BUYER POOL ANALYSIS
Selling a gym or fitness business to Strategic / Industry buyers
Industry operators, larger competitors, and corporate buyers acquiring for synergies, geographic expansion, or capability fill. Typically pays a premium for clear strategic fit but discounts for integration cost and overlap.
Quick answers
- What multiple does this buyer pool pay?
- Median EV/EBITDA 9.32x across 7 disclosed deals (P25: 7x, P75: 12.28x). Median EV/Revenue 2.73x across 10 deals. Median deal value: $72.04M.
- How many disclosed transactions?
- 12 deals total (12 from 2018+), filtered to Strategic / Industry acquirers of gym or fitness business businesses.
- Most active buyers
- Hollywood Bowl Group plc (2) · Industrial Realty Group, LLC (1) · Pursuit Attractions and Hospitality, Inc. (1) · Main Event Entertainment, Inc. (1) · Bally's Corporation (1) · Lucky Strike Entertainment Corporation (1)
Recent disclosed deals
Strategic / Industry acquisitions of gym or fitness business businesses with named target, named acquirer, and disclosed financials.
| Year | Target | Acquirer | EV | EV/EBITDA | EV/Rev |
|---|---|---|---|---|---|
| 2025 | Hall of Fame Resort & Entertainment Company | Industrial Realty Group, LLC | $292.2M | — | 13.92x |
| 2024 | Jasper Tramway Acquisition Corporation | Pursuit Attractions and Hospitality, Inc. | $16.5M | 7.0x | 4.34x |
| 2023 | Mountain View Bowl Inc/ Wong and Lewis Investments Inc/ HLD Investments Inc | Hollywood Bowl Group plc | $8.9M | 4.3x | 1.69x |
| 2022 | Performance Entertainment LLC | Main Event Entertainment, Inc. | $26.0M | — | 1.08x |
| 2022 | Teaquinn Holdings Inc. | Hollywood Bowl Group plc | $26.4M | 12.6x | — |
| 2021 | Allied Esports Entertainment Inc. | Bally's Corporation | $104.5M | — | 32.54x |
What this buyer pool prices for
Strategic buyers — operators in adjacent geographies, larger competitors, or corporate consolidators — price for synergies and capability fill. They tend to discount integration cost and overlap risk but pay above market when there's clear strategic fit (key customer relationship, license, geography, technician/professional team). Multiples are competitive with PE for fee-viable deals; below PE for sub-scale acquisitions.
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 strategic / industry 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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