Industry briefing · Health and fitness
What gyms and fitness studios sell for, and why
An independent gym usually sells as an asset purchase of $100,000 to $800,000, by one M&A law firm's count. Gym and studio memberships set a record in 2025, and investors bought fitness chains at every price tier.
At a glance
- Who buys
- Nearby gyms and studios, private equity-backed chains, premium club operators
What are gyms and fitness studios worth?
An independent gym usually sells as an asset purchase of $100,000 to $800,000, by one M&A law firm's count. The measure sits beside each figure, because multiples of owner earnings, EBITDA, and revenue do not compare with each other.
| Multiple | On | Source |
|---|---|---|
| 7.2x | EBITDA | Public chains near sevenHoulihan Lokey, 2025 |
- EBITDA
- Earnings before interest, taxes, depreciation, and amortization, with the owner paid like a hired manager. Larger companies are priced on it.
Who buys gyms and fitness studios?
In 2025 private equity and premium club operators bought chains at every price tier, and boutique franchisors traded brands.
- Nearby gyms and studios
- private equity-backed chains
- premium club operators
- Sponsors bought the value chains. In 2025 private equity bought the big value chains: Leonard Green & Partners took a majority of Crunch in April and TSG Consumer Partners bought EoS Fitness in May. Front Office Sports, 2025
- Every tier found a buyer. Houlihan Lokey saw investors buy across the multi-unit spectrum in 2025: the value chains, 24 Hour Fitness in the mid-tier, Bay Club's premium deals, and more boutique transactions. Houlihan Lokey, 2025
- Boutique franchisors trade brands. Xponential Fitness, franchisor of Club Pilates, Pure Barre, and YogaSix, sold CycleBar and Rumble to Extraordinary Brands in July 2025 and Lindora to Next Health in September. Houlihan Lokey, 2025
What do buyers check first in a gym or studio?
Buyers model the membership roll and monthly churn first, then the lease, the equipment and its liens, and any franchise agreement. A single gym usually sells as an asset purchase, and a franchised one needs the franchisor's approval to change hands.
The membership count and monthly churn, month by month for two years, are the first thing a buyer models.
The lease has to be assigned to the buyer, and every lien on the equipment is on one M&A law firm's checklist.
State health club statutes and the deposits members have prepaid are on the same checklist.
A club that has come to look worn and dated is at risk with buyers. The ones that sell have kept up their capital spending, by one banker's account.
- The buyer's checklist (undated page). An M&A law firm's gym checklist: the membership count and churn for 24 months, state health club statutes, equipment liens, lease assignment, franchise transfer approval, prepaid deposits. Acquisition Stars (M&A law firm), 2026
- A worn club loses buyers. Houlihan Lokey's Jeremy Hirsch said clubs need steady capital spending, and a club that comes to look worn and dated is at risk with buyers. Front Office Sports, 2025
Today and prepared, side by side
The difference is preparation, and in health and fitness it shows up in a handful of measurable places. This is the shape of it, drafted for the industry and read against what buyers actually pay.
| Today | Prepared | |
|---|---|---|
| Months of membership and churn records on file | 6 | 24 |
| Lease assignable to a buyer | Not checked | Yes, in writing |
| Equipment free of liens | Some financed | Clear title |
| Owner hours a week coaching and selling | 50 | 10 |
Illustrative figures for health and fitness. Your numbers come from the calculator.
What founders say
Know what your gym or studio is worth before a buyer tells you
Fifteen minutes for the exit score, then a conversation with the deal team.