M&A advisory for fitness & wellness companies
Fitness and wellness M&A reshaped after the connected fitness correction. Deals that close now sit overwhelmingly in app subscriptions, content libraries, hybrid studio platforms and employer-distributed wellness rather than hardware-led models. Acquirers are consumer brand groups extending into health, larger fitness platforms like Lululemon and Planet Fitness, employer wellness aggregators like Wellhub and Virgin Pulse, and the PE-backed consolidators rolling up content and studio assets. Hardware-heavy businesses see earnouts replacing upfront premium on unproven subscriber growth.
The active buyer set spans the large consumer and fitness platforms - Peloton, Apple, Lululemon and Planet Fitness - that acquire selectively to extend content, hardware or studio footprint, employer wellness aggregators like Wellhub and Virgin Pulse rolling up B2B-distributed assets, the payer- and benefits-aligned platforms (UnitedHealth/Optum, CVS Health) that buy where wellness ties into benefits, and the PE-backed consolidators across studios, content and habit-tracking. Flow has direct access into this buyer set.
Flow team has relevant sector experience and has worked with fitness and wellness companies across connected fitness hardware brands, training and content apps, studios and on-demand class platforms, nutrition and habit-tracking businesses and employer wellness providers.
"Fitness & wellness" KPIs M&A buyers look at
Key metrics strategics and PE buyers look at when analayzing fitness & wellness M&A targets
Active subscribers
ARPU
Monthly churn
12-month retention
Hardware units sold
Hardware gross margin
Content engagement / week
Employer contracts
Contribution margin
CAC payback
Fitness & wellness valuations in May 2026
Public fitness & wellness comps trade at 1.2x EV/Revenue. Median revenue multiple across fitness & wellness M&A deals was 9.4x in the last 12 months.
1.2x
Median EV/Revenue as of May 2026 for public fitness & wellness companies
6.0x
Garmin is the highest valued public fitness & wellness company based on EV/Revenue (excluding outliers)
9.4x
Median EV/Revenue across fitness & wellness M&A deals in the last 12 months
9.3x
Median EV/Revenue across fitness & wellness VC rounds in the last 12 months
Key recent fitness & wellness M&A deals
$7.5B acquisition of Playlist by EGYM was the largest fitness & wellness M&A transaction completed in the last year.
See all fitness & wellness M&A deals| Logo | HQ | Description | Buyer | ||||
|---|---|---|---|---|---|---|---|
Jan-26 | Playlist |  | Playlist is a comprehensive platform integrating Mindbody, Booker, and ClassPass to equip fitness, wellness, and lifestyle businesses with AI-enhanced SaaS tools for discovery and booking. | EGYM | $7.5B | 9.4x | |
Nov-25 | Movano | | Movano Inc is developing a platform to deliver purpose-driven healthcare solutions to bring medical-grade, high-quality data to the forefront of consumer health devices. its initial commercial product in development is the Evie Ring, a wearable designed specifically for women. The Evie Ring combines health and wellness metrics to give a full picture of one’s health, which includes resting heart rate, heart rate variability (HRV), blood oxygen saturation (SpO2), respiration rate, skin temperature variability, period and ovulation tracking, menstrual symptom tracking, activity profile, including steps, active minutes and calories burned, sleep stages and duration, and mood tracking. | Corvex | $220M | - | |
Jun-25 | Perch Fitness | | Perch Fitness is a sports performance technology company using AI-enabled 3D cameras to track weightlifting metrics like velocity, power, and jump height. Its suite includes Perch Plan for workout design, Perch Evaluate for readiness assessments, Perch Train for real-time coaching, and Perch Intelligence for personalized goals. Adopted by NFL, NBA, NHL, MLB, MLS teams plus collegiate programs, the Denver-based platform enhances training adherence and athlete development. | Catapult | $28M | 11x | |
Nov-25 | Atmantan |  | Atmantan is a wellness resort in Rishikesh, India, specializing in Ayurveda, naturopathy, and functional medicine treatments. Programs include detox therapies, yoga therapy, acupuncture sessions, and personalized nutrition plans supervised by physicians. The 25-acre campus features riverside accommodations and serves international clients seeking holistic health transformations. | Indian Hotels | $27M | - | |
Feb-26 | Ergatta | | Ergatta is a Brooklyn-headquartered developer of digital fitness equipment, including a connected wooden rowing machine launched in 2019. Users engage in gamified workouts through an app delivering personalized training plans and social challenges. | Interactive Strength | $20M | 1.9x | |
Oct-25 | Vitaance |  | Vitaance is a Paris-headquartered employee wellbeing platform offering personalized benefits selection via mobile app. The service includes mental health coaching, fitness subsidies, and team challenges for remote workers, deployed by European corporations to cut HR admin time. | PIB Group | $5.8M | - | |
Oct-25 | Breathwrk | | Breathwrk is a Los Angeles-headquartered mobile app delivering guided breathing exercises via audio sessions for anxiety reduction, sleep improvement, energy boosts, mood enhancement, and athletic recovery. It features routines developed with pulmonologists and athletes, tracking sessions through Apple Health integration. | Peloton | $2.2M | - | |
Dec-25 | FITR |  | FITR is a personal trainer software platform that manages training for individuals, gyms, and fitness brands. It organizes workouts, tracks client progress, and handles tasks like scheduling and performance analytics through its web-based tools at get.fitr.training. | Maven Inc and Gwth VCT 3 | $2.0M | - | |
May-26 | P | Perx Health Australia | Perx Health Australia is a digital health platform for chronic disease management and treatment adherence. | Navigator Group | - | - | |
May-26 | Wellness 360 Physical Therapy and Massage | | Wellness 360 Physical Therapy and Massage is a patient-centered rehabilitation and fitness firm. The company blends medically directed physical therapy with targeted massage and community wellness classes. | Limitless Physical Therapy Specialists | - | - | |
May-26 | Power Wellness | | Power Wellness plans, creates, develops, and manages customized fitness and wellness centers for hospitals, healthcare systems, universities, community colleges, and municipalities. | Sports Facilities Advisory | - | - | |
Apr-26 | Tally Health | | - | TruDiagnostic | - | - | |
Apr-26 | Sportsbox AI | | - | Bryson DeChambeau | - | - | |
Apr-26 | Cilumas | Cilumas is a sensory well-being platform. | Maison TergaDo | - | - | ||
Apr-26 | Season Health | | Season Health is a nutrition platform delivering personalized meal recommendations for breakfast, lunch, and dinner. It combines user preferences, budgets, and dietitian expertise via technology at seasonhealth.com. | OpenLoop Health | - | - |
Most active buyers of fitness & wellness companies
SportsMed Physical Therapy, ExamWorks UK and Soaak Technologies are the most active acquirers of fitness & wellness companies in the last three years.
See all fitness & wellness acquirers| Logo | HQ | Description | Key acquisitions | ||
|---|---|---|---|---|---|
SportsMed Physical Therapy | | SportsMed Physical Therapy is a clinic specializing in treatment for sports injuries, spinal conditions, and functional limitations. It addresses congenital and acquired impairments through customized rehabilitation programs, located in New Jersey with services including manual therapy and performance enhancement. | Mendham Physical TherapyMountainside WellnessThe Physical Therapy and Rehabilitation Center+1 | 2 | |
ExamWorks UK | | ExamWorks UK is a medical assessment and reporting firm for insurance and legal sectors. London-based, it arranges independent medical examinations, liability reports, and quantum assessments for personal injury, clinical negligence, and employment cases. Partnering with solicitors and insurers like Aviva and Zurich, the company uses a panel of over 4,000 consultants across the UK, producing reports compliant with CPR Part 35 within 15 working days. | Unity Health GroupEnable Therapy Services | 2 | |
Soaak Technologies | | Soaak Technologies is a global health and wellness provider headquartered in Leander, Texas, delivering mental health optimization through a digital app and physical clinics. The app features sound frequency compositions validated clinically to elevate mood, increase productivity, decrease anxiety, and foster deep REM sleep. Clinics deliver neurofeedback, talk therapy, functional medicine, biohacking, thermography, and holistic services. It has provided over 21 million minutes of digital therapy across 133 countries. In February 2024, the company secured its second United States Air Force award. | Tulsa Natural Health ClinicRenuYou ClinicsThermography Tulsa | 2 | |
Sports Facilities Advisory | | Sports Facilities Advisory is a provider of management solutions for sports, fitness, recreation, and event venues across the US. | Power WellnessSpirit Golf Management | 1 | |
ETS Performance | | ETS Performance is a provider of professional training programs for athletes to enhance psychological performance. | Kula Sports Performance | 1 | |
Maison TergaDo | | Maison TergaDo is a holding company grouping AI technologies, premium lifestyle offerings, learning programs, and social influence initiatives. | Cilumas4SSI | 1 | |
CapitalSpring | | CapitalSpring is a Nashville-headquartered private investment firm providing debt and equity to the restaurant sector. It structures uni-tranche, mezzanine loans, and partnership equity from $10 million to $150 million for acquisitions, new builds, recapitalizations, and franchisor expansions. Focus areas include quick-service chains, casual dining independents, and supply chain businesses. | Alloy Personal Training FranchiseCoast Sign Inc | 1 | |
Rouvy |  | Rouvy is a Prague-based virtual training platform that streams thousands of high-definition video routes for indoor cycling and running. Users connect bike trainers, power meters, and heart rate monitors to experience realistic simulations of routes across Europe, including the Dolomites and Tour de France stages. The service features structured workouts, group rides with up to 100 participants, and integration with Strava and Zwift Companion for social competition and performance analysis. Rouvy supports both subscription and pay-per-ride models, catering to endurance athletes worldwide since its 2014 launch as VirtualTraining. | BKOOLFulGaz | 1 | |
MedWatch Technologies | | MedWatch Technologies creates wearable cardiac monitors and SaaS platforms for remote patient health surveillance. | Sensable Health | 1 | |
PROJECT 61 | | PROJECT 61 is a nonprofit organization dedicated to improving truck drivers' health by addressing obesity, diabetes, and cardiovascular risks through mobile clinics and wellness programs. Operating across the United States, it partners with trucking firms to deliver screenings, nutrition counseling, and fitness initiatives at rest stops and depots. | Offshift | 1 |
Founders and investors we've worked with
We've supported winning builders across fitness & wellness and beyond.
MAILINGWORK
We acted as exclusive sell-side advisor to MAILINGWORK, a Chemnitz-based email marketing software platform, on its sale to French digital marketing leader Positive Group.
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TestSolutions
We acted as exclusive financial advisor to Swiss PE firm Patrimonium on its majority stake acquisition of TestSolutions, a Frankfurt-based software testing and IT services provider.
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Rebellion Pay
We acted as exclusive sell-side advisor to Rebellion Pay, Spain's leading Gen Z neobanking platform, on its sale to Turkish consumer fintech unicorn Papara.
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HAPPYCAR
We acted as exclusive sell-side advisor to HAPPYCAR, a Hamburg-based pan-European rental car comparison and booking platform, on its sale to Dutch online price comparison player EasyTerra.
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Resillion
We provided buy-side advice to a dominant TIC industry player on the carve-out and acquisition of Resillion (fka Eurofins Digital Testing), a Hasselt-based digital testing, cybersecurity and forensics provider.
See moreRecent M&A advisory track record
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