PB Franchising SPV

Deciding whether to invest six figures in a boutique fitness studio is one of the most consequential financial decisions an entrepreneur will face, and the stakes are only rising as the fitness franchise sector accelerates past competitors in virtually every retail category. PB Franchising SPV, LLC is the legal franchisor entity behind Pure Barre, the brand that pioneered barre fitness in the United States and has since grown into the largest and most established barre franchise in North America. The brand was originally founded in 2001 by Carrie Rezabek Dorr, a dancer, choreographer, and fitness professional who developed the technique and launched the first studio before the concept was formalized into a franchise offering in 2009. PB Franchising SPV, LLC is structured as a Delaware limited liability company with a principal business address at 17877 Von Karman Ave., Suite 100, Irvine, CA 92614, and it formally commenced offering Pure Barre franchises in October 2012. The brand was acquired in October 2018 by Xponential Fitness, a global boutique fitness franchisor founded in 2017 by CEO Anthony Geisler with the stated mission of making boutique health and wellness accessible to everyone. L Catterton, which had been an investor in Pure Barre since 2015, contributed its position into that acquisition. PB Franchising SPV operates under the direct parent company XPOF Assetco, LLC and the broader Xponential Fitness, LLC umbrella, which currently oversees more than 3,200 global locations across its portfolio of boutique fitness brands. As of February 2026, Pure Barre itself operates more than 650 studios, a figure that had grown from over 517 locations at the time of the Xponential acquisition in October 2018. Katelyn DiGiorgio serves as President of Pure Barre as of June 2025, leading a brand that celebrated its 24th anniversary that same month. For franchise investors evaluating the PB Franchising SPV franchise opportunity, that combination of founder credibility, institutional backing, and demonstrated unit growth over more than two decades positions this brand as one of the most mature and operationally tested concepts in the boutique fitness segment.

The boutique fitness industry in which PB Franchising SPV competes is not a niche curiosity but a global economic force with measurable momentum behind it. The global boutique fitness industry was valued at over 49 billion dollars in 2023 and is projected to grow at a compound annual growth rate of 7.6 percent through 2030, a trajectory that places it among the most durable growth categories in consumer services. The broader fitness franchise segment is expanding at an even more aggressive pace, with a 10 percent increase in unit volume recorded year over year, which significantly outpaces broader retail and service franchise categories. Consumer behavior is the primary engine driving this expansion, as preferences have decisively shifted toward niche, community-focused fitness experiences that offer a social dimension alongside the physical workout itself, a dynamic that structurally advantages brands like Pure Barre over generic gym formats. The macro tailwinds are reinforced by increasing health consciousness across all age cohorts, a post-pandemic cultural reprioritization of wellness spending, and the demonstrated willingness of urban and suburban consumers to pay premium membership prices for curated fitness environments. From a competitive structure standpoint, the barre fitness sub-segment is not fragmented in the way that general fitness is, precisely because Pure Barre's 24-year operational history, 650-plus studio footprint, and established instructor certification pipeline create meaningful barriers to entry for smaller regional challengers. Within the broader Xponential Fitness portfolio of more than 3,200 locations, Pure Barre represents one of the anchor brands and benefits from shared infrastructure including national vendor relationships, technology platforms, and a marketing ecosystem that independent barre studios cannot replicate at comparable cost. The global franchise market itself was estimated at 133 billion dollars in 2024 and is projected to reach 307 billion dollars by 2033 at a CAGR of 9.73 percent, while the U.S. franchise industry specifically reached a record high in 2024 with over 800,000 establishments generating approximately 850 billion dollars in annual economic output, a 5 percent increase in systemwide sales from the prior year. These macro figures provide essential context for evaluating any PB Franchising SPV franchise investment: the underlying market is large, growing, and increasingly receptive to branded fitness concepts with proven operating systems.

The PB Franchising SPV franchise investment sits in a range that positions it as a mid-to-premium entry point within the boutique fitness category, with total estimated investment for a traditional Pure Barre studio ranging from 217,845 dollars to 487,495 dollars according to the 2023 Franchise Disclosure Document, with 112,495 to 124,495 dollars of that total payable directly to the franchisor or its affiliates. For prospective franchisees considering a Non-Traditional Studio format, the total investment estimate is lower, ranging from 158,045 to 324,595 dollars, with 47,595 to 122,595 dollars payable to the franchisor or its affiliates, reflecting reduced buildout requirements associated with that format type. More recently, as of February 2026, the reported cost to enter a Pure Barre franchise has been cited in a range of 314,411 to 629,345 dollars, a figure that reflects updated construction costs, technology requirements, and pre-opening operational expenses that have escalated across the franchise industry broadly. The spread between the low and high ends of the investment range is driven primarily by geography, real estate lease terms, local construction labor costs, and whether a franchisee selects a traditional studio format versus the non-traditional configuration. For general context, initial franchise fees across the health and fitness category typically range from 20,000 to 50,000 dollars, though well-established brands with significant infrastructure support commonly command fees at or above that upper threshold. Ongoing royalty fees in the health and fitness franchise category average approximately 6 percent of gross sales, consistent with the broader franchise industry range of 4 to 9 percent, while advertising fund contributions typically fall between 1 and 4 percent of net sales across franchise systems. The institutional backing of Xponential Fitness is a meaningful financial consideration for prospective investors, as the parent company's scale of 3,200-plus global locations provides negotiating leverage with national vendors, shared technology infrastructure, and marketing resources that reduce the effective cost burden on individual franchisees relative to what a standalone boutique studio operator would incur. Prospective investors should evaluate the PB Franchising SPV franchise cost against the full value of the Xponential support ecosystem, the brand's 24-year operating history, and the growth trajectory of the boutique fitness category when constructing their investment thesis.

The daily operating model for a PB Franchising SPV franchise is built around a studio environment that requires active owner engagement, a trained instructor staff, and a recurring membership revenue model that creates predictable cash flow when executed effectively. Pre-opening support from the Pure Barre corporate team begins as soon as the letter of intent is signed and includes guidance from a dedicated real estate team on site selection through lease execution, a construction and design team overseeing layout, buildout, interior design, curated music, lighting, sound, and in-studio technology to ensure a consistent multi-sensory environment across all locations. Franchisees also receive sales coaching, hiring support for instructors, managers, and sales staff, and studio-specific marketing designed to drive early leads and memberships before the grand opening occurs. The training program for franchise owners includes comprehensive initial training supplemented by ongoing education, with an experienced corporate team covering fitness, marketing, sales, operations, real estate, and franchising providing structured guidance to ensure owners and their teams are proficient in delivering the workout, selling memberships, and managing business operations. Operational support extends beyond the grand opening through recurring sales training, monthly calls, and expert guidance throughout the pre-sale phase, grand opening, and long-term sustainability planning, giving franchisees access to a scalable model with national vendor relationships and a support team with deep fitness franchising experience. The staffing model centers on certified barre instructors whose quality and consistency directly influence member retention and class utilization, making instructor hiring and retention one of the most operationally significant decisions an owner will make. Studios are integrated into the Pure Barre app and the broader Xponential Fitness digital ecosystem, which manages scheduling, membership management, and client communication, reducing the administrative burden on studio owners while maintaining brand consistency. Territory structures are designed to provide geographic protection, with the franchisor assisting in identifying locations within a specified geographic area to prevent direct competition between franchisees within the Pure Barre system.

Item 19 financial performance data for PB Franchising SPV provides a detailed and transparent window into the revenue landscape across the Pure Barre system, which is a critical due diligence input for any prospective franchisee. For fiscal year 2024, the average annual gross revenue across all 599 reporting Pure Barre units was 368,588 dollars, with a median annual gross revenue of 344,889 dollars, figures that reflect the full distribution of the system including studios at various stages of maturity, market size, and operational quality. The quartile breakdown reveals the significant performance spread that characterizes any large franchise system: the top quartile of 150 units reported a median revenue of 588,040 dollars, with the highest-performing unit generating 1,408,444 dollars and the lowest in that group producing 448,901 dollars. The second quartile of 149 units showed a median revenue of 393,154 dollars, ranging from a high of 448,835 dollars to a low of 346,027 dollars, suggesting a reasonably tight performance cluster for studios in the middle of the distribution. The third quartile of 150 units reported a median of 300,491 dollars with a high of 344,889 dollars and a low of 258,269 dollars, while the bottom quartile of 150 units had a median of 192,833 dollars, ranging from 257,802 dollars at the top down to 43,313 dollars at the low end, which reflects studios that may be newly opened, in challenged markets, or experiencing operational difficulties. For comparison, earlier 2019 data indicated an average revenue per unit of 331,435 dollars, suggesting that the system average has grown by approximately 37,000 dollars over the five-year period ending in 2024, a 11.2 percent cumulative increase in average unit revenue. The performance spread between first and fourth quartile medians of approximately 395,000 dollars underscores what industry data consistently confirms: franchisee execution, market selection, staff quality, and owner engagement are the primary drivers of unit-level financial outcomes, and the difference between a strong Pure Barre studio and a struggling one is largely operational rather than conceptual. A former studio owner has noted that margins differ meaningfully by location and membership base size, and that reaching profitability requires investment in building a loyal recurring membership community over time, a characteristic shared by virtually all subscription-based fitness franchise models.

PB Franchising SPV and the Pure Barre brand have followed a consistent growth trajectory that reflects both the strength of the underlying barre fitness category and the operational leverage provided by Xponential Fitness's scaled infrastructure. Studio count grew from over 517 locations at the time of the October 2018 Xponential acquisition to more than 550 studios throughout the U.S. and Canada by June 2019, a net addition of more than 30 units in under a year. By June 2025, that figure had expanded to over 600 studios, and as of February 2026, the system has surpassed 650 studios, representing net unit growth of more than 130 locations over the seven-year period since the Xponential acquisition. The brand's competitive moat is built on several reinforcing pillars: a 24-year operating history that has produced a certification system, instructor pipeline, and brand recognition that newer barre concepts cannot replicate; integration into the Xponential Fitness platform of over 3,200 global locations providing shared technology, vendor scale, and cross-brand marketing reach; and a proprietary class format that has demonstrated consumer loyalty across geographic markets. Product innovation has been a deliberate strategic priority, with Pure Barre recently launching two new class formats, Pure Barre Align and Pure Barre Define, specifically designed to address growing consumer demand for strength training and mobility programming. Pure Barre Define in particular has generated measurable system performance improvements, with 80 percent peak utilization, a 15 percent increase in same-store sales, and a 130 percent increase in class offerings reported following its rollout, metrics that directly translate to higher revenue per studio. The brand is also executing an international expansion strategy, with the first Pure Barre studios announced in Japan and Mexico as of June 2025, diversifying the growth story beyond North America for the first time. In June 2019, PB Metro, LLC was established by Palladin Consumer Retail Partners in partnership with Pure Barre franchisees and Xponential Fitness, acquiring 13 existing Pure Barre studios and committing to open at least 15 new studios in the New York Tri-State area over three years, demonstrating institutional confidence in the brand's urban market viability.

The ideal candidate for a PB Franchising SPV franchise opportunity is someone who combines financial capacity with genuine enthusiasm for health and wellness, community building, and the operational discipline required to manage a staffed service business. Franchisee feedback consistently identifies owner enthusiasm and passion for the Pure Barre brand as a primary differentiator between top-performing and underperforming studios, and successful owners typically invest meaningfully in instructor recruitment, retention, and quality consistency, recognizing that the teacher experience directly determines member retention and word-of-mouth growth. The franchise model is structured for owner-operators who can be actively present in the business, particularly in the critical first one to three years when membership base construction and staff culture establishment are paramount to long-term unit economics. Multi-unit development is an available pathway within the Xponential system, and the June 2019 PB Metro example demonstrates that institutional multi-unit operators have also found the Pure Barre model scalable within concentrated geographic markets. Geographic expansion is actively underway both domestically and internationally, with over 650 existing studios concentrated in the U.S. and Canada and new markets opening in Japan and Mexico as of mid-2025, creating territory availability in secondary and international markets that did not exist five years ago. The total investment range of 217,845 to 487,495 dollars for a traditional studio format requires prospective franchisees to have meaningful liquid capital available alongside financing, and the financial profile of a qualified candidate will typically reflect both the capital position to absorb a multi-year ramp period and the operational bandwidth to manage a team of certified fitness instructors in a competitive local market. Pure Barre is consistently ranked on Entrepreneur Magazine's Franchise 500 List, providing third-party validation of the brand's franchise system quality and adding a reputational credential that supports franchisee recruiting and studio marketing efforts.

For franchise investors conducting serious due diligence on the boutique fitness category, PB Franchising SPV represents one of the most data-rich and operationally mature investment theses available in the space. The combination of a 24-year brand history, 650-plus studio footprint, Xponential Fitness institutional backing with over 3,200 global locations, transparent Item 19 financial performance disclosure showing a 2024 system average revenue of 368,588 dollars across 599 reporting units, and a category growing at 7.6 percent CAGR against a 49-billion-dollar global market creates an investment profile that warrants structured, rigorous evaluation rather than surface-level research. The recent launch of Pure Barre Define generating a 15 percent increase in same-store sales and 130 percent growth in class offerings signals that the franchisor is actively investing in format innovation to drive unit-level economics rather than relying solely on legacy brand equity. At the same time, prospective investors must weigh the meaningful performance spread between top and bottom quartile studios, the staffing intensity of the model, and the long-term contractual commitments associated with both the franchise agreement and real estate lease before committing capital. PeerSense provides exclusive due diligence data including SBA lending history, FPI score, location maps with Google ratings, FDD financial data, and side-by-side comparison tools to help investors evaluate PB Franchising SPV against alternative franchise opportunities within the boutique fitness category and across the broader franchise market. Explore the complete PB Franchising SPV franchise profile on PeerSense to access the full suite of independent franchise intelligence data and make a fully informed investment decision.