Barry’s Mulling Sale as It Eyes Global Expansion

The HIIT-focused fitness brand has major growth ambitions in the U.S. and abroad. It may soon have a new owner to drive those plans

Barry’s is evaluating strategic options that include a potential sale, according to a report that cited an anonymous spokesperson for the boutique fitness brand.

The popular HIIT brand set under signature red lights had previously explored a sale in 2019 — around the same time that Barry’s dropped “Bootcamp” from its moniker. The deal would have valued Barry’s at $700 million, according to Bloomberg, which reported the new sale talks.

Now, the company’s valuation expectations have risen, with an an anonymous spokesperson telling publication that Barry’s studio revenue rose 27% last year from 2022 and that all of its U.S.-based studios are profitable. She added that Barry’s class attendance surpassed 7.4 million in 2023. Barry’s currently counts North Castle Partners and LightBay Capital as investors.

Barry’s recently promoted longtime executive Jonathan (JJ) Gantt to serve as co-CEO alongside Joey Gonzalez in preparation for domestic and international growth. The duo recently presented a case study on Barry’s strategy at Harvard Business School, part of the required curriculum for first-year students in Harvard’s MBA program and a testament to Gonzalez’s hard work in navigating Barry’s through the pandemic.

Barry’s Eyes Serious Studio Growth

In an interview with Athletech News last summer, Gonzalez expressed the belief that Barry’s could quadruple its studio footprint in the U.S. before 2030, which would put it at around 200 domestic studios. 

After weathering the pandemic storm, Barry’s has been growing fast since lockdowns ended. Earlier this year, the brand was operating 84 studios across 14 countries, with upcoming studios expected in Israel, Bahrain, Barcelona and Egypt. The group fitness brand is also developing new territories in the Middle East, including the UAE.

Domestically, Barry’s announced new locations in areas including Scottsdale, Arizona, and in Santa Monica, Newport Beach and Studio City in Southern California.

In addition to bringing its Ride X Lift class format to its West Hollywood location, Barry’s has been partnering with brands like Oatly, Ouai Haircare, Factor and Therabody to enhance the client experience with high-end food and wellness offerings.

A Barry’s spokesperson contacted by ATN declined to offer any comment beyond the Bloomberg report.