2.6.2Segment

Gyms, Fitness & Sports Facilities

Gym chains, boutique fitness studios, climbing facilities, and sports complexes serving active consumers.

8
Verticals

Overview

Gyms, Fitness & Sports Facilities covers gym chains, boutique fitness studios, climbing facilities, and sports complexes. The market is bifurcated between high-volume budget gyms (Planet Fitness and franchised value chains) and boutique fitness (Orangetheory, F45, and the Xponential portfolio), both built on recurring memberships.

The pandemic hit fitness hard before a strong recovery, and recurring membership revenue makes it attractive to franchising and private equity. Budget-gym franchising and boutique-studio roll-ups are the primary consolidation vehicles.

Market snapshot

Market size
~$36B
Growth
~1.8%CAGR (2017–22, nominal)
Companies
~33,232 firms
Firms by employee count

84.2% of firms have fewer than 20 employees: 27,966 micro-businesses, below most mandates.

The investable universe5,266 firms with 20+ employees
20–99
4,32982%
100–499
67813%
500+
2595%

The fitness core of wellness and a prime roll-up: ~33,000 firms, 84% under 20 employees, split between high-volume budget gyms (Planet Fitness and the franchised value chains) and boutique studios (Orangetheory, F45, the Xponential portfolio). Both run on recurring memberships, the reason franchisors and private equity crowd in. The pandemic hit hard, muting 2017–22 growth, but membership demand recovered strongly. The code also carries climbing, CrossFit, and swim/aquatic and indoor-sports facilities.

NAICS 713940. U.S. Census Bureau, 2022 Statistics of U.S. Businesses; U.S. Census Bureau, 2022 Economic Census.

Business model & economics

Revenue model

Recurring memberships; franchise royalties

Key economics

Revenue per firm
$1,084,567
Revenue per employee
$51,933
Employees per firm
19.6
Recurring revenue
High

membership-based

EBITDA margin
Strong at scaled and franchised models
Capex intensity
Moderate

Characteristics

  • Balanced cost base: payroll is 32% of revenue, leaving room to scale margin without cutting staff
  • Deep strategic-buyer pool: 259 firms exceed 500 employees, so a scaled asset has trade buyers
  • Bifurcated between budget gyms and boutique fitness.
  • Recurring memberships attractive to franchising and PE.
  • Strong recovery after a severe pandemic disruption.

NAICS 713940. U.S. Census Bureau, 2022 Statistics of U.S. Businesses; U.S. Census Bureau, 2022 Economic Census.

M&A deal context

Deal activityHigh

Who’s acquiring

  • Budget-gym franchise networks
  • Boutique-fitness platforms
  • PE-backed fitness consolidators

What’s driving deals

  • Budget-gym franchising and boutique-studio roll-ups.
  • Recurring-membership economics.
  • Post-pandemic demand recovery.

Verticals in this segment

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