Xponential Fitness brand CycleBar, which is the nation’s largest indoor cycling franchise, announced today it will enter the New York City market for the first time with six studios expected to open over the summer, beginning with a studio in Noho in late June.
This expansion was made possible through Xponential’s existing relationship with Palladin Consumer Retail Partners, a Boston-based private equity firm, and their establishment of “PB Metro” in 2019 which is now rebranding six former Flywheel Sports studios that closed permanently last year, along with further territory development in the market. The initial six NYC CycleBar locations include:
● Noho – 51 Astor Place, New York, NY
● Flatiron – 39 W. 21st Street, New York, NY
● Upper East Side – 201 E. 67th Street, New York, NY
● NoMad – 420 Park Ave S., New York, NY
● Tribeca – 415 Greenwich St., New York NY
● Williamsburg – 173 North 3rd Street Brooklyn, NY
This partnership with PB Metro will also bring about one new CycleBar studio in Philadelphia at 1521 Locust Street.
“After years of being a staple in the boutique cycling industry, we are excited CycleBar has reached the Big Apple with the help of Palladin,” said Anthony Geisler, CEO of Xponential Fitness. “With a devoted population of riders in NYC and a pent-up demand for local neighborhood boutique fitness, the time could not be better for us to debut our high-energy, rhythm-based workout to such a fitness-focused market in the United States.”
This announcement continues the ongoing partnership between Xponential and Palladin, led by Xponential’s EVP of Franchise Development, Jason Losco, which began with Palladin’s 2019 formation of PB Metro and subsequent expansion of sister-brand, Pure Barre, throughout NYC. There are currently 16 open Pure Barre studios in the greater New York market owned by PB Metro, with an additional 12 licenses to be developed over the next three years.
In addition to converting the six Flywheel locations to CycleBar studios in NYC, the partnership with PB Metro gives the group the right to develop 23 more CycleBar studios in the NY metro market over the next five years. Two of these locations will introduce dual concepts, with both a CycleBar studio and a Pure Barre studio in the same building.
Rob Fioretti, Managing Director of Palladin commented, “We are excited to grow our partnership with Xponential as we begin to grow the CycleBar brand and continue to expand the Pure Barre brand and in New York and other regions. With the exclusive rights to develop both concepts in our territory, our Pure Barre and CycleBar studios will be the premier boutique fitness platform in this area offering clients a truly unique studio fitness experience.”
“We are thrilled to watch Xponential’s continued expansion,” said Mark Grabowski, Managing Partner at Snapdragon Capital Partners who backs Xponential Fitness and its brands. “The transaction will establish CycleBar’s footprint in one of the most important markets for boutique fitness, and we are excited for CycleBar to enter the New York market.
Founded in 2004, CycleBar is the largest indoor cycling brand by number of studios and offers a variety of low-impact, high-intensity indoor cycling workouts, which are inclusive of all fitness levels. CycleBar offers an immersive, multi-sensory experience in state-of-the-art “CycleTheaters,” led by specially trained instructors, enhanced with high-energy “CycleBeats” playlists and tracked using rider-specific “CycleStat” performance metrics. Ranked on Entrepreneur Magazine’s Franchise 500 and Fastest-Growing Franchises in 2021 as well as Inc. Magazine’s Inc. 5000 in 2020, CycleBar is headquartered in Irvine, CA and backed by Xponential Fitness, a curator of leading boutique fitness brands. To learn more about CycleBar, visit www.cyclebar.com.
ABOUT XPONENTIAL FITNESS:
Founded in 2017 by Anthony Geisler, Xponential Fitness has built and curated a diversified platform of nine boutique fitness brands spanning across fitness and wellness verticals – including Pilates, indoor cycling, barre, stretch, rowing, dance, boxing, running and yoga. Currently, Xponential Fitness’s portfolio of brands includes Club Pilates, the nation’s largest Pilates brand; CycleBar, the nation’s largest indoor cycling brand; StretchLab, a concept offering one-on-one assisted stretching services and group stretch services; Row House, a high-energy, low-impact indoor rowing workout; AKT, a dance-based cardio workout combining toning, interval and circuit training developed by Celebrity Trainer Anna Kaiser; YogaSix, a modern boutique yoga brand; Pure Barre, a total body workout that uses the ballet barre to perform small isometric movements; STRIDE, a treadmill-based cardio and strength training concept; and most recently Rumble, a boxing-inspired full-body workout that delivers 45-minute, 10-round, full-body strength and conditioning workouts crafted around specially designed water-filled, teardrop-style boxing bags. Visit www.xponential.com to learn more.
ABOUT PALLADIN RETAIL PARTNERS:
Palladin Consumer Retail Partners is a private equity firm with extensive experience investing in and building leading retail and consumer brands. Founded in 1998, the firm prides itself on working closely with management teams to create value through strategic and operational initiatives. Its principals have previously held CEO and other senior executive roles at several wholesale, retail, and related companies, and have invested in, financed, or managed over 100 public and private companies. Current and former investments include Leapfrog, Decowraps, PB Metro, Splash Car Wash, KT Tape, Nic+Zoe, InMotion Entertainment, J. McLaughlin, Things Remembered, Restoration Hardware, Spencer Gifts, Shearer’s Foods, Jamba Juice, Worldlynx and Kwik-Tek.
ABOUT SNAPDRAGON CAPITAL PARTNERS:
Snapdragon is a private equity investment firm founded by Mark Grabowski in 2018 targeting concentrated investments in health & wellness, and consumer services. The firm leverages its deep industry knowledge and business building experience to work with management teams seeking a partner to reach their full potential. Snapdragon has helped build portfolio company Xponential Fitness, and Snapdragon is also an investor in Nutraceutical, today a leading supplements and personal care platform. For more information about Snapdragon, please visit snapdragoncap.com.