Industry briefing · Health and fitness
What gyms and fitness studios sell for, and why
What gyms and fitness studios sell for, and how to sell yours for more.
Gym and studio memberships set a record in 2025. A single gym still sells on one question: whether it runs without its owner.
At a glance
- Typical range at sale
- 1x to 2.5xon owner earnings
- Who buys
- Nearby gyms and studios, private equity-backed chains, premium club operators
- Weighed first
- OdOwner Dependence
What gyms and fitness studios sell for
Every figure is a multiple of something. The measure sits beside each one, because multiples of owner earnings, EBITDA, and revenue do not compare with each other.
| Multiple | On | Source |
|---|---|---|
| 1x to 2.5x | Owner earnings | Typical range at saleFNDRS industry playbook |
| 2.62x asked | Owner earnings | Small gyms: owner earningsBizBuySell, 2025 |
| 1x to 2.5x | Owner earnings | One to two-and-a-half timesTwo-Brain Business (gym mentorship firm), 2026 |
| 7.2x | EBITDA | Public chains near sevenHoulihan Lokey, 2025 |
- Owner earnings
- Profit before the owner's own pay and perks, interest, taxes, and depreciation. Small, owner-run businesses are priced on it.
- 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
- Nearby gyms and studios
- private equity-backed chains
- premium club operators
In 2025 private equity and premium club operators bought chains at every price tier, and boutique franchisors traded brands. For a single gym, Two Brain says strategic buyers usually pay more than financial buyers.
- 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
- Strategic buyers pay more. Two Brain says a strategic buyer, such as a competitor absorbing a neighboring gym's members, will typically pay more for a gym than a financial buyer. Two-Brain Business (gym mentorship firm), 2026
What diligence reads first
A single gym is an asset purchase in the six figures, priced on owner earnings plus the equipment, and the top of the range goes to a gym that runs without its owner. A buyer models the membership roll and monthly churn first, then the lease, the equipment and its liens, and any franchise agreement.
A gym that runs without its owner is the top tier of the price. A gym that only works with its owner does not reach it.
The membership count and monthly churn, month by month for two years, are the first thing a buyer models. Churn above 8 percent a month is a red flag; under 4 percent is strong.
The lease is an asset or a discount. Five years left is a major asset; under two years suppresses the price.
Equipment is counted at about half its cost on top of owner earnings, and every lien on it is on the 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.
Buyers model the membership roll and monthly churn first, then the lease, the equipment and its liens, and any franchise agreement; a gym that only works with its owner does not reach the top tier.
- 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
- Churn and the lease. Two Brain calls monthly churn above 8 percent a red flag, below 4 percent strong; a five-year lease is a major asset, under two years suppresses price. Two-Brain Business (gym mentorship 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
The element buyers weigh first
Owner Dependence
How much of revenue, relationships, and decisions route through the owner. Scored as control: higher is safer.
What it measures. Share of revenue, key relationships, and decisions that require the owner, and days per year the business runs without owner contact.
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 | |
|---|---|---|
| Multiple on owner earnings | 1.2x | 2.5x |
| Monthly member churn | 9% | 4% |
| Years left on the lease | 1 | 5 |
| 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.