2.13.4Segment

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
~40,800
FragmentationConsolidating

U.S. Census Bureau 2022 CBP/Economic Census, NAICS 713940 (Fitness & Recreational Sports Centers); 2017–22 growth muted by pandemic closures and recovery.

Business model & economics

Revenue model
Recurring memberships; franchise royalties
Recurring revenue
High — membership-based
EBITDA margin
Strong at scaled and franchised models
Capex intensity
Moderate
  • Bifurcated between budget gyms and boutique fitness.
  • Recurring memberships attractive to franchising and PE.
  • Strong recovery after a severe pandemic disruption.

M&A deal context

High deal activity

Who’s acquiring

Budget-gym franchise networksBoutique-fitness platformsPE-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

  • 2.13.4.124-Hour & Budget Gym Chains

    Low-cost, 24-hour access gym chain operators.

  • 2.13.4.2Boutique Fitness Studios

    Small-format studios offering specialized fitness classes.

  • 2.13.4.3Climbing Gyms & Adventure Facilities

    Indoor rock climbing gyms and adventure facility operators.

  • 2.13.4.4CrossFit & Functional Fitness

    CrossFit affiliate gyms and functional fitness studio operators.

  • 2.13.4.5Indoor Sports Facilities

    Multi-purpose indoor sports complexes for leagues and recreation.

  • 2.13.4.6Large Format Gym Chains

    Premium multi-amenity gym and fitness club chains.

  • 2.13.4.7Sports Complex Operators

    Large sports facility operators hosting leagues and tournaments.

  • 2.13.4.8Swimming Pools & Aquatic Centers

    Public and private pool operators and aquatic recreation centers.

Find Gyms, Fitness & Sports Facilities acquisition targets

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