Express Fitness Limited has made its first major international move with the 65 per cent acquisition of Mighty Pilates, a premier Pilates studio brand with nine locations and 11 studios in California.

The acquisition represents the company’s first major acquisition outside of Jamaica with the fitness brand aiming to grow the number of Pilates studios to 75 locations over the next three years across the United States of America. Cricket Wardein is the founder of Mighty Pilates and will remain involved with the business which will onboard Catherine Martin as its incoming chief executive officer to spearhead the business integration. Mighty Pilates currently welcomes more than 20,000 unique monthly customers across its physical and online classes.

“This acquisition reflects our dedication to enriching lives through health and wellness. “Mighty Pilates shares our vision for empowering communities with fitness solutions that bring out the best in everyone. Together, we’ll continue to provide exceptional experiences that transform lives,” stated Khary Robinson, chairman of Express Fitness, in a press release. Robinson is also the executive chairman of Norbrook Private Equity Partners.

Robinson revealed that the deal was an asset acquisition with Express and the other equity partners to own a stake in a new company. Express will have the option to acquire an additional stake in the business in the future.

According to MedPark Hospital, “Pilates is a mind-body exercise emphasising core muscle strength, attention to muscle control, posturing, flexibility, and breathing to promote physical well-being. Pilates involves nominal bodily movements in achieving its goals.”

German physical trainer Joseph Pilates is credited as the founder of Pilates, which he developed in the 20th century. The exercise has recently gained increased popularity in recent years as a way to improve injury prevention, holistic wellness and physical fitness. The Express Fitness press release referenced the Pilates and yoga studios having a market size of US$12.82 billion in 2020. Private equity firm L Catterton acquired a majority stake in Solidcore in September 2024 which valued the business between US$600 million to US$700 million.

The deal was financed by a mixture of internal cash and external debt. Robinson also revealed that Norbrook Lifestyle Group Limited acquired the 10 per cent equity stake which was previously held by Sagicor Investments Jamaica Limited. This makes Express Fitness a wholly owned subsidiary of Norbrook Lifestyle Group. Sagicor Investments acquired the 10 per cent equity stake in December 2019 at a $2.3 billion valuation.

Norbrook Equity Partners made its initial Express Fitness acquisition in February 2019 when it acquired a 70 per cent stake in the business during February 2019 with Jacqueline and Ansel Clarke retaining 30 per cent of the business then.

The Sagicor investment was meant to facilitate Express’s expansion across Jamaica and the Caribbean during 2020. However, the COVID-19 pandemic disrupted the business as it was effectively closed during 2020 and under significant constraints in 2021.

Following that depressed period, Express Fitness has grown its footprint to 11 locations across Jamaica with Drax Hall being its latest location. The company announced in April that it would be expanding its Constant Spring Platinum location by 15,000 square feet through an extension of the existing space. This expansion process should begin in the third quarter (July to September) and be available by the first quarter (January to March) of 2026.

The company also reopened its Liguanea Platinum location on May 27 following recent renovations to expand the gym space by 2,500 sq ft which included a new upstairs room and space for equipment and fitness options. Both locations are set to offer rooftop turf area for outdoor workouts and events, including dedicated pickleball courts. These expansion moves are estimated to cost more than $400 million.

Express Fitness is also plotting a bigger expansion plan for the local Jamaican market by opening new locations in Portmore and Montego Bay in 2026. These 7,000 to 12,000-square-foot gyms are in the late-discussion stages as the company decides on the route of growth to meet the increasing fitness interest in Jamaica.

The growth in the company’s locations and overall activity space has allowed Express Fitness to double its client base since Norbrook acquired the majority stake in 2019. The Mighty Pilates acquisition has effectively doubled its client base again.

With Mailpac Group Limited already listed on the Jamaica Stock Exchange, Robinson has mentioned over the years the possibility of listing other subsidiaries under Norbrook Equity Partners to facilitate greater growth and build further brand equity.

When asked by the Business Observer about an initial public offering, Robinson responded, “We expect Express to start the process of a listing in short order as the company is poised for significant organic and acquisitional growth.”

However, Robinson explained that the possible integration of the Pilates studio model is to be considered in the future. He added, “To be considered formally but we have always had a few Pilates solutions including a reformer class at our Platinum locations.”

Norbrook Private Equity Partners has been on an expansion drive through its various subsidiaries in recent times with the largest acquisition taking place in June 2024 when it acquired the KFC and Dairy Queen franchises in Panama. Norbrook owns a 60 per cent stake in Platinum Brands, SA, a Panamanian special purpose vehicle used to complete the acquisition. Mailpac Group also acquired the assets and operations of MyCart Quick Limited in April 2024.

Norbrook has also embarked on some ambitious real estate plays in recent times, but has since adjusted its focus on the proposed 11-storey building at 109 Old Hope Road based on the economic environment.

“So, we decided to shift a little bit. We’re going to do it in two stages. We’re going to do a smaller building which will house Mailpac, Express and Hertz. With interest rates and all the uncertainty, we don’t feel it’s prudent right now to go and do an 11-storey commercial building,” Robinson closed.