Private equity investors are casual visitors at fitness clubs. Over the years, they've completed 44 investments in fitness club companies headquartered in the U.S. or Canada, according to the PitchBook Platform. So far this year, four such deals have been completed. California is by far the most active state or province for fitness club deals, being home to 27% of all of the transactions. New York trails behind in second place with an 11% share.