A founding investor in Xponential Fitness, private equity firm Snapdragon Capital Partners invested $30M into Spartan Fitness Holdings.
One of Xpo’s biggest franchisees, Spartan owns 60 Club Pilates studios, making it the brand’s largest operator.
Of note, Spartan also operates beauty and wellness franchises, including Hand & Stone and V/O Med Spa.
Platform play. With Snapdragon’s investment, Spartan CEO David Schuck said the company plans to add additional health and wellness concepts to its portfolio:
“Their investment will accelerate our expansion as we build the market-leading multi-brand health & wellness franchisee platform.”
Run it back. Leaving TPG Capital to start Snapdragon, managing partner Mark Grabowski teamed with Club Pilates owner Anthony Geisler to create Xponential Fitness in 2017.
Since its inception, the boutique fitness holding company has acquired 10 concepts, including CycleBar, Row House, Pure Barre, and Rumble.
After going public in 2021, Xpo has steadily climbed, recently surpassing $1B in systemwide sales.
Double-dipping. As the largest backer, Snapdragon has been selling off Xponential shares. With the coffers full, the investment in Spartan hints at the firm’s next act.
In addition to reaping the benefits of a successful Club Pilates franchisor, bankrolling Spartan opens the door to beauty and wellness concepts not housed under the Xpo banner.
Looking ahead: Whether it’s Snapdragon, Sparta, or someone else, the opportunity to create an Xponential Fitness-like holding co. of emerging wellness concepts beyond boutique studios is prime for the taking.