Deal Flow
Insights
Market Players
The Bulls Triumph Over the Bears as US Market Dominates a Resurgence in Industry Dealflow
Activity surged from a record 2024 into 2025, well beyond expectations, with M&A volumes surpassing several years combined as a result of several standout “marquee transactions”. Deal flow was driven primarily by high-value, low-price (HVLP) gym operators and premium segments. Additional transactions centred on personalised, technology-enabled services, AI-enhanced platforms, select boutique modalities, science-backed wellness technologies, and scalable franchise models. Emerging trends opened fresh avenues for future investment as the sector evolved. Consolidation remained the dominant narrative, with North America continuing to anchor global deal momentum. In Asia and Oceania, however, brands became more selective, slowing acquisitions as they prepared for future IPOs or secured substantial investor support for longer-term expansion. Looking ahead to 2026, the industry is buoyed by strong consumer demand fuelled by rising health and wellness prioritisation. Continued success will rely on operators refining business models, adopting technology strategically, and upholding financial discipline, while lenders and investors unlock new opportunities through rigorous assessment of competition and operational excellence. Listed below are some notable transactions of 2025:
- 26North Partners Acquisition of One Life Fitness (~$525M)
- Extraordinary Brands Acquires CycleBar and Rumble from Xponential Fitness
- Leonard Green & Partners Acquisition of Crunch Fitness (Majority Interest)
- Hinge Health IPO ($3Bn Valuation)
- Omada Health IPO ($1.1Bn Valuation)
- Oura Series D Funding ($200M for a $5.2Bn Valuation)
- TSG Acquisition of EoS Fitness
- Xplor Acquires Ezypay and Merges with ClubEssential Holdings
- iFIT acquires Reform RX
- Strava Raises Undisclosed Funding at $2.2B Valuation
Mark Grabowski
Managing Partner,
Snapdragon Capital Partners
To use a baseball analogy, the HALO sector is officially now in the Major Leagues. We have several Multi-Billion Dollar Private Equity funds who recently invested across the bricks & mortar health club and boutique fitness space. In other words? This is no longer a place for A, AA or AAA ball. Integrity Square calibrates that we are in the 3rd inning of a massive wave of consolidation in North America due to several factors:
- Well capitalized strategic buyers seeking to build market share quicker than greenfield’ing.
- Big clusters of Area Development Agreements have been signed within the Planet Fitness and Crunch Fitness networks.
- Bay Clubs, PureGym, Mountainside and LifeTime are all growing methodically and have institutional capital to support it.
- On the boutique side, brands such as [solidcore] and Club Pilates will grow via M&A and new organic growth.
If you are a seller this is, figuratively, the perfect storm to sell your business into. Territories need to be built out and the cost for that is much higher than it used to be due to inflation, timelines and demand for construction projects. Therefore, over the next, call it six innings (which will last another ~24 months) be prepared to take calls from strategic buyers who are quite literally obligated to enter your territories. Multiples will be fair, cash will be offered, wire transfers will happen, you will no longer get outflanked, and you will end up selling into the private equity wave of investment that is now blanketing the HALO sector.
Pete Moore
Founder, Managing Partner
and HALO Advisor,
Integrity Square
Ahmar Azam
Co-Founder & CEO,
TriFit
2025 has been a year of transformation for the fitness industry in emerging markets like Pakistan. We’re witnessing a shift from fitness as a luxury to fitness as a lifestyle essential — driven by a growing understanding of holistic wellbeing. At TriFit, we’re proud to be at the forefront of this paradigm shift, creating environments where people find belonging, achieve results, and have fun along the way. As we look ahead to 2026, the next frontier lies in integration — blending physical clubs with deeper digital engagement, lifestyle medicine, and preventive health partnerships. I believe today’s industry leaders must champion these elements, because fitness is no longer just about gyms; it’s about reshaping how societies live, work, and thrive. In summary, at TriFit, our brand promise is: “Putting fun back in Fitness and delivering a world class member experience.”
George Flooks
Former CEO,
Fitness and Wellness, Arada
(Wellfit | FitnGlam | Fitcode | The Platform Studios)