Ownership profile
Who owns SoulCycle?
SoulCycle is a wholly owned subsidiary of Equinox Group, a private luxury fitness company whose investors include private equity firms L Catterton, Leonard Green & Partners, and Silver Lake — meaning SoulCycle sits inside a PE-influenced corporate parent, though PE firms hold minority stakes in Equinox rather than controlling SoulCycle directly.
Ownership profile
SoulCycle
SoulCycle Inc.
Evidence (12)
SoulCycle Inc. is the legal operating entity and is owned by Equinox Group
https://en.wikipedia.org/wiki/SoulCycleEquinox acquired SoulCycle in May 2011, initially buying a majority stake
https://en.wikipedia.org/wiki/Equinox_GroupLeonard Green & Partners maintains a portfolio page for Equinox, confirming an investment relationship
https://www.leonardgreen.com/investments/equinox/SoulCycle filed an S-1 for an IPO in 2015 but withdrew the filing in 2018, remaining private
https://pitchbook.com/newsletter/pe-backed-soulcycle-nixes-ipoL Catterton made a significant minority investment in Equinox in July 2017
https://www.prnewswire.com/news-releases/equinox-fitness-clubs-receives-investment-from-l-catterton-300486271.htmlBy 2016, Equinox owned approximately 97% of SoulCycle after increasing its stake, with co-founders each receiving ~$90 million payouts
https://fortune.com/2016/04/08/soulcycle-co-founders-resign/PitchBook classifies SoulCycle as 'Private Equity-Backed' with Equinox Fitness as parent company
https://pitchbook.com/profiles/company/59980-96Equinox Group's controlling shareholders are Harvey Spevak and principals of Related Companies; L Catterton holds a significant minority position
https://en.wikipedia.org/wiki/Equinox_GroupSilver Lake made a PE round investment in Equinox in March 2024
https://tracxn.com/d/companies/equinox/__d0A131Epof_U8kfALb_XkIrpvyxMHLsKiAW0Pd5-dT8/funding-and-investorsCrunchbase lists SoulCycle Inc. (Delaware) as a sub-organization of Equinox Fitness with active operating status
https://www.crunchbase.com/organization/soulcycleEquinox also received PE backing from Leonard Green & Partners, which reportedly diluted Related Companies' stake
https://pitchbook.com/newsletter/pe-backed-soulcycle-equinox-face-backlash-over-owners-trump-tiesSoulCycle does not franchise; all studios are company-owned
https://trustyspotter.com/blog/who-owns-soulcycle/What's uncertain
- PE firms (L Catterton, Leonard Green & Partners, Silver Lake) are investors in the parent Equinox Group, not directly in SoulCycle Inc. — PE influence on SoulCycle is indirect and proportional to their minority stakes in Equinox.
- Exact current ownership percentages of Equinox Group (and therefore the indirect PE share in SoulCycle) are not publicly disclosed.
- The Leonard Green & Partners portfolio page confirms an investment but no deal date or stake size was publicly available.
- The Silver Lake 2024 investment in Equinox is sourced from Tracxn (secondary aggregator); no primary press release was found to corroborate terms.
- SoulCycle's 2015 S-1 showed pre-IPO structure with 'EHI' (Equinox Holdings Inc.) as the parent; that structure is now moot given the withdrawn IPO, but the legal entity SoulCycle Inc. (Delaware) remains the operating company.
- No current data on whether any residual founder equity remains after the ~97% Equinox buyout circa 2015–2016.