News

Eagle Merchant Partners (“Eagle” or the “Firm”) has made the first investment from its recently closed Fund II, backing Aligned Fitness, a leading Southeast-based Franchisee of Club Pilates. The Atlanta-based private equity firm is partnering with Aligned’s existing leadership to accelerate growth through new studio development and strategic acquisitions across the Southeastern and Mid-Atlantic United States.

Aligned Fitness was founded in 2016 and is led by CEO Jon Smith, along with founders Joe and Kerry Ruggieri, who will remain in their roles and continue to drive the platform. Concurrent with the investment, Eagle completed two add-on acquisitions: Crescent Concepts, LLC, which operates Club Pilates studios in South Carolina and North Carolina, and Next Twenty, LLC, which operates Club Pilates studios in Georgia. The combined Aligned platform will operate 34 studios today across North Carolina, Georgia, and South Carolina.

“The Club Pilates system represents a highly attractive opportunity given its market leading brand within the pilates sector, passionate & inclusive member base, and strong unit economics,” said Jake Rubenstein of Eagle Merchant Partners. “Jon, Joe, Kerry and their team have built a differentiated platform focused on providing a consistent, high-quality experience to their members, and we are investing in their vision for growth.”

Aligned Fitness marks Eagle’s third transaction in the health and wellness sector, following its acquisition of AYA Medical Spa and previous investment in United Planet Fitness. The firm has deep experience in multi-unit and franchise businesses, with a focus on owner-operated companies across the Southeast.

“We were drawn to Eagle’s track record in wellness and franchising,” said Jon Smith, CEO of Aligned Fitness. “They understand the dynamics of growing a multi-unit consumer business and bring the right mix of operational and strategic support as we expand.”

The boutique fitness industry, estimated at $24 billion and growing at more than 12 percent annually, continues to benefit from post-COVID consumer focus on personalized offerings. Pilates stands out among modalities for its low-impact approach, restorative health qualities, and proven long-term benefits.

Piper Sandler advised Aligned Fitness and Williams Mullen acted as legal counsel. King & Spalding acted as legal counsel for Eagle Merchant Partners and Miller & Martin acted as legal counsel to Eagle & Aligned for the two add-on acquisitions.

Eagle closed its second fund, Eagle Merchant Partners Fund II, with $415 million in capital commitments in May 2025.

Eagle Merchant Partners is a private equity firm focused on control investments in founder-owned, lower middle-market companies in the Southeastern United States. The Firm specializes in the franchise, multi-unit and commercial services sectors and works closely with management teams to scale operations and build enduring value. For more information visit eaglemerchantpartners.com.