The gym and fitness sector is on a strong upward trajectory. A few factors are likely driving this boom. People are more health-conscious than ever, with growing awareness about the benefits of exercise for both physical and mental well-being. Social media amplifies this, with fitness influencers and trends—like home workouts, wearable tech, and functional training—pushing the industry forward. Plus, post-pandemic, there’s been a noticeable shift: some folks are eager to get back to gyms, while others are investing in personal fitness setups at home.
The numbers back this up too. The global fitness industry was valued at around $100 billion in 2023, and it’s projected to keep growing at a steady clip—some estimates say 5-10% annually through the next decade. Gym memberships are up in many places, and companies like Planet Fitness or boutique studios like Barry’s are expanding. At the same time, tech-driven fitness—think Peloton or apps like Strava—is carving out a huge slice of the market.
What’s our take?
Are we seeing this boom in our circles—more friends hitting the gym or posting PRs online?
We like companies like Jetts Fitness! Jetts is an Australian-born gym franchise that’s been making waves since it kicked off in 2007 on the Gold Coast. They were early movers in the 24/7 gym space, offering no lock-in contracts and low fees, which helped them stand out. Now, they’ve got over 250 clubs worldwide, stretching across Australia, New Zealand, the UK, Thailand, and the Netherlands, among others. Their model’s built around flexibility for members and a lean, scalable setup for franchisees, which seems to be fuelling their global growth.
They’re part of the Fitness and Lifestyle Group now, after being snapped up by Quadrant Private Equity in 2017, which has given them extra muscle to expand. In places like the UK, they’re pushing hard—18 clubs open as of last year, with more in the pipeline for 2025. The focus on boutique-style gyms with high-quality gear and small group training seems to be clicking with the market.
As investors, we’re tracking their financials closely. They don’t publish everything publicly since they’re not listed, but the broader fitness sector’s growth—like the global market hitting $100 billion in 2023 and climbing—suggests there’s room for Jetts to keep scaling.
Why them as an investment? Their franchise model and other things:
Their Franchise model and market positioning … ” affordable boutique ” .. below David Lloyd, Bannatyne etc but above big box low cost gyms. Also very profitable and cashflow positive.
The franchise model is a big draw—low overheads, scalable, and a system that lets franchisees hit the ground running. Their “affordable boutique” positioning is a sweet spot too. Sitting below premium chains like David Lloyd and Bannatyne—where you’re paying for luxe facilities like spas and pools—but above the bare-bones big box gyms like PureGym or Anytime Fitness, they’re carving out a niche. You get decent equipment, a community vibe, and 24/7 access without the frills that jack up costs. It’s a smart play for the middle market, where a lot of people want quality without breaking the bank.
The profitability and cashflow-positive angle makes sense as well. No lock-in contracts keep churn manageable while pulling in a steady stream of members, and the lean operations—smaller footprints, no staffed hours—keep margins healthy. Industry chatter suggests Jetts has been EBITDA-positive for years, which is a solid sign for a franchise business. Their growth into markets like the UK and Southeast Asia probably leans on that cashflow to fuel expansion without over-leveraging.
What is our long-term view on them? Could there be more international growth, or will they double down in existing markets or both?
actually a combination … driven by Elaine Jobson .. selected International expansion .. cherry picking countries and very high growth in UK, Ireland, Netherlands and other West Europe countries …
We highlight Elaine Jobson’s influence—she’s been a key driver behind Jetts Fitness’s strategic evolution, especially since taking the reins as CEO. The franchise model and “affordable boutique” positioning mentioned earlier already gave Jetts a strong foundation, but Jobson’s leadership has sharpened their international expansion strategy into something more deliberate and selective. It’s not just about growing everywhere; it’s about cherry-picking markets with the right fit.
The UK, Ireland, the Netherlands, and other Western European countries are prime examples of this. After the 2022 management buyout from Fitness & Lifestyle Group, Jobson gained the freedom to steer Jetts independently, focusing on high-growth potential. The UK’s been a standout—Jetts had 18 clubs there by late 2024, with plans to push further in 2025, capitalizing on a market where boutique fitness is hot but affordable options still have room to scale. The Netherlands, with its four clubs and a foothold from the early European entry in 2013, is another calculated move—small, yes, but a testing ground for broader West European ambitions. Ireland’s less saturated fitness scene makes it a smart pick too, though specific club numbers there are harder to pin down.
Jobson’s approach isn’t scattershot. She’s talked about targeting markets like Southeast Asia and India alongside Europe, but the emphasis on Western Europe right now shows a blend of opportunism and discipline—going where the brand’s 24/7, no-contract model can disrupt entrenched players like David Lloyd or Basic-Fit without overextending. The high growth we’re seeing likely ties to this: lean operations, cashflow positivity, and a franchise system that lets local operators execute while Jobson’s team picks the winners.
Where will they head next? Any specific countries we think they’re eyeing based on their current trajectory?
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You’re absolutely right to highlight Elaine Jobson’s influence—she’s been a key driver behind Jetts Fitness’s strategic evolution, especially since taking the reins as CEO. The franchise model and “affordable boutique” positioning you mentioned earlier already gave Jetts a strong foundation, but Jobson’s leadership has sharpened their international expansion strategy into something more deliberate and selective. It’s not just about growing everywhere; it’s about cherry-picking markets with the right fit.
The UK, Ireland, the Netherlands, and other Western European countries are prime examples of this. After the 2022 management buyout from Fitness & Lifestyle Group, Jobson gained the freedom to steer Jetts independently, focusing on high-growth potential. The UK’s been a standout—Jetts had 18 clubs there by late 2024, with plans to push further in 2025, capitalizing on a market where boutique fitness is hot but affordable options still have room to scale. The Netherlands, with its four clubs and a foothold from the early European entry in 2013, is another calculated move—small, yes, but a testing ground for broader West European ambitions. Ireland’s less saturated fitness scene makes it a smart pick too, though specific club numbers there are harder to pin down.
Jobson’s approach isn’t scattershot. She’s talked about targeting markets like Southeast Asia and India alongside Europe, but the emphasis on Western Europe right now shows a blend of opportunism and discipline—going where the brand’s 24/7, no-contract model can disrupt entrenched players like David Lloyd or Basic-Fit without overextending. The high growth you’re seeing likely ties to this: lean operations, cashflow positivity, and a franchise system that lets local operators execute while Jobson’s team picks the winners.
What’s your read on where they’ll head next? Any specific countries you think they’re eyeing based on their current trajectory?
