CycleBar Opening in Former Flywheel Locations for Its Debut in New York City
Later this month, a Cycle bar The studio will open in New York City, the first of six CycleBar studios slated to open this summer in former Flywheel locations, according to an announcement by Xponential Fitness, which owns the CycleBar indoor cycling franchise. The first location will be in Noho with additional locations planned for Flatiron, Upper East Side, NoMad, Tribeca and Williamsburg. A new CycleBar studio will also open in Philadelphia.
The expansion comes three months after group fitness studios were allowed to reopen in New York City (health clubs were allowed to reopen in September 2020) after being closed since March 2020 due to COVID-19. Flywheel was the victim of mandatory temporary closures, Chapter 7 bankruptcy filing in September 2020 and the closure of all its studios.
Xponential, on the other hand, continued to grow despite the pandemic. The expansion to New York is in part due to its relationship with Palladin Consumer Retail Partners, a Boston-based private equity firm, and their creation of PB Metro in 2019 which renamed the former six studios Flywheel Sports. Further development of the territory is also planned on the market.
“After years of being a fixture in the boutique bike industry, we are delighted that CycleBar has reached the Big Apple with the help of Palladin,” said Anthony Geisler, CEO of Xponential Fitness, in the announcement. “With a dedicated population of cyclists in New York City and pent-up demand for fitness in local neighborhood boutiques, the timing couldn’t be better for us to kick off our high-energy, pace-based workout in such a busy market. on fitness in the United States. States. “
The expansion of CycleBar, which was founded in 2004, into the New York market follows the 2019 expansion of Pure Barre, also owned by Xponential, to New York where it now has 16 open locations owned by PB Metro. with 12 additional licenses to grow over the next three years.
In addition to converting the six Flywheel locations into CycleBar studios in New York City, the partnership with PB Metro gives the group the right to develop 23 additional CycleBar studios in the New York subway market over the next five years. Two of these locations will introduce a dual concept, with both a CycleBar studio and a Pure Barre studio in the same building.
“We are delighted to expand our partnership with Xponential as we begin to develop the CycleBar brand and continue to develop the Pure Barre brand in New York and other regions,” said Rob Fioretti, Managing Director of Palladin, who owns exclusive development rights. both concepts in its territory.
Snapdragon Capital Partners is a private equity investment firm that supports Xponential Fitness and its brands.
“We are delighted to see the continued expansion of Xponential,” said Mark Grabowski, Managing Partner at Snapdragon Capital Partners. “The transaction will establish CycleBar’s presence in one of the most important in-store fitness markets, and we are delighted that CycleBar is entering the New York market. “
CycleBar was ranked on Entrepreneur Magazine’s Franchise 500 and Fastest-Growing Franchises lists in 2021, as well as on Inc. Magazine’s Inc. 5000 in 2020.
Other brands owned by Xponential Fitness are Club Pilates, StretchLab, Row House, AKT, YogaSix, STRIDE and Rumble, a boxing-inspired full body workout he bought in March.