Snapdragon Capital Invests Over $30 Million in Spartan Fitness Holdings

Eagle Merchant Partners Recapitalizes Aligned Fitness; Aligned Acquires Two Club Pilates Franchisees

June 26, 2025

Healthcare Services

Eagle Merchant Partners completed a recapitalization of Aligned Fitness (a leading Southeast-based Club Pilates franchisee) as its first investment from Fund II, with Boathouse Capital providing a $52 million credit facility and equity co-investment. Proceeds funded Aligned’s acquisition of two add-on franchisees — Crescent Concepts, LLC and Next Twenty, LLC — and will support new studio development and expansion across the Southeastern and Mid-Atlantic United States, bringing the combined platform to 34 studios.

Aligned Fitness (Eagle Merchant Partners) Acquires 13 Club Pilates Studios

December 9, 2025

Healthcare Services

Aligned Fitness, a portfolio company of Eagle Merchant Partners, acquired 13 Club Pilates studios across North Carolina, South Carolina and Georgia in a series of add-on transactions. The bolt-on deals expand Aligned's Club Pilates footprint to 47 locations and support Eagle Merchant Partners' strategy to build a scaled health and wellness platform in the Southeastern United States.

Freeman Spogli Acquires Majority Stake in VIO Med Spa

September 16, 2024

Healthcare Services

Freeman Spogli has made a majority investment in VIO Med Spa, a franchisor and operator of full-service med spas. VIO founders and management will remain significant minority investors and the incumbent executive team will continue to run the business as the company accelerates franchise growth and national expansion.

Morgan Stanley Capital Partners Acquires Impact Fitness

June 11, 2019

Retail

Investment funds managed by Morgan Stanley Capital Partners completed a majority investment in Impact Fitness, a Planet Fitness franchisee operating 29 clubs across the United States and Canada. MSCP partnered with Impact's management team led by CEO Adam Willaeys, acquiring the company from Bain Capital Double Impact and Bridges Fund Management to support further growth and expansion of the franchise footprint.

HGGC and Snapdragon Capital Partners Invest $240M in Fullscript

November 9, 2021

Healthcare Services

HGGC and Snapdragon Capital Partners signed a definitive agreement to make a $240 million growth investment in Fullscript, a digital platform that supports integrative and functional health practitioners. The capital will be used to expand Fullscript's platform across the patient treatment lifecycle, including investments in people, technology, partnerships and acquisitions to accelerate growth.

Snapdragon Capital Partners & The Maze Group Acquire Minority Stake in Nutraceutical International

July 17, 2019

Consumer Products

HGGC sold a minority stake in Nutraceutical International Corporation to Snapdragon Capital Partners and The Maze Group, with a DWS-led investor group providing support. The investment is intended to accelerate Nutraceutical’s digital transformation and omnichannel growth while HGGC remains a significant partner; terms were not disclosed.