.

Industry observers attribute growth to three engines: premiumization of reformer classes, hybrid memberships combining in-studio and digital access, and broader adoption by men and clients aged 55 and older seeking low-impact, rehabilitative exercise, per a Pilates Journal roundup of 2026 predictions from industry leaders.

What This Means for Studio Operators

Editorial analysis — not reported fact:

Independent studio owners now face a market structurally different from the one that existed 18 months ago. Private equity platforms are building regional density that allows them to out-market, out-recruit, and out-retain independents through scale advantages in instructor training pipelines, member acquisition cost efficiency, and operational systems. If you operate a single studio or small cluster in a market where Aligned, Riser, or another platform is expanding, your competitive moat depends on differentiation that scale cannot replicate: instructor continuity, community depth, clinical specialization, or hybrid formats that franchisors cannot easily standardize.

For operators considering an exit, the current environment likely represents a high-water mark for valuation multiples. PE-backed acquirers are paying premiums for well-run studios that fit their geographic clustering strategy. However, territory overselling by newer franchise brands may flood secondary markets with competition over the next 24 months, compressing margins and making exits more difficult if you wait.

Instructors should monitor whether their employer is independent, franchisee-owned, or part of a PE-backed platform. Consolidation typically brings standardized training, benefits access, and career pathways across multiple locations, but may also reduce scheduling flexibility and pedagogical autonomy as systems centralize.