The deal brings a stable of recognizable fitness and wellness franchises under new private equity ownership
Private equity has found its next fixation, and this time it entails self-care rituals like massages, personal training and blowouts.
Transom Capital Group, a Los Angeles-based private equity firm, has acquired WellBiz Brands, a franchisor behind Fitness Together, Elements Massage, Drybar, Amazing Lash Studio and Radiant Waxing, the companies announced Thursday.
Financial terms of the deal weren’t disclosed.
“WellBiz represents a highly attractive franchise platform with strong brands, loyal members and a scalable business model,” Transom managing director Conor Davenport said. “The team has made meaningful progress towards strengthening the organization, driving innovation and positioning the business for its next phase of growth. We see significant opportunity to build on this foundation and leverage our hands-on operational approach to support franchisee success and unit count growth across the system.”
As it stands now, Denver-based WellBiz Brands operates more than 700 locations across the United States, Canada, Europe and the Middle East.
The move follows the addition of WellBiz CEO Amanda Clark, who joined the company nearly two years ago and has been credited with leading initiatives that have driven same-store sales growth.
“We are excited to partner with Transom as we continue building the WellBiz platform by setting high standards in wellness franchising,” Clark said. “We’ve been very focused on strengthening the foundation of the business, supporting our franchisee partners and elevating the experiences we deliver to our members and guests.”
She added that Transom’s operational and collaborative approach makes them an ideal partner in executing WellBiz’s long-term strategy.
“Together with Transom, WellBiz is well-positioned to continue its momentum with existing and new franchisees, and to enhance the guest experience through high-quality service and operational excellence,” Clark said.
The acquisition comes as private equity continues to circle fitness and wellness. It also follows one of the first major industry deals of the year, in which Mark Mastrov, one of the fitness industry’s most recognizable figures, returned to 24 Hour Fitness as owner and executive chair after partnering with LongRange Capital to acquire the brand he founded.
