Franchisor and Consumer Services-Focused Private Equity Firm's Investment Aims to Drive Continued Excellence in Client Experience and Expanded Locations for The Best Workout in the World™
NEW YORK, Jan. 14, 2025 /PRNewswire/ -- Barry's, the global leader in boutique fitness, is excited to announce a new strategic investment from Princeton Equity Group ("Princeton"), a private equity firm focused on investing in and growing franchisor and multi-location companies. Founded in 1998 by Barry Jay, John Mumford and Rachel Coxton, Barry's has become synonymous with premium fitness experiences. With a shared passion for service excellence and franchise model innovation both domestically and internationally, Princeton's investment will allow Barry's to expand its unparalleled fitness experience to more communities, enhancing the health and wellbeing of individuals globally. The fresh funding will also support the continued growth and consolidation of the UK and Canadian markets, as the brand remains focused on the core principles and hospitality that have made it a cultural phenomenon since its inception.
"Barry's is a brand that has consistently withstood the test of time, thanks to its unique, results-driven workout and an extraordinary community that has supported us over two decades," said Joey Gonzalez, Co-CEO of Barry's. "Our ability to adapt and innovate – especially through the challenges of the pandemic – has been critical in keeping our members engaged and motivated. With Princeton's investment, we're poised to share the magic of Barry's with even more people, while staying true to what makes us special."
Barry's is known for its innovative approach to fitness, combining a high-energy, full-body workout programmed with a mood-boosting sensory experience that has turned each studio into a vibrant local community hub filled with camaraderie and shared purpose. Thanks in large part to a strategic investment from North Castle Partners in 2015, the brand has since seen exponential growth, solidifying its position as a global fitness leader. Currently with 89 studios globally that saw more than seven million visits in 2024, Barry's has identified a significant pipeline of new locations with strong demand and now plans to open dozens more in the coming years. Through this partnership, Princeton is not only backing the brand's future, but reinforcing its commitment to Barry's signature experience.
"At Princeton, we believe in brands that have built a foundation of authenticity, passion, and a commitment to the community," said Jim Waskovich, Managing Partner of Princeton. "Barry's has successfully combined world-class fitness with an incredible sense of belonging, and we are excited to support the team as they bring this experience to meet the demand of clients around the world."
"From our signature Red Room to our vibrant, supportive community, we want to make sure that every new studio we open feels like our first," said JJ Gantt, Co-CEO of Barry's. "This strategic partnership will allow us to strengthen the foundation of what makes us unique and continue to provide clients with the high-quality fitness experience they've come to love, no matter where they are."
"Princeton has long admired Barry's unique fitness program and the brand's incredible growth achieved over the last 25-plus years," said Jack Nagle, Principal at Princeton. "Barry's unwavering commitment to quality, excellence, and its dedicated global community has set the brand apart in the fitness industry. We look forward to working with the Barry's team to continue to build upon its legacy and support its continued growth and success worldwide."
Barry's has always been about more than just fitness – it's about creating a transformative, inclusive space where people feel empowered, motivated, and connected. With Princeton's support, Barry's is committed to investing further in its product and operations, ensuring that the power of its workout and community can continue to thrive in new locations while staying true to its roots.
With a shared vision for the future, Barry's and Princeton look to inspire more people to transform their lives through fitness while deepening the impact of the Barry's community. Together, they plan to bring Barry's to even more towns, empowering individuals around the world to push their limits and lead healthier, stronger lives.
J.P. Morgan Securities LLC served as exclusive financial advisor to Barry's. Greenberg Traurig, LLP served as legal counsel to Barry's. Piper Sandler & Co served as capital markets advisor to Princeton. Akin Gump Strauss Hauer & Feld LLP and DLA Piper LLP served as legal counsel to Princeton.
About Princeton Equity Group
Princeton Equity Group is among the most experienced franchisor and multi-location investors in the United States and manages approximately $1.3 billion of assets. Princeton exclusively invests in leading franchisor and multi-location companies and views each investment as a long- term, supportive business partnership with founders and management teams. The principals at Princeton have sponsored investments in some of the most admired, growth-oriented franchisors and multi-location companies in the United States. For more information, visit princetonequity.com.
About Barry's
Barry's is the original high-energy cardio and strength interval training workout. Having launched in 1998 in Los Angeles it went on to spur a global boutique fitness movement. Since then, it has grown from "The Best Workout in the World," to become not just a fitness leader, but a community and lifestyle with innovative in-studio and digital class modalities, Fuel Bars, retail offerings, and a competitive loyalty program. With more than 89 studios spanning 15 countries, plus Barry's X – Barry's now brings its global Fit Fam community to its signature Red Room both virtually and physically. Following the success of the original workout, Barry's expanded its class offerings to include: LIFT (a 50-minute class focusing on strength training with monthly benchmarks for attainable goal setting); RIDE (a 50-minute class offering high-intensity interval training style indoor cycling paired with traditional Barry's floor work. Now a worldwide phenomenon with a cult-like following, Barry's makes working hard and getting strong, fun. For more information, visit: https://www.barrys.com/.
SOURCE Barry's
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