26North Acquires Onelife Fitness
The deal will introduce Onelife Fitness clubs to new cities
26North Partners, an alternative assets firm founded by investor Josh Harris, has agreed to purchase Onelife Fitness and introduce new clubs in additional cities.
Although the financial terms of the deal were not disclosed, anonymous sources close to the matter told Bloomberg that the transaction values the company at roughly $500 million.
The value fitness chain currently serves over 400,000 members across 61 clubs in Maryland, Virginia, West Virginia, Washington, D.C., North Carolina, and Georgia. Onelife Fitness has an extensive list of offerings depending on membership tier and club location, including group fitness classes, personal training, pools, saunas, whirlpools, HydroMassage, Hyperice Hypervolt and NormaTec Compression equipment, sports facilities, online nutrition and meal planning and child care.
In September, Onelife Fitness expanded to South Carolina after acquiring five MUV Fitness clubs, which have been rebranded under the Onelife Fitness name.
“Onelife is a fantastic opportunity to back what we believe to be a best-in-class operator and enduring platform in a growing category that is underpinned by a long-term consumer focus on physical fitness and wellness,” said Mark Weinberg, 26North partner and head of private equity. “We are excited to use 26North’s Alpha Creation Team (ACT) to enhance Onelife’s growth.”
Onelife CEO Ori Gorfine noted that the fitness club has organically grown over the years, attracting fitness consumers searching for a high-value experience and rich amenities at an affordable price.
“We could not be more excited to marry our successful formula with 26North’s experience, resources, and guidance to bring Onelife Fitness to the next level,” Gorfine added.
Onelife founders Kirk and John Galiani reflected on the fitness club’s growth, crediting the brand’s value proposition and team.
“While we couldn’t be prouder of what has been accomplished, after developing a trusting relationship with Josh Harris and his team, we are convinced the best years of Onelife Fitness are ahead,” the pair said in a joint statement.
Investments Underscore the Health of the Fitness and Gym Market
A slew of noteworthy investments in the fitness industry have made headlines this year.
Last month, Seattle-based Rainier Partners and its subsidiary Omega Fitness acquired 21 Anytime Fitness gyms in Wisconsin from MDS Fitness. In another notable move, Los Angeles-based private equity firm Meaningful Partners acquired Fitness Ventures LLC, the second-largest Crunch Fitness franchise group. The move mirrors other investments that Crunch franchisees have received over the past year.
Investments in the fitness sector have also expanded beyond the U.S. This past spring, Rhode Island-based Providence Equity Partners announced it would acquire VivaGym Group, a budget-friendly Iberian gym operator with over 100 clubs in Spain and Portugal.
