As the global fitness market continues to expand and driven by financial capital, 2024 has emerged as a particularly active year for mergers and acquisitions (M&A) within the fitness equipment industry.
Leading companies in the sector have engaged in strategic acquisitions and investments to further consolidate their market positions and expand their business footprints.
In recent months, several top-tier enterprises and investors have reached out to discuss international investment opportunities and brand acquisitions within the fitness equipment domain.
This report provides an overview of the 20 significant M&A events that transpired in the global fitness equipment industry in 2024, aiming to offer valuable insights and aid in informed investment decision-making.
January
1. WaterRower Acquires CityRow
Fitness equipment brand WaterRower Inc. announced the completion of its acquisition of rowing machine and omnichannel fitness brand CityRow for $87 million. This strategic move aims to integrate CityRow’s content engine and cutting-edge technology, enhancing WaterRower’s competitiveness in the connected fitness space. The acquisition not only broadens WaterRower’s product line but also incorporates CityRow’s online courses and virtual training services into its ecosystem, providing a more comprehensive and personalized fitness experience for customers worldwide.
Mohammed Iqbal, Founder and CEO of SweatWorks, who facilitated the acquisition, commented, “This transaction is poised to reshape the future of hybrid and digital fitness. The merger of WaterRower and CityRow will introduce new innovations and high-quality products to the fitness industry.”
The integration of CityRow’s digital capabilities with WaterRower’s established rowing equipment positions the company to better serve the evolving needs of fitness enthusiasts seeking both traditional and virtual workout solutions.
February
2. Interactive Strength Inc. Acquires CLMBR
Interactive Strength Inc. (NASDAQ: TRNR) announced the completion of its acquisition of the majority of assets from CLMBR, Inc. This $15.4 million transaction aims to expand TRNR’s market share across both B2B and B2C channels. As the first manufacturer to introduce connected vertical climbers to the market, CLMBR’s advanced technology and innovative design significantly enhance TRNR’s product portfolio.
Trent Ward, Co-founder and CEO of TRNR, stated, “This acquisition not only brings CLMBR’s substantial consumer customer base but also provides invaluable resources as we venture into the B2B channel. We believe this will accelerate our commercialization process, creating a high-growth, profitable platform.”
The deal is structured as an asset purchase, with all of CLMBR’s equity transferred to TRNR. It is projected to generate combined revenues of $15-20 million for TRNR and achieve profitability by Q4 2024.
3. FitLab Acquires Assault Fitness and RPM Training
FitLab Inc. announced the completion of its acquisition of iconic equipment manufacturer Assault Fitness and leading performance equipment and apparel brand RPM Training. This acquisition enriches FitLab’s product portfolio, enhancing its competitiveness in the fitness equipment and apparel sectors, and offering members a more diverse fitness experience.
Founded in 2004, Assault Fitness is renowned for its non-motorized cardio equipment, including the AssaultBike, AssaultRower, and AssaultRunner, widely used by professional sports organizations, CrossFit gyms, and the U.S. military. RPM Training, established in 2012, is famous for its innovative Speed Rope, dedicated to providing high-efficiency training equipment and apparel for functional fitness.
Brian Kirkbride, Co-CEO of FitLab, remarked, “Today marks a milestone in FitLab’s history. The addition of Assault and RPM brings the world’s most popular fitness equipment brands to our members, elevating our integrated platform vision.”
The acquisition was advised by Moelis & Company LLC (exclusive financial advisor), Procopio, Cory, Hargreaves & Savitch LLP (legal advisor for Assault Fitness), and Yocca Carlson & Rauth (legal advisor for FitLab).
March
4. Bodytone Founders Regain Control Through Buyback
Spanish Bodytone’s founding partners, Joaquín Marín and Jerónimo Domínguez, successfully repurchased the 50.1% stake previously held by JD Sports’ Iberian Sports Retail Group (ISRG), thereby regaining 100% ownership of the company. This move marks a new beginning for Bodytone following a strategic restructuring and underscores the founders’ unwavering confidence in the company’s future growth.
Following the buyback, Bodytone appointed José Ferriz as the new Chief Financial Officer to strengthen financial management and support the company’s strategic restructuring. Ferriz stated, “We will optimize our financial structure and enhance resource allocation to ensure Bodytone remains a leader in the highly competitive market.”
In August 2021, Bodytone had sold a 50.1% stake to ISRG, with JD Sports and Sonae each holding 50% of the shares. In October 2023, JD Sports acquired Sonae’s 49.98% stake in ISRG. This buyback further solidifies Bodytone’s independent operational capacity.
April
5. Dux Gaming Acquires 51% Stake in Volava
Spanish esports club Dux Gaming announced the acquisition of a 51% stake in home fitness equipment company Volava. This acquisition aims to merge digital experiences with physical sports training, enhancing user engagement and expanding Dux Gaming’s influence in the fitness sector.
Established in 2017, Volava quickly gained prominence during the pandemic but filed for bankruptcy protection in August 2023 after a 60% decline in sales. Subsequently, it was acquired by Mad Dogg Athletics, the owner of fitness giant Spinning, which retained a 49% stake. Under the new arrangement, Volava’s founder Joel Balagué and 12 employees will continue to lead the company for the next three years, ensuring business continuity and innovation.
Dux Gaming’s CEO stated, “We will leverage our expertise in content creation, gamification, and partnerships with top influencers to drive Volava’s growth, attracting more fitness enthusiasts.”
6. Johnson Health Tech Acquires BowFlex Inc.
Johnson Health Tech Retail, Inc. announced the acquisition of the majority of assets of bankrupt U.S. home fitness equipment brand BowFlex Inc. for $37.5 million. This transaction received approval from the New Jersey Bankruptcy Court, officially bringing BowFlex under the Johnson Health Tech umbrella.
Founded in 1936, BowFlex is renowned for its innovative home fitness equipment, including the BowFlex Treadmill and BowFlex Home Gym. The acquisition enables Johnson Health Tech to expand its market share in the home fitness segment and integrate BowFlex’s brand and technology into its global product lineup.
Jim Barr, CEO of BowFlex, expressed enthusiasm about the acquisition, stating, “Johnson Health Tech is one of the largest and fastest-growing fitness equipment manufacturers globally. Their expertise and resources will propel BowFlex into a new phase of growth.”
June
7. Echelon Acquires ThriveX
Fitness equipment manufacturer Echelon announced the acquisition of ThriveX, a post-exercise recovery company, marking its official entry into the fitness recovery solutions sector. This acquisition aims to provide a more comprehensive fitness experience encompassing exercise, prevention, and recovery.
ThriveX is recognized for its advanced recovery technologies, including cold immersion therapy systems, smart hybrid saunas, and compression boots. As a major contender for the Beyond Activ Startup of the Year award, ThriveX’s integration into Echelon’s product line will offer users a more holistic fitness and recovery service.
Echelon CEO Lu Lenting stated, “We are committed to providing end-to-end fitness experiences that go beyond exercise alone. This acquisition allows us to offer comprehensive recovery solutions, enhancing the overall user experience.”
ThriveX, launched in June of the previous year in Singapore, rapidly expanded to the U.S., UAE, India, Thailand, and Russia, becoming the official recovery sponsor for events like Hyrox, Spartan Race, and Virgin Active.
8. Hydrow Acquires Speede Fitness
American smart fitness equipment company Hydrow announced the acquisition of a majority stake in strength training company Speede Fitness. This acquisition responds to the market trend of fitness users shifting focus from aerobic exercises to strength training, thereby expanding Hydrow’s presence in the strength training domain.
Speede Fitness is known for its innovative strength training equipment and efficient training programs, catering to users of varying fitness levels. By integrating Speede Fitness’s products, Hydrow aims to offer a more comprehensive fitness solution that includes both cardio and strength training options.
Hydrow CEO and Founder Bruce Smith remarked, “Strength training is one of the fastest-growing segments in the fitness industry. Speede’s advanced technology and products will significantly enhance our competitiveness in the strength training market.”
Additionally, Hydrow announced that Bruce Smith will step down from daily operations, transferring authority to President and CFO John Stellato, while assuming the role of Hydrow’s Chairman of the Board to support the company’s long-term strategic development.
August
9. Egym Acquires FitReserve
German fitness technology and corporate health company Egym announced the acquisition of FitReserve, successfully entering the $20 billion U.S. corporate health market. FitReserve boasts nearly 2,000 U.S. gym and studio partners, offering over 600,000 classes. This acquisition significantly expands Egym Wellpass’s enterprise client base.
Originally acquired by Trustmark in 2022, FitReserve specializes in a subscription-based membership model catering directly to consumers. Post-acquisition, FitReserve’s services will be exclusively available to Egym Wellpass’s corporate clients, enhancing Egym’s influence in the global corporate health market.
Philipp Roesch-Schlanderer, CEO of Egym, commented, “We are impressed by FitReserve’s rapid growth in the U.S. It has become the preferred partner for many leading fitness brands. This acquisition further solidifies our leadership in the corporate health market.”
Prior to this deal, Egym had acquired UK-based corporate health service provider Hussle in March 2024 and French company Gymlib in March 2022. Through these acquisitions, Egym Wellpass now serves 16,000 corporate clients across Germany, Austria, France, Belgium, the UK, and the U.S., providing access to 20,000 fitness and wellness facilities.
10. Boda Group Acquires Partial Stake in Versaclimber
UK-based marketing agency group Boda announced the acquisition of a 24% stake in fitness equipment climbing machine company Versaclimber UK, with plans to increase its holding to 48% within the next two years. This acquisition is executed through Boda’s subsidiaries Tank (digital marketing and PR agency) and Warbox (brand communication agency), aiming to expand Versaclimber’s influence in the European market.
Versaclimber is renowned for its unique full-body workout experience, originally developed by physical therapist and exercise physiologist Dr. Lloyd J. E. Stewart in the early 1980s to help NASA astronauts combat muscle loss and bone density issues in space. Today, Versaclimber equipment is widely used in gyms, military training facilities, and by celebrities, valued for its low-impact, high-intensity, and full-body engagement features.
Versaclimber continues to innovate with various models catering to different user needs, including the LX model for home and commercial gyms, the SM Sport model with heart rate monitoring and adjustable resistance, and the H/HP model designed for rehabilitation and physical therapy. Modern Versaclimber machines feature digital displays for workout data tracking and integration with fitness applications, allowing users to monitor progress over time.
September
11. L Catterton Invests in and Acquires Solidcore and EGYM
Leading consumer private equity firm L Catterton announced significant investments and acquisitions within the fitness sector in September 2024. The firm acquired a majority stake in Pilates operator Solidcore and invested $200 million in German fitness technology company EGYM, further cementing its leadership position in the global fitness industry.
Acquisition of Solidcore
Solidcore, renowned for its proprietary strength training equipment “Sweatlana” and high-intensity 50-minute classes, was acquired by L Catterton for an estimated valuation between $600 million and $700 million. This acquisition aims to drive Solidcore’s international expansion, enabling entry into additional countries and regions. L Catterton plans to leverage its global resources and strategic support to enhance Solidcore’s brand influence and market share, achieving long-term growth objectives.
Investment in EGYM
In addition to acquiring Solidcore, L Catterton led a $200 million investment in EGYM, a German fitness technology company. The funding will support the expansion of EGYM’s corporate health platform, EGYM Wellpass, and the development of its AI-based personalized training solutions. EGYM’s digital fitness solutions are utilized by millions of members globally, promoting a shift from disease treatment to preventive health concepts.
These strategic moves by L Catterton reflect the firm’s commitment to enhancing its investments in fitness and health, leveraging both operational excellence and technological advancements to drive industry innovation and expansion.
12. Oura Acquires Veri
Finnish health-tracking ring manufacturer Oura announced an acquisition agreement with Dutch company Veri, aiming to integrate Veri’s metabolic health services and enhance its health management capabilities. Veri utilizes FDA-approved Abbott FreeStyle Libre sensors to monitor users’ metabolic health by collecting bodily data and providing dietary, habit, and health improvement guidance through continuous glucose monitoring (CGM) supported applications.
The acquisition is set to be completed in the fall of 2024, with the majority of Veri’s employees, including its three founders, joining Oura. Oura plans to launch a new feature called “Meals” within its Oura Labs application, allowing members to track meal times and understand the impact of eating schedules on sleep, stress, and recovery.
This acquisition will enable Oura Rings to not only function as standalone products but also integrate with other health data inputs and sensors, such as CGM, creating a more comprehensive health data ecosystem within the Oura application. Veri’s expertise will accelerate Oura’s vision, enhancing product offerings and opening new avenues for metabolic health services.
13. Giant Acquires Stages Cycling
Global bicycle manufacturer Giant, through its subsidiary SPIA Cycling Inc., completed the acquisition of American sports electronics expert Stages Cycling for $20.1 million. This acquisition aims to strengthen Giant’s indoor and outdoor bicycle product lines and revitalize Stages Cycling’s renowned power meter brand.
Stages Cycling, founded in 2010, is celebrated for its power meter solutions and Smart Bike Trainer, widely used in indoor and outdoor cycling training. After a failed initial acquisition attempt post-Chinese New Year in 2023, Stages Cycling declared bankruptcy and ceased operations in April 2024. Subsequently, Giant, via SPIA Cycling Inc., acquired Stages Cycling’s intellectual property, manufacturing machinery, product lines, and limited inventory.
Donald Yu, President of SPIA Cycling Inc., stated, “We are excited to integrate Stages Cycling’s assets into our organization. This acquisition aligns with our strategic goals and enhances our capabilities in both indoor and outdoor cycling. We are committed to leveraging these assets to drive innovation and deliver greater value to our customers and stakeholders.”
Paddy Murray, Global Sales and Marketing Vice President of SPIA Cycling Inc., added, “We are thrilled about the opportunities this acquisition brings and the benefits it will provide to Stages Cycling’s loyal customers. Our priority is to ensure a seamless transition while revitalizing the Stages brand to meet current and future customer needs.”
The acquisition enables Giant to incorporate Stages Cycling’s advanced power meter technology and expand its presence in the competitive cycling market, catering to both professional athletes and recreational cyclists seeking high-performance training equipment.
October
14. Fitnessmith Acquires Gym Source USA
American fitness equipment sales and service provider Fitnessmith announced the completion of its acquisition of Gym Source USA’s commercial equipment, preventive maintenance, and service divisions. This strategic acquisition further expands Fitnessmith’s business operations across 47 states in the U.S., solidifying its leadership position within the fitness industry.
Founded in 1936, Gym Source USA has established a significant presence in the fitness sector, serving clients across 21 states, including multi-family residential buildings, country clubs, municipal centers, schools, universities, and various commercial fitness facilities. Known for its high-quality fitness equipment and excellent service, Gym Source USA has earned widespread trust in the market.
Michael Scichilone, CEO of Fitnessmith, commented, “We are thrilled to welcome Gym Source USA’s commercial sales and service divisions into the Fitnessmith family. This acquisition significantly enhances our market coverage and strengthens our position as a leader in the industry. We look forward to building on Gym Source USA’s exceptional legacy to continue delivering high-quality fitness equipment and outstanding service to all our customers.”
Deborah McKeever, President of Gym Source USA, added, “Fitnessmith’s acquisition makes us one of the largest sales and service providers nationwide. I have known Fitnessmith’s CEO, Michael Scichilone, for many years and am confident that Fitnessmith will continue to deliver the high-quality services and products our customers expect.”
This acquisition not only broadens Fitnessmith’s business scale but also enhances its competitiveness in fitness equipment distribution and after-sales service, ensuring continued excellence in customer satisfaction and operational efficiency.
15. NOHRD Acquires Dr. WOLFF Sports & Prevention GmbH
German fitness equipment brand NOHRD announced the strategic acquisition of Dr. WOLFF Sports & Prevention GmbH, marking a significant expansion into the preventive medical and rehabilitation equipment market. Dr. WOLFF is renowned for its innovative back and joint rehabilitation solutions, and this acquisition will substantially expand NOHRD’s product portfolio and strengthen its market position in the treatment and prevention sectors.
The acquisition combines Dr. WOLFF’s scientific rigor and technological innovation with NOHRD’s design philosophy and craftsmanship. Dominik Kuprecht, CEO of NOHRD, stated, “This acquisition not only consolidates our position in the rehabilitation and preventive equipment market but also enhances our global brand influence. Dr. WOLFF will continue to operate independently, allowing both companies to deepen their expertise and offer a richer selection of products to our global customers.”
Dr. Hartmut Wolff, Founder and Managing Director of Dr. WOLFF, added, “Partnering with NOHRD enables us to leverage their resources and technological strengths to further enhance our products and services. We will continue to focus on innovation in preventive medical and rehabilitation equipment to meet the growing global demand.”
NOHRD, launched by the WaterRower Group in 2008, is known for its unique wooden fitness equipment and exquisite craftsmanship. The acquisition will introduce more treatment functionalities and aesthetic designs into NOHRD’s offerings, catering to the increasing global demand for preventive medical and rehabilitation solutions.
16. Fitshop Acquires Kettler and HOI
European home fitness equipment distributor Fitshop Group successfully acquired the brand rights of German traditional brands Kettler and HOI from Swiss company Trisport AG on October 31, 2024. This acquisition includes brand rights, existing inventory, and related online stores, further expanding Fitshop’s influence in the home fitness market.
Founded in 1984 as Sport-Tiedje, Fitshop Group has maintained a long-term partnership with Kettler. Christian Grau, CEO and Founder of Fitshop Group, stated, “This acquisition marks the continuation and deepening of our long-term collaboration with Kettler. Kettler has been an essential partner since our first store opened in Schleswig-Holstein, and today it becomes a vital member of the Fitshop family.”
Kettler is renowned for producing home fitness equipment such as exercise bikes, treadmills, and strength training machines, beloved by consumers across Germany and Europe for their modern designs and high connectivity. HOI, a sub-brand established post-acquisition, focuses on high-end fitness equipment, further enriching Fitshop’s product lineup.
With this acquisition, Fitshop plans to further expand the recognition and product range of Kettler and HOI brands, enhancing competitiveness in the home fitness market. Melanie Lauer, CEO of Trisport AG, expressed, “Fitshop has always been a key sales partner and supporter of Kettler. We are pleased that Kettler has found a new home with Fitshop and believe that this collaboration will unlock greater market opportunities.”
Fitshop Group has grown to become the largest home fitness equipment distributor in Europe, operating in nine countries with 67 offline stores and a substantial online presence. In 2023, the company achieved over €124 million in revenue and employed more than 600 staff members.
November
17. Merrithew Acquires Align-Pilates
Canadian global Pilates leader Merrithew announced the acquisition of UK-based Pilates equipment brand Align-Pilates and its parent company T.L. Elliott & Co Ltd. This acquisition signifies Merrithew’s further expansion in the Pilates equipment and education sectors, enhancing its competitive stance in the global market.
Founded in 1988, Merrithew is renowned for its innovative leadership in mindful movement and mind-body education. The company has trained over 80,000 instructors worldwide and launched several acclaimed educational programs, including STOTT PILATES, ZEN•GA, TOTAL BARRE, and Halo Training. Through this acquisition, Merrithew not only strengthens its Pilates equipment portfolio but also broadens its global market footprint.
Align-Pilates, established in 2010 and headquartered in the UK, is known for its high-quality, functional, and reasonably priced Pilates equipment, widely used in professional studios and home fitness environments. Its innovative equipment design and durability have earned it recognition within the industry. This acquisition allows Merrithew to better serve the global Pilates community by offering a broader range of equipment options, catering to diverse needs from studios to home users.
Jim Heidenreich, CEO of Merrithew, commented, “The acquisition of Align-Pilates reflects our strategic plan to expand in the global market. This move enables us to further promote Pilates and mindful movement, empowering practitioners and enthusiasts worldwide through innovative education and high-quality equipment.”
This acquisition not only strengthens Merrithew’s market position in the Pilates equipment sector but also enhances its overall influence in the global fitness industry. Merrithew plans to integrate Align-Pilates’s product lines and network to accelerate the popularization of Pilates and mindful movement, driving further growth in the global fitness market.
December
18. Drax Acquires Outdoor Fitness Concepts
South Korean fitness equipment manufacturer Drax announced the acquisition of UK-based fitness equipment supplier Outdoor Fitness Concepts, officially entering the UK market under the name Drax Fitness UK. This acquisition marks a significant step in Drax’s global expansion, reinforcing its presence in the European market.
Headquartered in South Korea, Drax has been dedicated to becoming a global brand, expanding its market share through a series of international acquisitions. Currently, Drax has established branches in Europe, Japan, Australia, and other regions, exporting products to 43 countries worldwide. The acquisition of Outdoor Fitness Concepts enables Drax to directly supply UK gyms with a comprehensive range of products, including smart fitness equipment, traditional fitness machines, and full-suite digital solutions.
Outdoor Fitness Concepts, founded in 2010, specializes in providing high-quality fitness equipment and solutions to professional gyms. Its product line includes treadmills, exercise bikes, and strength training equipment, highly regarded by UK fitness facilities. Through this acquisition, Drax leverages Outdoor Fitness Concepts’ brand influence and distribution network to accelerate its penetration and growth in the UK market.
Peter King, CEO of WaterRower and NOHRD, stated, “This acquisition is a significant step towards our mission to provide the best products to our global customers. The integration of CityRow’s content and technology with WaterRower’s rowing equipment enhances our connected fitness offerings, creating greater value for our customers.”
The acquisition not only boosts Drax’s competitiveness in the UK market but also lays a solid foundation for further expansion across Europe and other global markets. Drax plans to continue leveraging its global resources and technological strengths to drive product innovation and market penetration, aiming to become a leading global fitness equipment brand.
19. The Amenity Collective Acquires ASF
North American commercial fitness equipment industry leader Advantage Sport & Fitness Inc. (ASF) was officially acquired by The Amenity Collective on December 17, 2024. This landmark collaboration not only consolidates ASF’s position in the commercial fitness equipment distribution sector but also injects new momentum into its future development.
Founded in 1987, ASF has consistently provided high-quality fitness equipment solutions, transitioning from regional services to becoming Precor’s exclusive distributor on the U.S. East Coast. ASF represents brands such as Precor, Peloton, Escape Fitness, and Power Lift, serving a diverse clientele including multi-family residential buildings, university sports facilities, hotel fitness centers, country clubs, and private fitness studios. In recent years, ASF has significantly expanded its market coverage through strategic growth initiatives, notably entering the New England market and establishing a 51,000 square foot warehouse facility in Greenville, South Carolina, to efficiently serve customers from Maine to Florida.
The acquisition allows ASF to synergize with LIVunLtd, combining resources to enhance fitness equipment distribution, facility management, programming, and consulting services. This integration is expected to create more efficient and comprehensive fitness solutions for clients, leveraging both companies’ strengths to drive growth and innovation in the North American fitness market.
20. Decathlon’s Acquisition Talks with Tradeinn Rejected
Decathlon’s newly established independent division, Decathlon Pulse, engaged in acquisition negotiations with Spanish sports e-commerce company Tradeinn throughout 2024. Decathlon proposed a takeover bid valuing Tradeinn at €1 billion, aiming to acquire a controlling stake in the purely online sports goods retailer. However, in December 2024, Tradeinn confirmed the rejection of Decathlon’s offer to acquire a 30% stake in the company, as confirmed by Tradeinn’s CEO David Martín.
This investment attempt follows significant investments in the Spanish sports e-commerce sector, such as JD Sports’ acquisition of Deporvillage three years prior. Tradeinn is predominantly owned by David Martín and Dídac Lee’s Didavid Management company, holding 70% of the shares, while Suma Capital owns the remaining 30%.
Following the rejection, Tradeinn is seeking alternative investment options, potentially similar to its prior agreement with Suma Capital, which involved transferring 30% of its capital while ensuring that David Martín retains majority ownership and strategic control.
By Roger Yao from Shanghai, China cs01@fitqs.com
Comments