Private equity firm, TSG Consumer Partners, has signed a definitive agreement to acquire US-based EoS Fitness.

CEO, Rich Drengberg will retain a vested interest and continue to head the company. He said: "We’re honoured to partner with TSG Consumer, a firm that shares our vision to make high-quality fitness available to everyone.

“Their deep experience partnering with leading brands in the fitness industry and helping them deliver long-term value to their customers makes them an ideal partner for our next chapter.

“With TSG Consumer’s support, we look forward to expanding our footprint while delivering exceptional value, experiences and a sense of community to our more than 1.5 million loyal members nationwide.”

The high value, low cost company has been owned by BRS for 11 years, and during this time it has grown from 16 sites to 175. There are plans to reach 250 locations by 2030 with 28 new sites on the cards for this year. So far this year US$3.2 million has been invested in existing clubs, with plans for a further $14 million this year, mainly focused around introducing the Refresh recovery concept.

"Partnering with EoS at this pivotal point in its journey opens exciting avenues for growth and innovation,” said Michael Layman, MD at TSG Consumer. “With the help of an outstanding team, EoS has built a compelling brand that resonates with a broad member base, offering a low-priced premium experience at a time when more people than ever are focused on fitness. We look forward to supporting EoS through its next phase of growth."

EoS Fitness offers three membership packages starting at US$9.99 and rising to $29.99 which gives access to classes, basketball courts, recovery facilities, as well as a monthly body scan and personalised nutrition programme.

The company was rumoured to be on the market for US$1 billion, although the consideration has not been divulged.