1. Freemotion Partners with Grupo Multi, Expands Presence in Brazilian Fitness Market
Freemotion, part of the iFIT group and a renowned manufacturer of cardio and strength equipment, has entered into a strategic partnership with Grupo Multi, a Brazilian fitness distribution company. This move expands Freemotion's presence in Brazil, integrating their full range of cardio and strength equipment and iFIT content subscriptions into Grupo Multi's portfolio. Grupo Multi aims to establish itself as a comprehensive fitness solution provider across various market segments in Brazil. This partnership also aligns with Freemotion's strategy of reaching a broader audience and improving health and wellness in Brazilian communities. This collaboration follows the appointment of Yvette Cisneros as Freemotion’s sales director for the LATAM region.
2. EGYM Wellpass Expands into the U.S. with FitReserve Acquisition
EGYM continues its expansion into the U.S. corporate fitness and wellness market by acquiring FitReserve, a leading all-access fitness network based in New York. FitReserve, which boasts a network of nearly 2,000 studio partners offering 600,000 classes nationwide, is now exclusively available to EGYM Wellpass corporate clients. This acquisition strengthens EGYM's position as a global leader in corporate wellness solutions, with a growing presence in the U.S., complementing its operations in Germany, Austria, France, and the UK. Megan Smyth, founder of FitReserve, joins EGYM as Director for Partner Sales in North America, overseeing the expansion in the U.S.
3. Health-Tracking Ring Maker Oura Acquires Veri
Oura, the Finland-based maker of the health-tracking ring, announced the acquisition of Veri, a company specializing in personalized metabolic health programs. Veri uses continuous glucose monitors (CGMs) to provide users with insights into their metabolic health. Oura plans to integrate Veri's offerings by launching a new feature, Meals, allowing users to track their meal timing and how it affects sleep and stress. This acquisition is part of Oura's broader strategy to enhance its product offerings by adding more health data inputs, further solidifying its position in the wearable health tech market. This comes at a time when Oura is expanding rapidly, following its 2021 $100 million funding round and recent product launches.
4. Tonal Appoints Darren MacDonald as New CEO
Tonal, the intelligent home fitness brand, has announced Darren MacDonald as its new CEO, following the resignation of former CEO Krystal Zell. MacDonald, a seasoned executive with over 20 years of global digital strategy experience, will now lead the company towards new growth in market share, member loyalty, and product development. Tonal has gained recognition for its AI-powered personalized strength training technology and its comprehensive workout offerings. The leadership change comes at a challenging time for the home fitness industry, but Tonal's move is seen as an effort to enhance its competitive position.
5. Urban Sports Club Acquires myClubs, Expands in DACH Region
Urban Sports Club (USC), one of Europe’s leading fitness and health platforms, has acquired myClubs, a fitness center aggregator in Austria and Switzerland. The acquisition adds 1,200 fitness studios to USC’s network, strengthening its presence in the DACH region. With continued expansion across Europe, USC secured €95 million in funding from Verdane, a growth-focused investment firm. The acquisition supports USC's mission to enhance corporate health and wellness offerings by providing diverse sports activities to employees across multiple countries.
6. Basic-Fit Projects Revenue of €1.5 Billion by 2025
European fitness chain Basic-Fit is projected to achieve revenues close to €1.5 billion by 2025, with analysts predicting strong annual growth. The company's 2024 revenue is expected to increase by 15.8% to €1.23 billion, with further growth of 17.9% in 2025. EBITDA is also forecast to double in the coming years, reaching €680 million by 2025. Basic-Fit's gym network is rapidly expanding, with expectations to reach over 1,800 locations by 2025 and surpassing 5 million members. The company's growth reflects its dominant position in the European fitness market and continued market expansion potential.
By Roger Yao (cs01@fitqs.com) from Shanghai, China
Stay tuned for more updates and insights from the fitness equipment industry in next week's report.
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