As 2025 approaches, it’s a time for reflection. Here are some of the key mergers and acquisitions that have shaped the fitness, wellness, nutrition, and technology sectors this year:

Gyms & Studios

The fitness and wellness industry witnessed one of its biggest merger deals in history earlier in 2024, with fitness franchise Orangetheory Fitness and Self Esteem Brands (the parent company of Anytime Fitness) leading the way. The two entities are now under newly formed holding company, Purpose Brands, which is led by former Topgolf CEO Tom Leverton.

Genesis Health Clubs, a privately-owned health club operator, strengthened its presence this year after acquiring The Atlantic Club, giving Genesis a presence in the East Coast fitness market.

LA Fitness, meanwhile, acquired XSport Fitness in 2024, bolstering its footprint in New York, Chicago and Virginia with 35 gyms that will be rebranded under one of Fitness International’s (the parent company of LA Fitness) four brands.

Similarly, Virginia-based Acac Fitness & Wellness centers scooped up La Maison Health & Fitness, a family-owned fitness club that served Pennsylvania residents.

In October, World Fitness Services (WFS), the parent company of World Gym Taiwan, moved to acquire Los Angeles-based World Gym International, handing WFS total control of the entire World Gym network and positioning the brand for more global expansion.

Urban Gym Group (UGG) also joined the action, acquiring Sparring Partners Holdings, owners of the London-based boutique gym brand Gymbox, while 26North made a successful play for Onelife Fitness.

Rounding out 2024 is PureGym, a leading U.K. gym operator that beat out Planet Fitness to acquire 67 Blink Fitness gyms in New York, New Jersey and Pennsylvania. The gyms will be rebranded under the PureGym label in 2025, and a franchising model could be on the horizon.

Fitness Equipment

There’s also been considerable activity outside of the brick-and-mortar M&A space. FitLab, the multi-brand performance lifestyle company behind Nike Studios, acquired both equipment manufacturer Assault Fitness and performance equipment and apparel brand RPM Training this year after securing $65 million in strategic financing from Atlas Credit Partners.

Fitness equipment leader Echelon is advancing its efforts in recovery following its acquisition this year of ThriveX, known for its advanced recovery solutions such as cold immersion therapy systems, smart hybrid saunas and compression boots.

Fitnessmith also made a bold move to secure Gym Source USA’s commercial equipment, maintenance, and service divisions.

Apps

In the app space, Outside Inc. acquired MapMyFitness from Under Armour as it looks to scale its digital platform in the outdoor and active lifestyle realm, while TrainingPeaks bought virtual cycling platform IndieVelo.

Corporate Wellness/B2B

Corporate wellness is set to boom following deals by fit tech leader EGYM, which purchased FitReserve, a U.S.-based studio and gym network. HealthFitness, a Trustmark company, also just acquired Corporate Fitness Works (CFW), an on-site and virtual fitness management solutions provider that manages 70 corporate fitness centers.

Smart ring maker Oura recently acquired software company Sparta Science to advance its B2B offerings.

Nutrition & Supplements

PepsiCo scooped up Siete while Gen Z-favorite Ghost, a sports nutrition brand, was acquired by food and beverage giant Keurig Dr Pepper.

The deal-making continues, as Pure Protein owner 1440 Foods acquired protein bar brand FitCrunch last month as “better-for-you” food and beverage options gain steam among health-conscious consumers. 

While it remains to be seen what 2025 has in store, the bigger question may be who will be the next to announce a deal.

The post The Biggest Fitness & Wellness Acquisitions of 2024 appeared first on Athletech News.

Connected fitness leader iFIT has teamed with Flex to offer Health Savings Accounts (HSA) and Flexible Savings Account (FSA) payment options for its fitness products so that consumers can direct their funds on equipment such as NordicTrack and ProForm. 

“We’re excited to partner with Flex to empower our customers to invest in their fitness journey while leveraging their HSA/FSA benefits, further enhancing our mission to provide the most personalized and advanced fitness experiences,” iFIT chief sales officer Michael Maas said.

The HSA/FSA solutions provider also announced a collaboration with Tempo and counts Centr, Forme and Echelon among its clients.

“This partnership with iFIT demonstrates the power of HSA/FSA payment options to unlock new opportunities for growth,” Flex co-founder and CEO Sam O’Keefe said. “We’re proud to help iFIT continue leading the connected fitness space while expanding access to health and wellness for their customers.”

Check out Athletech New’s list of ten FSA & HSA-eligible products to buy before the year ends.

The post NordicTrack & ProForm Now Eligible for HSA/FSA Funds appeared first on Athletech News.

Oura has completed a $200 million Series D funding round, raising the smart ring maker’s valuation to $5.2 billion.

The round saw participation from Fidelity Management & Research Company and Dexcom, which will fuel Oura’s plans to expand its product offerings, explore additional acquisitions and invest further in AI.

Dexcom — a leader in the medical device space with its advanced glucose biosensing systems — partnered with Oura last month, where smart ring users will be able to integrate Dexcom’s glucose data with vital signs, sleep, stress, heart health and activity metrics from the Oura Ring. The first integration between Oura and Dexcom will launch in the first half of 2025. 

“As we continue to drive momentum and growth, we are bolstered by the additional support of these investors,” Oura CEO Tom Hale said. “We’ve made significant progress in advancing our mission to make health a daily practice and will use this funding to unlock new opportunities, with AI development at the center of our strategy. We know that Oura has the potential to change lives at scale, and we’re excited to continue leading the market in innovation while pursuing opportunities that extend beyond the ring.”

The Series D caps off a stellar year for the wearable leader, with its member base and revenue more than doubling. In November, Oura announced it would acquire Sparta Science, a move that will improve and expand its Oura Teams B2B offering. The deal follows Oura’s acquisition of metabolic health company Veri earlier this fall.

As for what’s ahead “beyond the ring,” Oura appears well-equipped for whatever is next, having onboarded former Apple exec Miklu Silvanto as its new chief design officer this summer. Silvanto was influential in designing several generations of Apple products, including MacBooks, iPad Pro and the Apple Pencil.

“Wearable tech is for anyone who wants to better understand the state of their health and live more optimally, for longer,” Hale said. “We’re committed to continuing our relentless pace of innovation and delivering exceptional value to Oura members, and this new round of funding will enable us to do just that.”

Wearables have rapidly evolved from simple step trackers to constant health monitors. Like Oura, Garmin is optimistic about the space, envisioning a future where wearables become the cornerstone of global healthcare systems, providing doctors with valuable sleep and heart rate data to inform treatment plans. The tech company highlighted the benefits of its devices at its annual health summit in September, emphasizing their long battery life and high-quality biometric sensors.

The post Oura Hits $5.2B Valuation appeared first on Athletech News.

Barcelona-based boutique fitness software platform bsport has raised €30 million ($31.5 million) in a Series B funding round, setting the stage for international expansion, including a bigger push into the United States market.

Bsport announced the funding round this week, which was led by American venture capital firm Base10 Partners and U.K. firm Octopus Ventures, alongside Stanford University and joining existing investors, notably Seventures Partners and Seed4Soft.

With the new funding, bsport intends to drive expansion across the North American, European and Asia-Pacific (APAC) markets, accelerate its investment in generative AI and triple its workforce by 2026. 

“With the support of our new and existing investors, bsport is on a mission to unlock the full potential of wellness studios by providing an unparalleled, all-in-one solution that combines advanced technology and innovation with a deep understanding of our clients’ needs,” bsport co-founder and CEO Zakaria Mansour said. 

Founded in 2018 and launched in 2020, bsport serves around 2,000 gyms and fitness studios across Europe and North America, predominately small and medium-sized businesses. Its clients include U.K.-based brands Paper Dress Yoga, United Fitness Brands and Boom Cycle, according to its website. In 2022, the company raised €4 million in a Series A round led by Seventure Partners.

By next month, bsport expects to reach over €10 million in annual recurring revenue, Mansour has told Axios. 

Bsport says its software offerings are designed to “reduce operational costs and maximize revenue to enable scalable growth” for fitness studio owners. Its services include class bookings, payments, staff management, sales and marketing, and member experience tools. 

The company has its headquarters in Barcelona and additional offices in Paris, London, Berlin and the United States, employing a multilingual staff of around 160. As it pursues expansion, bsport will place a special focus on the North American, Asian-Pacific and DACH region (Germany, Austria, Switzerland) markets, the company says.

“Bsport is well-positioned to take on the needs of small and medium-sized businesses in the wellness space – an industry that has largely gone underserved by technology,” TJ Nahigian, a managing partner at Base10 Partners, said. “Zakaria and team’s all-in-one platform helps these businesses take control of their own growth, and we are thrilled to be supporting this special team.”

Bsport isn’t the only fitness software firm to reel in funding for international expansion. Hapana, an Australia-based brand, landed $17 million earlier this month to fuel expansion in the APAC region and the U.S., and launch a next-generation platform.

Sport Alliance, a software platform based in Hamburg, Germany, that serves the sports and fitness industries, got a $100 million growth investment from PSG Equity late last year to drive global growth.

The post Bsport Raises €30M, Eyes US Boutique Fitness Software Market appeared first on Athletech News.

As 2025 approaches and many Americans set intentions and resolutions for the new year, their weight is undeniably on their minds, according to Hims & Hers. 

While this may not seem like a stunning revelation—especially since a new year often prompts consumers to head to the gym and/or fill their grocery carts with healthier options, at least for a few weeks—a new report from the health and wellness platform highlights just how significant the issue of weight is for Americans.

The report, The Shape of America, is based on an online survey of 5,000 respondents aged 18 and older and demonstrates how the desire for weight loss has permeated all aspects of life, from household economics to self-worth.

Underscoring that weight is indeed a top concern for Americans, Hims & Hers reveals that 75% of Americans think about their weight every day, with 14% admitting it is a constant concern. 

Other findings from the report reveal that 85% of Americans believe at least one major area of their life would improve if they lost weight, while 83% acknowledge they are not at their desired weight. Over half (59%) agree or somewhat agree that their entire life would improve with weight loss, and 54% say their mood fluctuates based on the number on the scale.

On average, Americans would like to lose 42 pounds, and 77% are open to trying a weight loss method they haven’t yet explored. The desire to lose weight also has an economic impact: 81% of Americans say they would save money on household expenses if they lost weight.

The report also explores the connection between mental health and excess weight, revealing that 85% of individuals with obesity say their weight has negatively impacted their daily lives, making them more likely to skip work or withdraw from activities and goals.

Hims & Hers’ findings contrast with the body positivity movement (a point it acknowledges) and show that Gen Z survey participants report experiencing more body stigma, shame and trauma than older generations. Over half (54%) of Gen Z respondents admit to feeling, or having felt, inferior to others because of their weight.

The statistics from the Gen Z cohort could help explain why young consumers are seemingly more invested in health, fitness and wellness than older generations.  

Weight Loss Medication Market Continues to Surge

The results of the report stand out against the backdrop of rising weight loss medications—industry-disrupting drugs that are helping Americans to slim down, despite their often high costs.

It’s an area that Hims & Hers is now invested in, having ventured into the weight loss medication arena this year with compounded GLP-1 injections and weight loss pills. Last month, the platform issued a white paper demonstrating that its program has been successful, with 87% of its customers working toward, nearing or have already met their weight loss goal. 

It’s undoubtedly been a money-maker for Hims & Hers, as well. The company revealed in May that its weight loss offering is tracking to surpass $100 million in revenue by the end of 2025 and is growing faster than any specialty in its history. For the third quarter of 2024, Hims & Hers reported revenue of $401.6 million, a remarkable 77% increase year-over-year, and revealed that its subscriber base grew to 2 million, marking a 44% rise.

Impressive numbers, considering that access to branded GLP-1 medications (such as Ozempic) remains a struggle for many Americans due to shortages, particularly in states where obesity rates are higher. That’s a secondary area Hims & Hers is trying to correct, having introduced a GLP-1 Supply Tracker for individuals to share their experience and provide a clear picture to the Food and Drug Administration of the demand for the popular medications. 

“Our customers have demonstrated a clear gap in supply and demand, so we’re making it easy for everyone to share their experience and be a part of advocating for better access to the medications they need,” Hims & Hers CEO and co-founder Andrew Dudum said. “Part of our responsibility to the millions of customers who trust us with their healthcare is to understand the scale of the challenges they face and use our platform to combat them.”

More recently, Hims & Hers launched high-protein meal replacement bars and shakes for customers either on GLP-1 medications or looking to manage their weight. 

Experts agree that relying solely on weight loss medication without correcting lifestyle habits may limit success long-term, opening the door for fitness and wellness companies to meet new needs. In the meantime, leading brands such as Life Time, Xponential’s Lindora, Equinox, Noom and Echelon are gearing up, as JP Morgan projects that around 9% of the U.S. population (30 million) will eventually become a GLP-1 user in just six short years.

The post Weight is Weighing on the Majority of Americans, Survey Finds appeared first on Athletech News.

The health and fitness software market is on track for significant growth, projected to expand by 13.83% from 2024 to 2031, reaching a staggering $19.1 billion, according to a recent report from Market Research Intellect.

What’s expected to drive the surge? Unsurprisingly, growing consumer focus on personal health and wellness, with many seeking digital solutions to set fitness goals, track progress and personalize their workout plans. Virtual fitness classes, online coaching, wearable devices, and mobile apps are also contributing to the promising health and fitness software landscape.

However, one of the most noteworthy insights from the report is the pivotal role that mergers and acquisitions (M&A) play in the market’s expansion. As Market Research Intellect points out, M&A activities address challenges and support companies in penetrating new markets, driving overall growth.

Indeed, the fitness industry witnessed one of the biggest deals this year with Orangetheory and Anytime Fitness parent Self Esteem Brands in a merger of equals. The two are now housed under Purpose Brands, a new name given to the holding company.

The report also dives into tech advancements in the health and fitness software space, which, in turn, offer improved solutions to streamline operations and enhance product quality. Market Research Intellect finds that several regions (such as North America, Europe and Asia-Pacific) have favorable policies and incentives that support investment and growth, further advancing the market.

This year has seen several software-related deals, especially in the business space— PushPress secured $20 million to advance its platform for gym owners, while Daxko teamed with Edge to boost member engagement, streamline operations and elevate fitness club staff performance.

While North America is projected to hold a significant share of the health and fitness software space, the report finds that Europe is poised to experience steady growth, led by Germany, France and the U.K., in part because of supportive government policies. Still, Asia-Pacific is projected to be the fastest-growing region due to its rapid industrialization and urbanization, with China, India and Japan driving demand. Those expected to show moderate growth include Latin America, the Middle East and Africa.

Market Research Intellect’s report can be found here.

The post Health and Fitness Software Market to Hit $19.1B by 2031 appeared first on Athletech News.

Private equity firm TPG is mulling a potential sale of high-value, low-price (HVLP) fitness leader Crunch Fitness that could value the gym operator at more than $1.5 billion, according to Reuters.

The budget-friendly gym operator counts soccer star and Bioniq investor Cristiano Ronaldo, Dallas Cowboys quarterback Dak Prescott, and, most recently, LA Clippers shooting guard James Harden among its franchise owners.

TPG is reportedly working with investment firm Jefferies on the sales process, which could occur in the first half of 2025, anonymous sources close to the matter told the publication. Those familiar with the potential deal say Crunch’s acquirers may include other private equity firms.

Crunch was acquired by TPG in 2019 in a transaction that included the HVLP operator’s “Signature” facilities and its global franchising business for an undisclosed amount.

Crunch Looks to Crush 2025

In an exclusive interview with Athletech News in August, Crunch Fitness CEO Jim Rowley shared that the “No Judgments” gym operator is ready to dominate the HVLP space in 2025.

“We’re at this place in the Crunch history, where we’re 35 years old as a company, 15 years old as a franchise company, and we’re meeting great milestones, but it’s also time for us to level up and create a distinction between ourselves and the competition,” Rowley said.

It’s been an impressive year for the brand, which has opened more than one new club per week on average—a pace Rowley expects Crunch to top in the coming year.

Crunch also bolstered its executive team in recent months, appointing former Pizza Hut executive Chequan Lewis as president and former Xponential Fitness international development chief John Kersh as its managing director of international development.

The gym leader is also set to gain ground in Canada, with Crunch Canada, an Ontario-based Crunch Fitness franchisee, securing an investment from Trive Capital and 808 Capital Partners this month.

The Strength of Fitness

While private equity remains bullish on big-box gyms like Crunch and Planet Fitness, smaller-footprint operators like Anytime Fitness are increasingly seen as attractive targets, according to some experts. Boutique fitness also appears strong, as L Catterton acquired a majority stake in Pilates-inspired fitness brand Solidcore this fall — a standout in the booming Pilates sector for its decision not to adopt a franchise model. The strength-focused workout brand has just become the first retail tenant in an upcoming luxury residential building in Durham, North Carolina.

The post TPG Explores $1.5B+ Sale of Crunch Fitness Per Report appeared first on Athletech News.

Connected fitness startup Growl has emerged from stealth mode, raising $4.75 million in seed funding for an exciting new product: a wall-mounted, AI-powered punching bag that projects a life-sized virtual boxing coach into people’s living rooms. 

Skip Capital led the seed-funding round, which included participation from Kima Ventures, Teampact Ventures and highly ranked UFC heavyweight fighter Ciryl Gane.

An Austin, Texas-based startup with ties to Paris, France, Growl on Wednesday unveiled its debut product, which uses 3D motion tracking to capture punches and AI computing to project virtual coaches directly onto the bag’s surface. Growl will also offer boxing-inspired games developed by Unreal Engine, the software powering titles like Fortnite and Gears of War. 

Léo Desrumaux, Growl’s co-founder and CEO, told Athletech News that he and fellow co-founder Nicolas de Maubeuge created the brand to “make boxing and its power accessible to everyone at home.”

“Our belief is that boxing has this uncanny, universal touch and potential,” says Desrumaux, who fell in love with the sport after moving to the U.S. from France at 16 years old. “You can realize that universal touch if you make it fun and accessible.”

To make boxing fun and accessible, Growl’s virtual coaches will provide guidance on which punches and moves users should make while motivating them to keep working out. A video trailer for the upcoming product shows users sparring with their virtual coaches and also taking part in a boxing game that involves punching moving targets to gain points. 

Besides boxing, Growl also coaches users on fitness movements like bodyweight squats, push-ups and even dumbbell exercises. The product is targeted for users aged 10 and above. 

“The versatility of Growl is what convinced us to invest: it goes far beyond boxing, evolving into a complete, immersive at-home fitness experience with limitless possibilities for future content and workouts – whether for adults, kids or anyone in between,” Skip Capital investment partner Adam Cook said in a statement. 

The startup also counts former Amazon, Peloton and Tonal hardware guru Sam Bowen among its advisors.

Coming to a Home Near You

Growl aims to begin taking pre-sale orders in April 2025 and ship its first batch of boxing bags around 12 months later, putting the brand on track for a launch in Q2 of 2026.

Growl initially plans to sell its product in the U.S. market only, eschewing retail partnerships in favor of a direct-to-consumer model. Desrumaux says the goal is to get Growl into the hands of as many affluent American homes as possible, particularly families. 

“When you’re in a connected fitness business, your customer is the household,” he says. “That household could be a person of one, it could be an early couple in their 30s advancing their careers, (or) it could be a family with kids. Our goal is to serve the whole family.”

Growl will cost an anticipated $4,500 at launch, plus a $60/month content subscription, placing it on the higher end of pricing for connected fitness products, in line with Tonal and above Peloton. Alternatively, customers can opt for a buy-now, pay-later plan, which is anticipated to cost $150/month for a 48-month plan or $190/month for a 36-month plan, including hardware and a content subscription. Those who place an order during the pre-sale period will receive discounted pricing, the company says. 

A New Type of Connected Fitness Product

For Desrumaux, Growl will be worth the relatively high price tag by providing an immersive, engaging user experience that’s unlike anything currently available on the connected fitness market, including in other connected boxing products like FightCamp and Bhout. 

“Experience is everything in connected fitness,” he says. “We recreate a life-size personal trainer who’s going to literally engage you physically, motivate you and push you as if (they were) right there with you.”

Citing the rising popularity of boxing fitness, especially among women, Growl is confident it’s striking while the iron is hot. Desrumaux believes the product will play well on social media, thanks to its striking visuals and unique functionalities. It could also be a hit at family gatherings and parties, driving word of mouth. 

“I think one of the most powerful things will be our own customers in their own homes, having a product and being able to show it off to their friends, neighbors or family members,” Desrumaux says. 

Over the next couple of years, Growl will focus on getting its product to market and refining its virtual coaching system. Looking even further ahead, Desrumaux believes the possibilities are endless when it comes to using AI to create an engaging and effective personal training experience. 

“The long-term goal is to be able to have a fully personalized, interactive training session that’s entirely AI-generated,” he says.

Update: This article has been updated with additional information on Growl’s anticipated pricing

The post Growl Raises $4.75M for Boxing Bag That Puts a Coach in Your Living Room appeared first on Athletech News.

Fitness membership management software provider Exerp has partnered with Ezypay, a fintech provider specializing in subscription and recurring billing solutions. 

The collaboration integrates Exerp’s member management platform with Ezypay’s expense management system so fitness businesses can automate recurring direct debit payments, process one-time transactions, create flexible payment plans across multiple locations, and enhance revenue collection through improved handling of failed payments.

“Exerp is thrilled to partner with Ezypay to deliver innovative payment solutions that will empower fitness and leisure clubs to thrive in an increasingly competitive industry,” Exerp chief commercial officer Mehdi Benjelloun said.

Exerp is well-acquainted with the fitness industry, having served several leading fitness companies including Life Time, PureGym, Virgin Active and Viva Gym.

“We are excited to partner with Exerp to create a combined solution that caters for enterprise health & fitness brands,” Ezypay’s head of growth Matt Humphries said. “By combining our payment processing capabilities with Exerp’s robust member management platform, we can offer users scalable, customizable tools built around the needs of the business and their members.” 

The post Exerp Partners with Fintech Provider appeared first on Athletech News.

The United States Bankruptcy Court for the District of Delaware has given Blink Fitness the green light to offload its corporate operations and New York and New Jersey locations to PureGym, one of the U.K.’s leading fitness operators, in a $121 million cash deal.

The court also approved the sale of Blink’s Chicago, Houston, and California gyms to an affiliate of JTRE Holdings LLC, although the agreement doesn’t include Blink’s franchised locations. Both deals are expected to close later this year.

“We are pleased to have reached another milestone in our sale process, and look forward to emerging an even stronger business, under new ownership that believes in the value of our mission,” Blink Fitness president and CEO Guy Harkless said. “We are excited to continue our work to position the business and various gyms for long-term success as we remain focused on providing members with an inclusive, community-focused gym experience. I’d like to reiterate my thanks to each member of Blink Nation, who go the extra mile every day, providing members with an elevated gym experience.” 

The Blink Fitness deal gives PureGym an edge at a time when demand for affordable gyms has intensified, especially among young fitness consumers looking for flexible hours and classes. Of particular note, high-value, low-price gym giant Planet Fitness reportedly submitted a last-minute bid for Blink Fitness after its initial offer was rejected due to antitrust concerns.

Since its 2009 launch, PureGym has grown to 600+ gyms, roughly 2 million members and already has a presence in the U.S. with three locations under the Pure Fitness brand. PureGym also operates corporate-owned locations in the U.K., Denmark, and Switzerland, as well as 20 sites under a franchise partner in Saudi Arabia and the UAE.

PureGym CEO Humphrey Cobbold noted that the fitness operator is looking forward to working with Blink Fitness to deliver a “fantastic fitness experience” for members.

“It is also the right moment to pay tribute to the PureGym team who have been involved in our acquisition of Blink Fitness,” he added. “In getting to this point our team has worked tirelessly over the last few months, with great professionalism and dedication, and I pay tribute to the role they have played in what is a transformational moment for PureGym in the USA.”

The post Bankruptcy Court Greenlights Blink Fitness Sale to PureGym appeared first on Athletech News.

Private equity money has flooded into big-box gyms since the pandemic, but the smart money could be headed to clubs that occupy a smaller physical footprint. 

Rainier Partners, a Seattle-based private equity firm that invests in lower middle-market services businesses, has identified 24/7 gym brand Anytime Fitness as a prime target for investment and expansion. 

“There are a lot of towns (in the United States) that deserve an Anytime Fitness but don’t have one,” Rainier vice president Jonathan Lo tells Athletech News. 

Size Matters: The Case for Anytime Expansion 

While Anytime Fitness already has over 2,000 gym locations in the U.S., Lo believes there’s significantly more room for growth, particularly in smaller towns and cities across America. 

According to Lo, Anytime is better positioned to succeed in small markets than big-box gym brands like Planet Fitness, Crunch Fitness and LA Fitness, which typically require anywhere from 20,000 to 40,000 square feet to operate. 

An Anytime Fitness gym, by contrast, typically takes up between 4,000 and 6,500 square feet. Smaller size translates to lower upfront and overhead costs, meaning franchise owners don’t need to sign up as many members to make their location profitable. 

“We’ve found that Anytime can do quite well in smaller markets,” Lo says, defining those markets as towns with trade areas as low as 20,000 to 30,000 people. “To support a Planet Fitness, you need anywhere from 5,000 to 10,000 members to make the math work right to support the rent and build-out costs. Our typical gym has 500 to 1,000 members.”

In November 2023, Rainier acquired Omega Fitness Holdings, one of the largest Anytime franchise groups in the U.S., announcing plans to grow Omega’s portfolio of gyms. In September, the Rainier-backed Omega acquired 21 Anytime gyms in Wisconsin amid steady expansion.

In the 12 months since the acquisition, Omega has grown its Anytime Fitness portfolio from 64 gyms to over 120, establishing a presence in California, Florida, Illinois, Minnesota and Wisconsin.

Rainier and Omega are eyeing even more growth in the years to come. 

“We feel confident in getting to at least a couple hundred gyms over the next few years,” Lo says, adding that that expansion will include opening new clubs from the ground up and strategic acquisitions.

A System That’s Ripe for Consolidation

While opening new gyms is enticing – and profitable – the Rainier and Omega teams also see plenty of opportunity to acquire existing Anytime locations and bring them under the Omega portfolio. 

Pedro Belmontes, the chief operating officer at Omega, notes that around 70% of Anytime Fitness locations in the U.S. are single-unit operated, meaning the owner of that gym owns only one location. As of 2023, around 90% of Anytime franchisees owned three locations or less.

That makes the system “deeply fragmented,” Belmontes says, meaning there’s plenty of opportunity for large franchise groups like Omega to come in, acquire gyms and streamline business practices. 

“When you have a deeply fragmented system, you get Taco Bell in the ‘90s,” Belmontes says, alluding to the fast-food chain’s growth trajectory. “As an investor, you have a unique opportunity to roll up those single unit operators and standardize operations.”

For Omega and Rainier, standardizing operations also means injecting new capital into older Anytime Fitness gyms to make them more appealing to modern consumers, particularly Gen Z. 

“We’re buying a lot of gyms that could use a refresh or an improvement,” Lo notes. “We think it’s an interesting opportunity to reinvest in our gyms, making them better and providing a better experience to the consumer. In return, we get a stickier customer base that loves to come into the gym.”

Investors being interested in franchised gym brands isn’t anything new. Private equity money has flooded into fitness franchises since the pandemic, but much of it has gone to high-value, low-price (HVLP) gym concepts like Planet Fitness and Crunch. 

Lo and Belmontes believe smaller-sized gym brands like Anytime Fitness are a better bet, at least in 2024. They point to Anytime’s competitive advantage as the dominant player in the “mid-market, small-box” gym space, giving it a buffer from high levels of competition in the big-box world, which includes brands like Planet and Crunch on the HVLP side and LA Fitness, 24 Hour Fitness and Gold’s Gym on the slightly more expensive end of the spectrum. 

Anytime Fitness might be a true diamond in the rough – dispute being seemingly underappreciated by investors, it’s one of the biggest fitness brands in the world with over 5,000 locations worldwide, and it figures to have access to even more resources following a merger with Orangetheory Fitness. 

“It almost feels like Planet Fitness a decade ago before private equity got (there),” Lo says of Anytime Fitness, noting the relative lack of gyms in the system owned by private equity. “There’s 2,000-plus gyms that aren’t private equity-owned that we could potentially go after in the United States and over 5,000 globally.”

The post Private Equity Sees Big Future for Anytime Fitness appeared first on Athletech News.

Strength training app Ladder has secured $15 million in a Series B round and a $90 million growth investment from General Catalyst’s Customer Value strategy that will propel Ladder to reach a global audience.

Point72 Ventures and ADvantage VC led the funding round, which included participation from Steve Pagliuca’s PagsGroup, Tapestry VC, and LivWell Ventures.

“Our members come to Ladder and stay because we offer so much more than a workout library,” Ladder CEO Greg Stewart said. “The app delivers personalized, progressive plans typically only available through expensive personal training, along with a supportive community that keeps members motivated.”

The top-rated Ladder app offers weekly new workouts, offering various strength-building routines across bodybuilding, HIIT, Pilates and yoga, kettlebells and more. Users are provided with motivating tools such as detailed progress tracking, community access, and collectible badges.

The Series B funding will accelerate Ladder’s product development and fuel the launch of new ventures. Plans include introducing branded apparel, developing an Android version of its popular strength training app, and expanding into the enterprise corporate wellness market.

“When we first met Greg Stewart and Tom Digan [co-founder and president] nearly five years ago, they shared a vision of creating a new movement in fitness—one that combines vibrant community engagement with a deeply personalized, best-in-class workout experience,” ADvantage founding partner Jeremy Pressman said. “Since then, they’ve relentlessly pursued this mission, building cutting-edge technology, attracting top coaching talent, and fostering genuine accountability for members through shared experiences. These efforts have established Ladder as the category leader, setting a new standard in the fitness industry.”

General Catalyst’s $90 million investment will support the strength training app’s customer acquisition strategies.

“The blend of expert workout programming and strength coaching with Ladder’s motivational tools yields real fitness outcomes for members and strong retention,” General Catalyst’s KV Mohan said. “We believe Ladder’s predictable growth and the retentive nature of the product make it a perfect fit for our Customer Value strategy.”

The post Ladder Levels Up with Major Investments appeared first on Athletech News.

Crunch Canada, an Ontario-based Crunch Fitness franchisee, has secured an investment from Trive Capital and 808 Capital Partners. 

It’s Trive Capital’s second investment in Crunch Fitness, following its June backing of JF Fitness of North America, a Virginia-headquartered Crunch Fitness franchisee.

“We are excited to team up with Trive and 808, who share our vision for delivering an exceptional fitness offering for our members,” Crunch Canada CEO Wesley Hodgson said. “Our new partnership and collaboration present a unique opportunity to enhance our capabilities, expand our leadership team, and execute on several near-term growth opportunities, including new club development and select acquisitions.”

Trive Capital managing director Jared Reyes noted that Trive is impressed with Crunch Canada’s track record of opening and operating clubs. As it stands, Crunch Canada is the country’s designated master franchise, with 19 corporate-owned gyms and 13 franchised gyms.

“We see significant opportunity in the Canadian market to expand the company’s footprint and membership base,” he added.

Chequan Lewis, who was appointed Crunch Fitness president earlier this year, says the company is thrilled to see Trive and 808’s continued investment in Crunch.

“We value their support of Crunch Canada as Wes and the team continue their club development plan and strategically deliver Crunch’s unique fitness experience to a much broader base of consumers in Canada,” Lewis said. 

In an interview with Athletech News this summer, Crunch Fitness CEO Jim Rowley shared that the high-value, low-priced fitness franchise has had significant attraction from the Middle East, Asia-Pacific, Western Europe and South America markets, but emphasized that the Crunch brand is “electric” in Canada.

“The North American fitness sector continues to demonstrate strong fundamentals as consumers increasingly prioritize health and wellness, and new age groups enter the gym industry,” Trive Capital partner Shravan Thadani said. “Crunch remains well positioned to capture additional share within the broader industry given its attractive, high amenity offering at a compelling membership price.”

The post Trive Doubles Down on Crunch Canada with Second Investment appeared first on Athletech News.

23andMe is laying off 40% of its workforce and sunsetting its therapeutics programs as part of an effort to streamline operations and reduce costs.

The restructuring will affect over 200 employees at the human genetics and preventive health company.

Once valued at $6 billion after going public in 2021, 23andMe’s shares have since plummeted to under $5. In its recently released Q2 2025 financials, the company reported $44 million in revenue, a 12% decline from $50 million in the same period last year.

In a statement, Anne Wojcicki, 23andMe’s CEO, co-founder and chair of the board, said the actions are “difficult but necessary” as the company focuses on the “long-term success” of its “core consumer business and research partnerships.”

Wojcicki thanked the team and said the company is “fully committed” to supporting the impacted employees.

The California-based company, founded in 2006, has faced significant challenges in recent months. In September, all seven of 23andMe’s board of directors collectively resigned,citing differences over the company’s “strategic direction” following Wojcicki’s interest in taking 23andMe private. The company also settled a $30 million lawsuit this fall related to a 2023 data breach that affected its customers.

As 23andMe winds down its ongoing clinical trials, the company says it’s exploring “strategic options” for a limited time to maximize the value of its therapeutics programs, including licensing agreements, asset sales or other transactions.

“We continue to believe in the promise shown by our clinical and preclinical stage pipeline and will continue to pursue strategic opportunities to continue their development,” Wojcicki said. “We remain deeply grateful to the patients, investigators and study staff for their participation in our clinical trials.” 

The post 23andMe Lays Off 40% of Staff, Dissolves Therapeutics Division appeared first on Athletech News.

Premium activewear brand Vuori scored a $825 million investment led by General Atlantic and Stripes, raising the California-based company’s valuation to $5.5 billion.

Launched in 2015, Vuori secured a $400 million investment in 2021 led by SoftBank Vision Fund 2 and has since expanded its international presence to 18 countries. In 2026, the premium activewear brand expects to exceed 100 stores, with a focus on growth in Europe and Asia.

The brand deepened its partnership with fitness method Pvolve this summer, giving Pvolve members exclusive access to Vuori apparel. 

“As we continue to drive momentum, growth, and market share gains, we are grateful to have the additional partnership of these leading organizations,” Vuori founder and CEO Joe Kudla said. “Alongside our existing major investors, Softbank, Norwest and ABP Capital, General Atlantic and Stripes will be key strategic partners and supporters in our ongoing mission and growth journey. They bring industry expertise and track records in helping emerging category leaders accelerate their expansion efforts while sustainably scaling globally. We are excited to partner with our new and existing investors to continue pursuing Vuori’s mission to make quality products that empower deeper connections with consumers everywhere.”

As part of the transaction, General Atlantic managing director Andrew Ferrer will join Vuori’s board of directors.

“We have followed Vuori for many years, as Joe and the team have thoughtfully built an enduring, generational, and category-defining brand,” Ferrer said. “Vuori’s immense consumer loyalty and incredible product reflect the brand’s relentless focus on quality and innovation, customer experience, and cultivating its team and community. Vuori has significant whitespace to expand globally, supported by long-term tailwinds in athleisure and a large addressable market across women’s and men’s activewear apparel. We look forward to partnering and leveraging our global footprint to support these efforts for years to come.”

The pandemic may have accelerated growth in the activewear sector, with no sign of slowing down. Canadian giant Lululemon continues to face competition, with new brands entering the market—the latest being EPU, a unisex activewear line launched by actor Wilmer Valderrama.

The post Vuori Lands $825M Investment, Sets Sights on Europe & Asia appeared first on Athletech News.

Planet Fitness is doubling down on efforts to position itself as the go-to-club for fitness consumers at all phases of their fitness journey and will refine its brand strategy to appeal to former members, gym newbies, and those training for marathons, the gym giant announced on its Q3 earnings call with investors.

Planet’s total revenue rose 5.3% to $292.2 million in the third quarter compared to the prior year’s period and saw system-wide same-club sales growth of 4.3%. During the quarter, 21 new Planet Fitness clubs were opened, which included 12 franchisee-owned and 9 corporate-owned clubs.

The popular fitness chain has long described 2024 as one of transition — one that included a base membership price increase over the summer for the first time in nearly 30 years for new members. The brand continues to resonate with Gen Z and millennials, who consistently make up the largest group of new members and are influencing Planet’s format and equipment mix, which has shifted toward strength training.

“We delivered solid results in the quarter, including more than 5 percent revenue growth, approximately 3 percent net income growth, and approximately 10 percent Adjusted EBITDA growth, and are raising our outlook for certain key financial targets,” Planet Fitness CEO Colleen Keating said.

Keating, appointed CEO of the HVLP fitness operator earlier this year, has adopted a “feet on the street” approach, visiting over 50 Planet Fitness clubs during her first 100 days and engaging with franchisees, managers, and team members. 

“I’ve seen a lot of gyms in my day, and when you’re in one of our clubs, you know you’re in a Planet Fitness,” Keating said. “They’re bright, clean, and energizing with a friendly, welcoming, and approachable feel. Yet what really excites me is that we have an opportunity to build on our quality and modernize our experience to ensure our equipment layout and floor plan consistently deliver for our members today and keep us relevant for tomorrow.”

Despite the energetic atmosphere within Planet Fitness clubs, Keating shared that a recent consumer survey found that both members and non-members do not view Planet Fitness as a place to advance their fitness training—a perception the brand is beginning to challenge through its campaigns. One late-summer social media campaign, for instance, compared a Planet Fitness dumbbell to a high-priced gym dumbbell of equal weight, demonstrating Planet’s value in a humorous way. 

“We’re beginning the shift to communicating the high value of a Planet Fitness membership versus primarily focusing on our low price and using our marketing to demonstrate the breadth of high-quality top-tier equipment in our club,” Keating explained.

Keating pointed out that while Planet’s long-term target of 5,000 clubs in the U.S. is based primarily on its 20,000 square-foot traditional facility model, the fitness chain continues to work on smaller footprint clubs for infill locations and less populated areas, which she says furthers domestic opportunities. 

Other initiatives in the pipeline include enhancing the Planet Fitness member experience and accelerating new club growth. The brand also teased “cool tech enhancements” on the horizon.

Planet Fitness is also continuing to build its presence in newer markets such as Mexico, Spain, and Australia. 

The post Couch Potatoes to Gym Buffs: Planet Fitness Has a New Strategy appeared first on Athletech News.

Planet Fitness has made a last-minute bid to compete for Blink Fitness in a second attempt to seize the budget gym chain after its initial offer was rejected over antitrust concerns, according to CNBC.

Last week, U.K. gym operator PureGym won a bankruptcy auction for the Equinox-owned gym brand with a $121 million bid — a move that gives the U.K. gym operator a sizable portion of Blink’s locations in New York and New Jersey.

Planet Fitness, set to report its Q3 2024 earnings on Thursday, has proposed two offers to Blink Fitness, according to CNBC: a $142 million offer for Blink’s assets, provided Planet Fitness isn’t required to address antitrust concerns, and a $155 million offer that includes select regulatory filings.

A Delaware bankruptcy court is scheduled to consider Planet’s proposals on Wednesday.

Blink Fitness confirmed that it is continuing to evaluate bids submitted for its locations outside the Northeast, including its gyms in California, Illinois, Massachusetts, and Texas. The gym brand had filed for bankruptcy in August, although it noted that revenue had increased by nearly 40% over the last two years. Earlier this year, Blink Fitness had unveiled a multimillion-dollar investment to refresh 30 of its most frequented gyms.

Considered a top player in the U.K. gym scene, PureGym’s move to acquire Blink would give the company a meaningful presence and strong foothold in the New York and New Jersey markets, PureGym CEO Humphrey Cobbold said. The fitness operator already has a presence in the U.S. under the Pure Fitness brand, with three locations in the Washington, D.C., area.

“U.S. expansion has been an important part of our growth plan, which is why we actively participated in the Chapter 11 process and entered into an APA with Blink Fitness,” Cobbold explained. We have, over several months, spent a considerable amount of management time and resources getting to know the business, and the management team and have developed an excellent understanding of both its prospects and the opportunity it represents.”

The post Planet Fitness Makes Play for Blink Fitness in Last-Minute Bid appeared first on Athletech News.

The Vitamin Shoppe owner Franchise Group Inc. (FRG) has initiated Chapter 11 proceedings in the U.S. Bankruptcy Court for the District of Delaware.

FRG went private last year through a $2.6 billion management buyout, arranged by investment firm B. Riley—which has been marred by challenges following an investigation into its founder and former CEO Brian Kahn over his alleged ties to the collapse of Prophecy Asset Management. Bryant Riley, B. Riley’s co-founder, shared with employees that he feels “personally sick” regarding FRG’s financial woes, according to a report by Bloomberg.

The group initiated the proceedings to implement a restructuring with holders of approximately 80% of its first lien debt to strengthen its capital structure and position its brands for sustainable growth. As part of the restructuring support agreement, the first lien lender group has committed $250 million in debtor-in-possession financing, which is subject to court approval and will go toward maintaining operations along with cash on hand.

Franchised locations of FRG’s brands are not part of the proceedings.

“Today’s announcement to de-lever our balance sheet is a pivotal step forward in enabling our market-leading businesses Pet Supplies Plus, The Vitamin Shoppe, and Buddy’s Home Furnishings, to realize their full potential,” FRG’s president and CEO Andrew Laurence said. “Each of these businesses has a demonstrated value proposition and provides great products and services to customers, which they will continue to do seamlessly during this process. Strengthening FRG’s balance sheet will allow us to enhance our support for these businesses as they advance their growth trajectories.”

Under the plan, FRG’s American Freight brand is closing its locations nationwide and online on November 5, but it will be business as usual for customers of its other three brands, including The Vitamin Shoppe.

The New Jersey-based supplement and vitamin retailer announced earlier this year that it was launching Whole Health Rx, a telehealth service connecting consumers with licensed healthcare providers for nutritional supplements and GLP-1 drugs such as Ozempic and Mounjaro, as well as compounded versions of weight loss medications. Last month, Whole Health RX added testosterone replacement therapy to its services. 

The post The Vitamin Shoppe Parent Company Files for Bankruptcy appeared first on Athletech News.

Commando, a fast-growing boutique fitness brand based in Mexico, has received investment from an American private equity firm, setting the stage for further expansion across Mexico and internationally. 

ACON Investments announced on Monday that it had closed an investment into Fitness Ventures, S.A.P.I. de C.V., better known as Commando. Financial terms of the deal weren’t disclosed.

Founded in 2017, Commando currently operates 11 locations in Mexico, with nine in Mexico City and two in Guadalajara. The boutique fitness brand offers three types of high-intensity group fitness classes: “Bootcamp” functional training, “Bici” indoor cycling and “Taller” strength and conditioning.

Commando currently runs more than 5,800 classes a month and has a “total attendance” of more than 106,000 clients across all locations, the brand says. Its studios also feature a post-workout cafe offering protein shakes, smoothies, coffee and healthy snacks. 

“We are thrilled to welcome ACON as a partner in our ambitious growth journey,” said Commando chairman and CEO Joaquin Hirschfeld. “Through this partnership, we aim to elevate Commando’s best-in-class customer experience even further while supporting its growth trajectory across Mexico and international markets.”

ACON says it will work with Commando’s shareholders and management team to pursue domestic and international expansion. The D.C.-based private equity firm has managed more than $7 billion in assets and holds stakes in brands including New Era, Igloo and Spencer’s.  

“Commando has demonstrated impressive growth in Mexico, driven by rising health and wellness awareness primarily among younger populations,” said Mauricio Cortes, a partner in ACON’s Mexico City office. “We look forward to working with Joaquin and his talented team to bring their unparalleled customer experience and strong community to new markets, both in Mexico and internationally, while continuing to improve the lives of their customers.”

The deal comes as Mexico’s boutique fitness market appears to be heating up.

Club Pilates recently announced plans to open at least 65 studios in Mexico over the next decade, while Pure Barre intends to open its first Mexico location in Q1 of 2025. Club Pilates and Pure Barre joining other Xponential Fitness-owned boutique brands including StretchLab and Rumble Boxing, both of which already have a presence in Mexico. 

Bob Kaufman, Xponential’s president of international, has called Mexico “a major emerging market for boutique fitness.” 

Orangetheory Fitness and F45 Training are among other prominent boutique fitness brands with Mexico locations.

The post US Firm Invests in Mexican Fitness Brand Commando, Eyes Growth appeared first on Athletech News.

High-value, low-price gym giant Planet Fitness has seen a steady increase in year-over-year visits in recent months, outpacing its competitors, according to a new report from Placer.ai.

The findings come just ahead of Planet’s third-quarter earnings report on November 7.

Placer.ai, which specializes in location analytics, found that foot traffic data showed Planet Fitness thriving in Q3, with monthly visit increases ranging from 4.1% to 11.6% — suggesting that its basic membership price hike over the summer had minimal (if any) impact. 

Another key takeaway from the report is that in Q3, 44.3% of Planet Fitness visitors went to the gym less than twice a month on average. However, the gym giant is maintaining a dedicated base of members who visit at least eight or ten times a month. It’s a member segment that has grown steadily — in Q3, 16.8% of Planet Fitness visitors went to the gym at least eight times a month on average, up from 12.9% in 2019 and 15.3% in 2022. A similar trend exists for members who visited Planet Fitness ten or more times a month in Q3 (11.9%), up from 8.6% in 2019 and 10.6% in 2022. 

Placer.ai also discovered that New Mexico led the way in Q3 in visit frequency to Planet Fitness. The report indicates that 3.9% went, on average, at least ten times a month, followed by Rhode Island (13.1%) and California (12.7%). In contrast, members in Montana, Iowa and Vermont were less committed.

New Planet Fitness CEO Colleen Keating has outlined several priorities for the “Judgement Free Zone,” fitness operator, including revamped brand messaging that emphasizes the “high value” aspect of the HVLP model as it continues to lure Gen Z fitness consumers, which make up the majority of the PLanet’s net new joins each quarter. 

“We’re seeing Gen Zs as the fastest-growing segment of our member population,” Keating told investors in August. 

Planet Fitness opened its first gym in Spain over the summer, kicking off its strategic growth plan in Europe. The gym operator plans to open 300 locations in Spain and is eager to introduce the HVLP model to overseas fitness consumers.

“Today, only 10% of the Spanish population has a gym membership, so this is an incredible opportunity to bring our brand and unique model to Europe,” Keating said.

This week, Planet Fitness appointed a new chief financial officer: retail exec veteran Jay Stasz, who will succeed Tom Fitzgerald. The move is effective November 15. Fitzgerald will remain with Planet Fitness through the end of December and transition to a consulting role through March 31, 2025.  

The post Planet Fitness Shows Strong Foot Traffic Ahead of Q3 Earnings appeared first on Athletech News.