Gold's Gym, a decades-old fitness brand with a cult following and roots in Venice Beach, is letting Eōs Fitness take over nearly all of its Southern California locations.
Brothers Angel and Willy Banos, longtime Southern California franchisees, sold more than 20 locations to Dallas-based Eōs. Gold's will retain ownership of the original Gold's gym in Venice Beach, which opened in 1965 and is known by some as “the mecca of bodybuilding.”
Founder Joe Gold opened the Venice branch 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 in the U.S. and around the world, including Italy and Mexico.
The measure is not a rejection of California. This allows the chain to open up to new franchisees in the region, the company said in a press 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,” co-CEO Danny Wagoner said in the release. “We are propelling the brand into a new era while staying true to our heritage.”
In an email sent to members, Gold's Gym SoCal said the decision to sell “was not a decision we made lightly,” the WeHo Times reported.
The email noted that Eōs Fitness CEO Rich Drengberg spent more than a decade at Gold's Gym early in his career.
Eōs Fitness operates more than 200 locations nationwide under the motto “Best Gym. Best Price.” The acquisition of Gold's Gym 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 Baños for their vision and diligence in building these gyms,” Drengberg said in a company statement.
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 on October 29 and would not disrupt 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.
