Gold’s Gym, a decades-old fitness brand with a cult following and roots in Venice Beach, is allowing almost all of its Southern California outlets to be taken over by Eōs Fitness.
The gym’s long-time SoCal franchisees, brothers Angel and Willy Banos, sold more than 20 locations to Dallas-based Eōs. Gold’s will retain ownership of the original Venice Beach Gold’s Gym, which opened in 1965 and is known to some as “the mecca of bodybuilding.”
Founder Joe Gold opened the Venice location with a focus on strength and conditioning, work ethic and lifestyle. The gym has attracted bodybuilding greats such as Arnold Schwarzenegger and Lou Ferrigno.
The brand has hundreds of other franchised locations across the U.S. and globally, including in Italy and Mexico.
The move isn’t a rejection of California. It allows the chain to open up to new franchisees in the region, the company said in a news release.
“Gold’s Gym has always been a leader in health and fitness, and this decision marks a huge step forward for the brand, our franchisees and our members,” said co-chief executive Danny Waggoner in the release. “We are pushing the brand into a new era while remaining true to our heritage.”
In an email sent to members, Gold’s Gym SoCal said the move to sell “wasn’t a decision we made lightly,” the WeHo Times reported.
The email noted that Eōs Fitness chief executive Rich Drengberg spent more than a decade with Gold’s Gym earlier in his career.
Eōs Fitness operates more than 200 locations across the country under the slogan “Better Gym. Better price.” The Gold’s Gym acquisition will make Southern California the largest market for Eōs, where the brand plans to have 50 locations by the end of the year.
“While this acquisition accelerates our expansion in a highly competitive real estate market, we are especially grateful to Angel and Willy Banos for their vision and diligence in building these gyms,” Drengberg said in a company release.
The new Eōs locations will include Beverly Center, Hollywood, Long Beach and Santa Barbara. Eōs announced in an email to members that the transition took effect Oct. 29 and would not interrupt gym access.
Gold’s Gym was acquired by fitness company RSG Group in 2020. It costs between $1.7 million and $4.3 million plus a franchise fee to own a 25,000 square-foot Gold’s location.
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