BUYER POOL ANALYSIS
Selling a gym or fitness business to Private Equity / PE-Backed Roll-Up buyers
Private equity firms and PE-backed platform consolidators acquiring for roll-up, add-on, or platform plays. Pricing tends to lead the market for fee-viable scale, with multi-bidder competitive processes above the EBITDA floor.
Quick answers
- What multiple does this buyer pool pay?
- Median EV/EBITDA 9x across 7 disclosed deals (P25: 5.06x, P75: 15x). Median EV/Revenue 2.65x across 9 deals. Median deal value: $471.06M.
- How many disclosed transactions?
- 10 deals total (10 from 2018+), filtered to Private Equity / PE-Backed Roll-Up acquirers of gym or fitness business businesses.
- Most active buyers
- Focused Compounding Fund, LP (2) · Kennedy Lewis Capital Partners Master Fund LP (2) · Leonard Green & Partners (1) · L Catterton (1) · MarineMax, Inc. (1) · Dave & Buster's Entertainment, Inc. (1)
Recent disclosed deals
Private Equity / PE-Backed Roll-Up acquisitions of gym or fitness business businesses with named target, named acquirer, and disclosed financials.
| Year | Target | Acquirer | EV | EV/EBITDA | EV/Rev |
|---|---|---|---|---|---|
| 2025 | Crunch Fitness (Crunch Holdings) | Leonard Green & Partners | $1500.0M | 15.0x | — |
| 2024 | Solidcore | L Catterton | $650.0M | 13.0x | 4.30x |
| 2023 | Parks! America, Inc. | Focused Compounding Fund, LP | $4.0M | 16.7x | 2.01x |
| 2022 | F45 Training Holdings Inc. | Kennedy Lewis Capital Partners Master Fund LP | $390.2M | — | 2.65x |
| 2022 | Island Global Yachting LLC | MarineMax, Inc. | $551.9M | 74.9x | 6.76x |
| 2022 | Main Event Entertainment, Inc. | Dave & Buster's Entertainment, Inc. | $832.5M | 9.0x | 3.12x |
What this buyer pool prices for
Private equity acquirers price for scale and roll-up arbitrage. They pay up for businesses that fit a platform thesis — recurring revenue mix above 30%, technician/professional depth, clean financials, and a management layer that survives integration. The same gym or fitness business can command 1.5x to 2x the multiple of an individual-buyer transaction simply because the PE buyer is acquiring a platform piece, not an owner-operated shop.
Methodology note
Multiples shown are computed from disclosed M&A transactions in the ExitValue.ai database, filtered to gym or fitness business businesses acquired by private equity / pe-backed roll-up buyers. EV/EBITDA outliers outside the [0.5x, 60x] band and EV/Revenue outliers outside [0.05x, 25x] are excluded from medians. Where available, post-2018 transactions are weighted; otherwise the all-time sample is used. Deal counts shown reflect deals with disclosed financials only — total transaction count for this buyer pool is typically 2-3x larger. Full methodology
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