Private Equity Partnership Supports Franchise Growth and Expansion
CapitalSpring has invested in the Alloy Personal Training franchise to accelerate the brand’s growth while preserving its leadership, culture and franchisee-first focus, according to a news release from the private equity firm. CapitalSpring concentrates its investing in franchises and other multi-location businesses.
CapitalSpring’s investment serves as a vote of confidence in Alloy’s differentiated business model, strong unit-level economics and people-first culture, the news release stated. The partnership won’t affect Alloy’s day-to-day operations.
Alloy targets a market demographic that most fitness brands ignore: clients aged 50 and older. Established in 1992, the Alloy Personal Training franchise has a core philosophy that people who receive personalized instruction will achieve superior results. Alloy emphasizes building strength, developing a fitness community among its clients and achieving measurable results, with an ultimate goal of helping each client turn fitness into a lifestyle through its personalized, small-group classes.
Reaction from Alloy’s CEO
“This partnership is about further strengthening our franchise system for the long term,” Alloy Personal Training founder and CEO Rick Mayo said. “CapitalSpring believes in our model, our mission and the operators who bring the Alloy experience to life every day. This relationship allows us to invest more strategically in franchisee resources, infrastructure and growth while staying true to who we are.
“This is a meaningful moment for Alloy. It signals confidence in our franchise system, our studio operators and the future we’re building together. Most importantly, it’s a win for our franchisees, our team members and the clients we serve every day.”
Reaction from CapitalSpring
CapitalSpring partner Wade Daniel also was bullish about the new strategic partnership. “We’re excited to partner with Rick and the Alloy Personal Training leadership team as the brand enters its next chapter,” he said in the news release.
Daniel also pointed out his firm’s history of supporting businesses’ growth. “CapitalSpring has a proven playbook for building brands and businesses. We look forward to supporting Alloy’s growth while expanding access to personalized training for adults seeking healthier, more active lifestyles,” Daniel continued.
About CapitalSpring
The investment firm has a 20-plus-year track record of providing funds to consumer-facing businesses. CapitalSpring manages multiple fund vehicles including private debt and private equity strategies focused on the lower middle market and middle market.
CapitalSpring has invested $4 billion-plus in more than 100 multi-location brands. The firm was listed among Inc. magazine’s Founder-Friendly Investor rankings in 2024 and 2025. The firm’s headquarters are located in Nashville; it has regional offices in Los Angeles, New York and Atlanta.
About Alloy Personal Fitness
The personal training franchise has more than 100 units in operation. The Alloy Personal Training franchise’s headquarters are in Roswell, Ga., near Atlanta. It offers franchise opportunities throughout the United States.
As a prelude to an expansion push, Alloy has redrawn its territory map and invested in new technology and processes. The REP’M Group, a full-service franchise development firm, is facilitating the growth of Alloy Personal Training.
Alloy’s services enjoy robust demand. In March 2025, Future Market Insights reported that the global personal training market “is poised for significant growth between 2025 and 2035, driven by rising health consciousness, increasing demand for personalized fitness programs, and the integration of digital platforms in training services.” The research and consulting firm said the market’s value was $45.6 billion in 2025 and projected that it would grow to $85.3 billion by 2035, representing a compound annual growth of 5.3% during that period.
