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TPG Growth invests in CycleBar

TPG Growth has made an investment in CycleBar, an indoor cycling franchisor. No financial terms were disclosed.


FORT WORTH, TEXAS & SAN FRANCISCO & CINCINNATI–(BUSINESS WIRE)–TPG Growth, the middle market and growth equity platform of alternative asset firm TPG, today announced it has invested in CycleBar, the largest premium indoor cycling franchisor in the United States. Founded in 2004 and franchising since 2014, CycleBar provides over half a million riders across the country with high-energy, indoor group cycling classes. Additional terms of the transaction were not disclosed.

“Through a combination of talented instructors, upbeat music, and a motivating, team-focused environment, we strive to create a high-quality workout that our customers coast to coast want to integrate into their everyday lives,” said Mark Fisher, CEO of CycleBar. “With the support of our new partners at TPG Growth – an accomplished investor known for building and scaling businesses – we are even better positioned to grow our communities and connect with more riders across the country.”

CycleBar facilities are equipped with custom bikes, state-of-the-art lighting and sound systems, concierge-level services, and amenities to provide riders of all ages and fitness levels with a high-quality, immersive fitness experience. Rides are enhanced with CycleBeats, CycleBar’s proprietary, online database that allows riders to browse and access class music at any time, and CycleStats, the company’s fitness monitoring system that helps riders track progress by measuring class performance in terms heart rate, calories burned, raw power in motion (RPM), and more.

“Health and wellness is a megatrend we continue to look to invest behind across many sectors. Boutique fitness, and CycleBar in particular, sits at the intersection of this health and wellness trend, reinforced by the consumer’s growing preference for community and experiences,” said Mark Grabowski, Partner at TPG. “CycleBar has a powerful consumer following and a strong infrastructure in place for continued growth. We are excited to work with Mark and the CycleBar team to expand and support the company’s franchisee-base across the country.”

CycleBar marks TPG Growth’s second investment in boutique fitness this year, following its recent partnership with Club Pilates, the nation’s largest Pilates franchisor. For many years, TPG Growth has been partnering with strong, growing consumer brands and specialized retail experiences, including Angie’s BOOMCHICKAPOP, one of the fastest growing health snack players in the country; Beautycounter, a disruptive skin care and cosmetics brand that offers safe and effective beauty products for customers; and Philz Coffee, a San Francisco-based coffeehouse well-known for unique custom blends.

About TPG Growth
TPG Growth is the middle market and growth equity investment platform of TPG, the global private investment firm. With more than $8.3 billion of assets under management, TPG Growth targets investments in a broad range of industries and geographies. TPG Growth has the deep sector knowledge, operational resources, and global experience to drive value creation, and help companies reach their full potential. The firm is backed by the resources of TPG, which has more than $73 billion of assets under management. For more information, visit

CycleBar® is a Premium Indoor Cycling™ boutique that offers energizing rides tailored to all fitness and experience levels. CycleBar rides inspire, motivate, and invigorate riders. As the only luxury boutique fitness franchise available to date, CycleBar offers attractive opportunities in a fast-growing company with high EBITDA margins and strong consumer demand. CycleBar is on pace to have 150 studios open to riders in 2017 with over 200 additional locations in development. For more information about the franchise opportunity, please visit