Spenga Franchise Cost, Revenue & Review 2026
Data from FDD filing + SBA 7(a) records
Analysis by FranchiseVerdict Research · Methodology
SPENGA is a boutique fitness franchise combining spin, strength training, and yoga in a single class. Franchisees run the studios, managing instructors, class scheduling, and membership growth.
FranchiseVerdict summary · 2026
A SPENGA franchise requires a total initial investment of $552K – $790K, including a $50K franchise fee. The 2026 FDD does not disclose unit-level revenue (no Item 19). SBA 7(a) loans show a 32.0% charge-off rate across 65 loans[1]. FranchiseVerdict grade: C (Average), an editorial assessment, not investment advice. Run a live ROI scan →
Data last verified · figures per the 2026 FDD issuance
Overview
- Investment
- $552K – $790K
- 88th pct Health & Fitn…
- Avg gross sales
- N/A
- Royalty
- N/A
- Units
- 45
- 69th pct Health & Fitn…
- SBA charge-off
- 32.0%
- % of SBA 7(a) loans not repaid · median varies by category
Quick verdict · Health & Fitness · color = vs category peers
Green = favorable by >10% vs Health & Fitness avg · No shading = within ±10% · Red = unfavorable by >10% · Source: FDD filings + SBA 7(a)
Data from public FDD filings and SBA records. Not financial advice. Methodology
Bottom line
- COSTTotal investment $552K – $790K including a $50K franchise fee.
- RETURNSItem 19 Part IX discloses average/median/high/low NCI (Net Cash In - total studio revenue including memberships, classes, retail) in four performance tiers for 35 Franchised Studios that were open the entire 2025 calendar year and met minimum marketing spend requirements (9 studios were excluded for not meeting marketing requirements). No single overall average/median across all tiers is disclosed, and no franchisee net income/profit figure is disclosed anywhere in Item 19. Other Item 19 parts disclose non-revenue metrics: monthly lead volume, prospect-to-membership conversion rate, recurring membership pricing, package/challenge revenue, no-show/late-cancel revenue, retail revenue, and third-party aggregator revenue.
- RISKVerdict C (Average), verdict score 40/100 (higher is better). SBA loan charge-off rate of 32.0% across 65 loans (well above the 16% franchise average, based on all SBA 7(a) franchise lending, 2010–2025).
- DATAItem 19 reports gross revenue tiered rather than annual gross sales, so unit revenue is not directly comparable. Ask franchisees directly for full unit-level revenue.
Item 1 · who you're contracting with
The Franchisor
Corporate structure & franchisor financials
- Legal entity
- Spenga Holdings, LLC
- Parent company
- Spenga Ventures LLC
- CEO title
- Chief Executive Officer
- Roger McGreal
- Incorporated in
- Delaware
- HQ
- 13161 W 143rd Street, Suite 103, Homer Glen, Illinois 60491
- Auditor
- CBIZ CPAs P.C.
- Audited financials
- Franchisor revenue
- $3.4M
- vs $4.4M prior year
Overview
About
- CEO
- Roger McGreal
- Headquarters
- Illinois
- Founded
- 2015
- FDD year
- 2026
- States available
- 21
Can you afford it, and what does the money buy?
Entry cost runs 17% above the typical health & fitness franchise.
Source: FDD 2026 · Items 5–7
FDD Item 7 · 2026 filing
Initial investment breakdown
| Cost component | Low | High |
|---|---|---|
| Initial franchise fee | $50K | $50K |
| Working capital (3–6 mo) | $10K | $25K |
| Equipment, build-out, other | $493K | $715K |
| Total initial investment | $552K | $790K |
Source: SPENGA 2026 FDD, Items 5 and 7[2]. “Equipment, build-out, other” is computed as total minus disclosed line items above.
Item 7 · what it costs to open + operate
The Vitals
- Total investment
- $552K – $790K
- Bottom third — review vs category
- Liquid capital req'd
- $10K – $25K
- Top 40% of category vs category
- Franchise fee
- $50K – $50K
- Middle of category vs category
- Royalty
- Greater of 7% of Net Cash In (NCI) generated by the Studi…
- Ad fund
- 2.0%
- typical 3–5%
- Total fee load
- 9.0%
- vs 9–13% typical
Ongoing fees · Item 6
| Fee | Amount |
|---|---|
| Marketing / ad fund | 2.0% of gross sales |
| Technology fee | $450 |
| Transfer fee | $10K |
| Renewal fee | $10K |
| Inventory (initial) | $4K – $7K |
| Total fee load | 9.0% of rev |
What do units actually make?
Source: FDD 2026 · Item 19
ROI & LBO modelsSingle-unit · 25-unit portfolio · editable
SPENGA did not disclose financial performance in FDD Item 19. The ROIC and return models require Item 19 revenue. Without it all inputs are estimates. You can still run the calculator with your own assumptions by entering an expected revenue figure.
Returns model · single-unit ROIC
What would one SPENGA unit return on the cash you put in?
Unlevered ROIC · per unit
Estimated return on your total franchise investment, before any debt financing.
33%
Within the 30–60% "attractive franchise" band
These models are for research and scenario planning only. Not investment advice. Actual results depend on your specific location, management, and market conditions. Consult a franchise attorney and accountant before signing any franchise agreement.
Item 19 · Source: 2026 FDD
Financial Performance
Item 19 Part IX discloses average/median/high/low NCI (Net Cash In - total studio revenue including memberships, classes, retail) in four performance tiers for 35 Franchised Studios that were open the entire 2025 calendar year and met minimum marketing spend requirements (9 studios were excluded for not meeting marketing requirements). No single overall average/median across all tiers is disclosed, and no franchisee net income/profit figure is disclosed anywhere in Item 19. Other Item 19 parts disclose non-revenue metrics: monthly lead volume, prospect-to-membership conversion rate, recurring membership pricing, package/challenge revenue, no-show/late-cancel revenue, retail revenue, and third-party aggregator revenue.
- Item 19 type
- gross revenue tiered
- Sample size
- 35
- vs category median 12 · large
- Range (low → high)
- $251K→$1.0M
- Cohort dispersion (min → max)
- Quartile band
- N/A→$810K
- Bottom 25% → top 25%
- Reporting year
- 2025
- Fiscal year the figures cover
- Source filing
- FDD 2026
- Disclosed in the 2026 filing, covering 2025
- Transparency
- 6 / 10
- vs category median 4 / 10 · above
Compared against 173 Health & Fitness brands
Operator outlook
What the numbers say
Data-driven interpretation of this brand's financial disclosures, fee structure, and system trajectory.
Fee burden
Total ongoing fee load of 9.0% (near the Health & Fitness average).
Disclosure
Item 19 reports gross revenue tiered rather than annual gross sales, so unit revenue is not directly comparable.
Source: FDD Item 19 financial performance representations and publicly filed FDD data. Past performance is not indicative of future results. Verify all figures with the franchisor and current franchisees before making any investment decision.
vs Health & Fitness averages
How Spenga Compares
Is the system healthy?
Source: FDD 2026 · Item 20
Unit growth
Item 20 · unit dynamics
The Growth Chart
- Total units
- 45
- Opened
- 1
- Last reporting year
- Closed
- 6
- Terminated
- 0
- Franchisor ended the franchise (per Item 20)
- Non-renewed
- 0
- Term expired, not renewed (per Item 20)
- Turnover rate
- 13.6%
- Company-owned
- 1
- Corporate units in the system
- % franchised
- 98%
- vs corporate-owned
3-year detail · Item 20
- Opened (3yr)
- 1
- Closed (3yr)
- 6
- Terminated (3yr)
- 0
- Non-renewed (3yr)
- 0
- Transfers (3yr)
- 3
- Reacquired (3yr)
- 0
- Franchisor bought back
Last reporting year only, multi-year history not disclosed in this brand's FDD.
Item 20 · 27 states with active franchisees
The Territory Map
Derived from franchisee contact records. Shows states with at least one current operator. Not where the franchisor is registered to sell new units (that data is re-extracting in a future refresh).
States derived from franchisee contact records (FDD Item 20). Shows states with at least one current operator on file. Full state registration data (Item 12) will appear on a future FDD refresh.
SBA loan performance
Government records
SBA Loan Data
Aggregated from SBA 7(a) and 504 loan disclosures, public data unique to FranchiseVerdict.
- Total loans
- 65
- Loan volume
- $34.7M
- Median loan
- $591K
- 50th percentile
- Charge-off rate
- 32.0%
- rates vary by category · see methodology
Historical SBA 7(a) lending data, not predictive of future performance. How SBA charge-off rates are calculated
- Repayment rate (PIF)
- 68.0%
- 5-yr charge-off
- 31.6%
- Loans approved 2021+
- Active lenders
- 23
- Defaults
- 8
- Typical loan rate
- 7.0%
- avg rate to borrowers
- Franchised industry avg
- 15.8%
- brand above franchise avg ↑
- Jobs supported
- 691
- 2.2 per loan
- Lender concentration
- 18%
- top lender's share
Borrower mix: 96% went to startups / new businesses, 4% to established operators
Franchise vs independent — in fitness and recreational sports centers, franchised businesses charge off at 15.8% vs 18.2% for independents — franchising is associated with 13% lower SBA default risk in this category.
Vintage analysis
Spenga charge-off rate by loan vintage
Top lenders financing Spenga franchisees
Showing 3 of 23 lenders. The full breakdown — every lender, state distribution, interest rates & risk ratings — is in the SBA Lending Report below.
Explore lender portfolios on Bank Reports or regional data on State Reports.
Premium insight
SBA Lending Report
Deep-dive into Spenga's SBA lending history: lender network, geographic footprint, interest rates, and more.
SBA Lending Report
- Principal loss rate and NAICS industry benchmark
- 10 lenders with concentration factor
- Per-state charge-off rates across 15 states
- Startup risk premium and job creation velocity
- 9-year lending trend
Instant access. No subscription.
A 32.0% charge-off rate means roughly 1 in 3 franchisees failed to repay their SBA loan. Investigate what changed.
What could kill this investment?
SBA loans charge off at 32.0% — 100% above the 16.0% national norm, i.e. higher lender-observed risk.
Source: SBA 7(a) FOIA · FDD Items 3, 21
Risk analysis
FranchiseVerdict rating + FDD Items 3, 4, 8, 16, 21
Risk & Legal
Negative franchisor net worth of -$695,543 stacked with 3 Item-3 litigation matters, though all are routine franchisor-initiated guaranty/consent-judgment enforcement suits. Offsetting positives: positive net income $629,542 on $4.39M revenue, no going-concern, audited, Item 19 disclosed on a 50-unit system.
Litigation (Item 3)
No litigation required to be disclosed in Item 3.
Bankruptcy (Item 4)
None disclosed
Audited financials (Item 21)
Yes · CBIZ CPAs P.C.
Franchisor revenue (Item 21)
Franchisor entity revenue (not unit-level)
Supplier relationship · Items 8 & 16
- Franchisor sells you products: Yes
- Must buy proprietary products: Yes
- Restricted to system-approved products: Yes
- Can negotiate own supplier terms: No
Score breakdown · what drove the 40 / 100 verdict
- 01MINORFranchisor net worth -$695,543
- 02MINOR3 franchisor-initiated enforcement suits (routine)
- 03MINORPositive net income $629,542
- 04MEDNo going-concern, audited, Item 19 disclosed
Severity inferred from the FDD text · not a regulatory classification
What are you signing up for?
Ongoing fees run about 9.0% of sales (royalty + ad fund), before rent and labor.
Source: FDD 2026 · Items 11, 12, 17
FDD Items 12, 15, 17 · continued from Risk & Legal
Contract & Territory Detail
| Initial term | 10 years |
|---|---|
| Renewal term | 10 years |
| Allowed renewalsℹ | 2 |
| Territory type | none |
| Protected territory | No |
| Exclusive territoryℹ | No |
| Territory radius | 3 mi |
| Online sales rights | Restricted |
| Franchisor can compete | Yes |
| Hire a manager? | Allowed |
| Owner-operator | Required |
| Non-compete (years)ℹ | 2 years |
| Non-compete (miles)ℹ | 15 mi |
| Right of first refusalℹ | Yes |
| RoFR response window | 30 days |
| Transfer requires consent | Yes |
| Termination notice | 15 days |
| Termination groundsℹ | 10 |
| Curable defaultsℹ | 10 |
| Mandatory arbitration | No |
| Arbitration location | Will County, Illinois (mediation); litigation venue: Circuit Court of Will County, Illinois |
| Jury trial waiver | Yes |
| Governing law | Illinois |
| Litigation count | 0 |
View Item 3 litigation summary
No litigation required to be disclosed in Item 3.
Items 10, 11
Training & Operations
- Classroom training
- 55 hrs
- On-the-job training
- 69 hrs
- Training location
- Corporate headquarters or other designated training Studio in Illinois (including virtual training)
- Ongoing training
- Required
- Time to open
- 9 mo
- From signing to launch
- Site selection
- Franchisee, subject to franchisor approval; franchisor requires use of Required Supplier for site selection services
- Franchisor financing
- Not offered
- Item 10
- POS system
- Designated POS System (third-party vendor)
- Operating tech stack
Items 5 & 11
Franchisor Support
Technology: Designated POS System (third-party vendor)
Item 20 · call current owners
Franchisee Contacts
70 owners to call
Name · phone · city · state. Extracted from FDD Item 20
FDD download
SPENGA · FDD (2026) PDF
Frequently asked questions
Frequently Asked Questions
How much does it cost to open a SPENGA franchise?
The total investment to open a SPENGA franchise ranges from $552K – $790K, with an initial franchise fee of $50K. This includes real estate, equipment, inventory, and working capital as disclosed in their Franchise Disclosure Document (FDD).
What do SPENGA franchise owners earn?
SPENGA does not disclose average franchise owner earnings in their FDD Item 19. Not all franchisors are required to make financial performance representations. We recommend asking existing franchisees directly about their financial experience.
What is Item 19 in the SPENGA FDD?
The FDD section where a franchisor may disclose financial performance of its outlets. Disclosure is optional and formats vary; figures are typically gross sales, which is revenue before expenses, not profit. FranchiseVerdict extracts these figures directly from the SPENGA FDD and qualifies whose outlets they describe.
What is SPENGA's franchise failure rate?
Based on SBA 7(a) loan data, SPENGA has a charge-off rate of 32.0% across 65 loans, meaning 32.0% of franchise loans were charged off. Charge-off rates are one proxy for franchise risk, though they do not capture all closures. This data comes from FOIA-sourced SBA lending records.
How many SPENGA franchise locations are there?
As of their most recent FDD filing, SPENGA has 45 total units in the United States, including 44 franchised units and 1 company-owned units. 1 new units were opened in the latest reporting year.
Is SPENGA a good franchise to buy?
FranchiseVerdict rates SPENGA as a C-grade franchise with a verdict score of 40 out of 100 (higher is better), based on our analysis of investment costs, revenue data, SBA loan performance, and growth trends. Our rating is based solely on publicly available FDD and government data; we recommend speaking with current franchisees before making any investment decision. This is not investment advice.
Data sourced from public FDD filings and SBA 7(a) FOIA records. Not financial advice.
For franchisors
Are you the franchisor?
If you represent SPENGA, you can request corrections or provide updated information.
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Data extracted from public FDD filings and SBA 7(a) loan disclosures (FOIA). This information is provided for research purposes only and does not constitute financial, legal, or investment advice. Verify all figures with the franchisor's current Franchise Disclosure Document before making any investment decision.