How Private Equity Is Impacting Fitness Studios and the Wellness Industry
Over the past decade, private equity has quietly reshaped the fitness and wellness industry. From boutique fitness studios and yoga brands to wellness clinics and recovery concepts, large investment firms are increasingly acquiring independent businesses and rolling them into national - or global - portfolios.
While this influx of capital has accelerated growth and expansion, it has also raised important questions about pricing, quality of service, staff wellbeing, community connection, and long-term sustainability.
Here’s what you need to know about private equity in fitness, how it’s affecting studios and consumers, and why independent, locally owned businesses like Forth matter more than ever.
What Is Private Equity Doing in the Fitness & Wellness Industry?
Private equity firms invest in businesses with the goal of increasing profitability and selling them within a defined timeframe—often five to seven years. In the fitness and wellness space, these firms see opportunity in:
Recurring memberships
Predictable cash flow
Brand loyalty
Low perceived risk
Scalable studio models
As a result, independent fitness studios are being acquired at record rates, particularly in Pilates, barre, cycling, yoga, functional training, recovery, and wellness services.
Much like what has happened in industries such as veterinary care, dentistry, and healthcare, consolidation is accelerating.
The Rise of Corporate Fitness & Wellness Chains
Many fitness studios that appear local and community-based are now owned by:
Private equity firms
Venture capital groups
Multi-brand holding companies
In many cases, the original studio name remains unchanged, creating the appearance of local ownership—even when decision-making has shifted far away from the community it serves.
Industry insiders estimate that a growing percentage of boutique fitness studios are now backed by private equity or external investors, particularly in major metropolitan markets.
How Private Equity Impacts Fitness Studios and Clients
While investment can bring growth, it often comes with trade-offs. Common effects of private equity ownership in fitness and wellness include:
1. Rising Membership Prices
As profit targets increase, studios often raise prices, introduce additional fees, or push long-term contracts to meet revenue expectations - often with little to no additional benefits to members.
2. Standardization Over Personalization
Private equity favors scalable systems, which can reduce individualized coaching, programming variety, and personalized member experiences.
3. Increased Sales Pressure
Front desk staff, coaches, and instructors may be required to upsell memberships, packages, and add-ons such as yoga teacher trainings - sometimes at the expense of authentic client relationships.
4. Higher Staff Turnover
Cost controls, tighter margins, and performance metrics can lead to burnout, reduced autonomy, and lower job satisfaction among instructors and trainers. This also can lead to no front desk support for cost-savings purposes, putting all the burden on the teachers to manage the client experience.
5. Less Community Connection
When decisions are driven by investors rather than owners embedded in the community, local partnerships, charitable initiatives, and neighborhood culture often take a back seat.
The Illusion of “Local” Fitness Brands
One of the biggest challenges for consumers is lack of transparency.
Many corporate-owned fitness studios:
Retain their original branding
Market themselves as “community-driven”
Avoid disclosing outside ownership
As a result, clients may not realize that their favorite neighborhood studio is part of a larger investment portfolio - until prices rise or the experience changes.
Why Independent Fitness Studios Matter More Than Ever
Locally owned fitness and wellness businesses play a critical role in:
Supporting local economies
Building authentic relationships
Retaining experienced, passionate instructors
Prioritizing long-term wellbeing over short-term profit
Independent studios are often able to adapt faster, care deeper, and invest more intentionally in both clients and staff.
Forth: Proudly Independent, Locally Owned, and Community-Driven
Forth stands apart in today’s increasingly corporatized fitness and wellness landscape.
No private equity
No venture capital
No external investors
Forth is 100% locally owned, operated, and managed, with decisions made by people who are deeply connected to the community they serve.
This independence allows Forth to:
Prioritize quality over scale
Support instructors and staff sustainably
Maintain fair, transparent pricing
Invest in long-term client wellbeing
Stay rooted in local values and relationships
At Forth, growth isn’t about rapid expansion or investor exits - it’s about building something meaningful, lasting, and human.
The Future of Fitness & Wellness
As private equity continues to shape the fitness industry, consumers are becoming more discerning. Many are actively seeking:
Independent fitness studios
Locally owned wellness brands
Businesses aligned with their values
Transparency, trust, and community connection are becoming key differentiators.
Choosing Where You Move, Train, and Heal Matters
Every class you take and every membership you support helps determine the future of the fitness and wellness industry.
By choosing independent studios like Forth, you’re supporting:
Local ownership
Ethical business practices
Sustainable wellness models
Stronger communities
In a world of consolidation, independence is powerful - and worth protecting.