* Denotes a partial company acquisition and/or divestiture.
El’s entry adds Chicago to the list of fragmented metros where national express consolidators are buying a regional chain first and then filling in with new builds. Because El has publicly set a 50-site target, independent and multi-site operators across Chicagoland should expect more buyer interest. They’ll also face a new competitor that is locking up development sites. For owners, that combination makes the next 12 to 24 months a good time to understand what their business is worth, since competition among buyers for well-located, membership-heavy sites tends to peak right when a consolidator arrives in a market.