Houlihan Lokey Advises Xponential Fitness

Houlihan Lokey is pleased to announce that Xponential Fitness, Inc. (NYSE:XPOF), one of the leading global franchisors of boutique health and wellness brands, has completed the divestiture of Lindora to Next Health Management Group, LLC (Next Health). The transaction was announced on September 19, 2025.

Through its mission to deliver the talents, assets, and capabilities necessary for successful franchise growth, Xponential Fitness operates a diversified platform of six brands spanning modalities, including Pilates, barre, stretching, strength training, metabolic health, and yoga. In partnership with its franchisees and master franchisees, Xponential Fitness offers energetic, accessible, and personalized workout experiences led by highly qualified instructors in studio locations throughout the United States and internationally, with franchise, master franchise, and international expansion agreements in 49 U.S. states, Puerto Rico, and 30 additional countries. Xponential Fitness’ portfolio of brands includes Club Pilates, the largest Pilates brand in the United States; StretchLab, a concept offering one-on-one and group stretching services; YogaSix, the largest franchised yoga brand in the United States; Pure Barre, a total body workout that uses the ballet barre to perform small isometric movements, and the largest barre brand in the United States; and BFT, a functional training and strength-based program.

Next Health is the most advanced and comprehensive brand of health optimization and longevity centers in the world. Founded in 2016 by renowned surgeon Dr. Darshan Shah and entrepreneur Kevin Peake, Next Health believes that “health is not merely the absence of disease, but the abundance of vitality” and streamlines patient access to proactive healthcare services that can potentially extend both their healthspan and their lifespan. Combining cutting-edge medical technology with a luxurious atmosphere, Next Health empowers individuals to achieve optimal health and vitality through biomarker testing, partnership with expert providers, and an extensive menu of proactive healthcare services. With 70+ locations open or in development, Next Health leads the longevity movement.

Houlihan Lokey acted as the exclusive financial advisor to Xponential Fitness. This transaction reinforces Houlihan Lokey’s strong practice in the franchising space as well as the health and wellness sector, demonstrating the team’s exceptional success rate and continued momentum.

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