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Boathouse Capital Provides Financing to Support Acquisition of Club Pilates Franchisee

July 11, 2025, 07:02 AM
Filed Under: Fitness Clubs

Boathouse Capital announced the closing of its platform investment in Aligned Fitness. Boathouse Capital provided debt financing and an equity co-investment in support of Eagle Merchant Partners' recapitalization of Aligned Fitness, a leading Southeast-based franchisee in the Club Pilates system. 

Boathouse Capital joined with Everberg Capital and Western Alliance Bank to provide a $52 million credit facility. Proceeds from the facility were used by Aligned Fitness to fund the acquisition of two additional Club Pilates franchisees and to support future new studio development across the Southeast. 

Aligned Fitness was founded in 2016 and is led by CEO Jon Smith, along with founders Joe and Kerry Ruggieri. Inclusive of the acquisitions, Aligned Fitness operates 34 studios across North Carolina, Georgia, and South Carolina making it one of the largest franchisees in the rapidly growing Club Pilates system.

Aligned Fitness marks Boathouse Capital’s fourth investment in a franchised business following its investments in KBP Foods (KFC franchisee), Fresh Dining Concepts (Auntie Anne’s franchisee), and RBJK Marketing (Jan Pro franchisee). Aligned Fitness represents Boathouse’s first investment in partnership with Eagle Merchant Partners and the 19th platform investment in Boathouse’s third fund.

“Club Pilates is the marquee brand in the Pilates industry and Aligned Fitness has significantly expanded the Club Pilates footprint in the eastern US. Consumers are turning to more restorative fitness concepts and Club Pilates offers a consistent and high-quality experience for all ability levels and a supportive and welcoming community of instructors and members,” said Lorelei Gaus, Vice President at Boathouse Capital.

Boathouse Capital was advised by Ice Miller.





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