How to sell a gym, studio or wellness business
Gyms and studios sell on members, retention and the lease. I’ve worked on a boutique fitness franchise resale in Hawaii and sports and recreation deals around the country, and I’ve sold my own business, so I know both sides of the table.
- Owner, then seller of a senior care business I grew through the pandemic
- More than 1,000 employees hired over six years of ownership
- $0 upfront my fee is paid only when your sale closes
Buyers are busy, and they are choosy about brand and modality.
Private equity and multi unit operators are buying clubs, studios and franchise portfolios. The brand you operate and the workouts you sell matter as much as your profit.
Houlihan Lokey counted 102 fitness transactions in 2025, more deals than 2021, 2022 or 2023. Chains and boutique studios led the gains. Its outlook for 2026 points to strength training, Pilates and wellness as the drivers of deal activity.
Sources: SGB Executive, Houlihan Lokey sees fitness M&A building on banner year, Mar 2026, Houlihan Lokey, Consumer Fitness Market Update 2H 2025
Flynn Group added 98 Planet Fitness clubs in March 2026. Aligned Fitness made 13 Club Pilates acquisitions in 2025 and 14 more by June 2026, including a seller with just two studios. Single studios are often the building blocks of these portfolios.
Sources: Athletech News, Flynn Group 98 club acquisition, Athletech News, Aligned Fitness acquires Club Pilates studios in New Jersey
The Health and Fitness Association reports about 77 million US members. Its 2025 benchmarking survey found median revenue growth of 9.9% and member retention of 66.4%. Strava data cited by Houlihan Lokey shows Pilates reservations up 66% from 2024.
Sources: Health and Fitness Association, 77 million US fitness facility members, Oct 2025, Health and Fitness Association, 2025 Fitness Industry Benchmarking Report, SGB Executive, Houlihan Lokey sees fitness M&A building on banner year, Mar 2026
Xponential hired an adviser in April 2026 to review a sale after a 4.3% drop in fourth quarter same store sales. Orangetheory's US count slipped from about 1,283 to 1,311 studios in late 2025 to about 1,198 in a mid 2026 scrape. Buyers check the system before they check your studio.
Sources: Franchise Times, Xponential Fitness considers sale, Apr 2026, Iconic, How Much Is an Orangetheory Franchise, Jul 2026
What a fitness or wellness buyer checks first.
Gym buyers range from first time owners to multi unit operators. Both start by asking for membership data, the lease and clean books.
Member count and net growth
Joins minus cancels by month for 24 months. A buyer wants to see the base growing, not just a busy January.
Monthly attrition
Two Brain Business calls monthly churn above 8% a red flag and below 4% a sign of strong retention. Have the cancel report ready.
Recurring billing (EFT) report
Monthly draft revenue by membership type, plus failed payments and freezes. Recurring dues are what buyers pay the most for.
Dues versus nondues revenue
Personal training, packs, retail, recovery and add on services. Buyers want to know how much revenue depends on one coach or one service.
Lease terms
Years left, renewal options, scheduled rent bumps and landlord consent to a transfer. Gym buyers walk away from short leases.
Franchise agreement and transfer rules
Years left on the agreement, the transfer fee, franchisor approval steps and any required remodel or equipment refresh at resale.
What raises or lowers a gym's price
| What pushes your price down | What pushes your price up |
|---|---|
| Membership count flat or sliding for a year or more | Steady net member growth over 12 to 24 months |
| Monthly churn above 8% | Monthly churn below 4% and a working win back process |
| The owner coaches the classes and closes the sales | A manager and trained coaches who run the day without you |
| Under two years left on the lease, or month to month | Five or more years of term with reasonable renewal options |
| Worn equipment and a franchisor remodel due at transfer | Well maintained commercial equipment and no refresh owed |
| Revenue tied to packs, cash and one star trainer | Most revenue on recurring monthly memberships |
Who is buying gyms, studios and personal service businesses.
Multi unit operators backed by private equity are the most active buyers of franchise units. Large sponsors buy whole chains and brands, and individuals with SBA loans buy many single locations.
| Buyer type | What they pay for | Active examples |
|---|---|---|
| Private equity backed multi unit franchiseesFinancial (add on) | Studios and clubs in or near markets they already run, on a brand they already operate, with clean billing data and transferable leases. | Aligned Fitness (Eagle Merchant Partners), Fitness Ventures (Meaningful Partners), Flynn Group, National Fitness Partners |
| Brand portfolio companies and franchisorsStrategic | Whole brands and franchise systems they can add to a shared back office and sales engine. | Extraordinary Brands (CycleBar, Rumble, Row House, Neighborhood barre, Basecamp Fitness), Next Health (Lindora) |
| Large private equity sponsorsFinancial (platform) | Scaled chains with company owned clubs, strong unit economics and room to open more locations. | Leonard Green (Crunch Fitness), TSG Consumer (EoS Fitness), LongRange Capital (24 Hour Fitness), KKR (Bay Club), Princeton Equity Group (Amped Fitness), General Atlantic (European Wax Center) |
| Pet care platformsFinancial (add on) | Boarding, daycare and grooming businesses with real estate or long leases, strong occupancy and staff who stay. | Pet Resort Hospitality Group (Trivest, Queens Court Capital), Best Friends Pet Care (Mosaic Capital Partners), Village Pet Care (General Atlantic) |
Recent fitness and wellness deals.
These gym, studio and wellness acquisitions were announced in 2025 and 2026. Most small sales stay private, so read this as a list of active buyers, not prices.
| Date | Buyer | Target | Type | Value |
|---|---|---|---|---|
| Jun 2026 | Aligned Fitness (Eagle Merchant Partners) | Six Club Pilates studiosCentral New Jersey, from a two studio and a four studio owner | PE add on | Undisclosed |
| May 2026 | Fitness Ventures (Meaningful Partners) | 22 Crunch Fitness clubs from Harman FitnessSouthern California and Houston | PE add on | Undisclosed |
| Apr 2026 | Extraordinary Brands | Basecamp FitnessHIIT franchisor with 20 studios, sold by Purpose Brands | Strategic | Undisclosed |
| Mar 2026 | Flynn Group | Grand Fitness Partners98 Planet Fitness clubs in five states | Franchisee consolidation | Undisclosed |
Show all 15 deals
| Date | Buyer | Target | Type | Value |
|---|---|---|---|---|
| Feb 2026 (signed) | General Atlantic | European Wax CenterTake private, more than 1,000 locations in 44 states | PE take private | About $330M for shares not already owned |
| Jan 2026 | Pet Resort Hospitality Group | Houston Dog RanchBoarding, daycare and grooming; 37th location | PE add on | Undisclosed |
| Jan 2026 | LongRange Capital and Mark Mastrov | 24 Hour FitnessAbout 240 clubs | PE platform | Undisclosed |
| Dec 2025 | Aligned Fitness (Eagle Merchant Partners) | 13 Club Pilates studiosCharlotte, Atlanta, Athens and Pinehurst | PE add on | Undisclosed |
| Oct 2025 | VMG Partners | ScenthoundDog grooming and wellness franchisor | Growth equity | Undisclosed |
| Sep 2025 | Next Health | LindoraWellness brand divested by Xponential | Strategic | Undisclosed |
| Jul 2025 | Extraordinary Brands | CycleBar and RumbleDivested by Xponential | Strategic | Undisclosed |
| Jun 2025 | Bay Club (KKR) | 425 FitnessThree clubs, greater Seattle | PE add on | Undisclosed |
| May 2025 | TSG Consumer Partners | EoS FitnessMore than 175 gyms open and on the way, seven states | PE platform | About $1.5B including debt (reported) |
| Apr 2025 | Leonard Green and Partners | Crunch Fitness (majority stake)More than 500 gyms, bought from TPG Growth | PE platform | Reported valuation above $1.5B |
| Mar 2025 | Phenix Salon Suites | Six independent salon suite facilitiesSan Antonio, Texas | Strategic | Undisclosed |
What is your fitness, wellness or personal service business worth?
Most single location gyms, studios, salons and pet businesses sell on a multiple of SDE. Larger multi unit operators sell on adjusted EBITDA. Here is what published data shows.
Illustrative only, not a valuation.
Published ranges for this industry
- Gyms and fitness centers: 2.55x SDE on average, with the middle half of sales between 1.72x and 3.00x (BizBuySell, 2021 to 2025)
- Dance, Pilates and yoga studios: 2.07x SDE on average, median sale price $135,000 (BizBuySell, 2021 to 2025)
- Hair salons and barber shops: 2.04x SDE on average; spas: 2.29x; pet grooming: 2.22x (BizBuySell, 2021 to 2025)
- Owner dependent gyms: 1.0x to 1.4x SDE; gyms that run without the owner: 2.1x to 2.5x (Two Brain Business, 2026)
The ranges come from the published data above. The adjustments for growth, churn, your role and your lease are my own judgment, and this is a starting point, not a valuation.
Mistakes that cost fitness and wellness owners money.
Gym and studio buyers usually spot these during diligence. Fixing them first protects the price you shook hands on.
Going to market during a membership slide
Buyers price on the trend, and a falling member count invites a lower offer or an earn out.
Cost: A lower multiple or price tied to future results
Ignoring the franchisor's transfer process
Franchise resales need franchisor approval, a transfer fee and often a qualified buyer. Starting late can stall a signed deal.
Cost: Weeks of delay and buyers who cannot be approved
Letting the lease run short
A buyer and an SBA lender want enough term to repay the loan. Extend or secure options before you list.
Cost: Fewer qualified buyers
Being the head coach and the closer
If members come for you, a buyer has to replace you. Two Brain Business puts owner dependent gyms at 1.0x to 1.4x SDE.
Cost: Roughly a full turn of SDE
Messy books and loose add backs
Cash payments, personal expenses and unsupported add backs make a buyer discount everything. Billing reports should tie to the bank.
Cost: Retrades late in diligence
Deferring equipment and remodel spending
Worn equipment or a required refresh becomes a buyer's cost, and they will subtract it from your price.
Cost: Dollar for dollar price cuts
Questions fitness and wellness owners ask me.
What is my gym or studio worth?
BizBuySell data for 2021 to 2025 shows gyms selling at 2.55x SDE on average, with a median sale price of $210,500. Pilates, yoga and dance studios averaged 2.07x SDE. Growth, churn, your role and your lease move you up or down that range.
How long does it take to sell?
Gyms listed on BizBuySell took a median 171 days to sell. The IBBA put Main Street deals at six to 10 months in Q2 2026. Iconic's published median is 5.2 months to close.
Can I sell my franchise studio to anyone I choose?
No. The franchisor usually has to approve the buyer and the transfer, and there is typically a transfer fee. Your franchise agreement and the brand's FDD spell out the rules, so we read them before we market the studio.
Who buys a single studio?
Often another franchisee of the same brand nearby, or a private equity backed operator. Aligned Fitness, for example, bought from an owner with two Club Pilates studios in 2026. Individuals using SBA loans buy many single locations too.
How do buyers finance a gym purchase?
Many gym buyers use SBA 7(a) financing. Since June 1, 2025, they must bring at least 10% equity when buying the whole business. A seller note on full standby for the life of the loan can supply up to half of it.
Can I keep a small stake after I sell?
Yes, though an SBA lender will require you to personally guarantee the loan for at least two years if you keep any stake. Most studio owners prefer a clean break.
Is my equipment worth a lot on its own?
Usually less than owners expect. Iconic's research cites top tier commercial equipment at about 30% to 45% of retail after five years. Equipment matters most when the business is not profitable.
What about salons, spas and pet grooming?
BizBuySell shows hair salons averaging 2.04x SDE, spas 2.29x and pet grooming 2.22x over 2021 to 2025. Pet boarding and grooming platforms backed by private equity are actively buying larger operators.
Terms buyers will use
- SDE
- Seller's discretionary earnings: profit plus the owner's pay and benefits, plus one time and personal expenses run through the business.
- Adjusted EBITDA
- Profit before interest, taxes, depreciation and amortization, cleaned of one time items and charged a fair salary for a gym manager.
- EFT
- Electronic funds transfer, the recurring monthly draft that collects membership dues.
- Attrition or churn
- The share of members who cancel in a month or a year.
- Nondues revenue
- Revenue beyond membership dues, such as personal training, retail, recovery services and packs.
- AUV
- Average unit volume, the average annual revenue of a location in a franchise system.
- FDD
- Franchise Disclosure Document, the document a franchisor must give buyers, covering fees, obligations and transfer rules.
- Item 19
- The section of an FDD where a franchisor may disclose financial performance of its locations.
- Transfer fee
- The fee a franchisor charges when an existing franchise is sold to a new owner.
- HVLP
- High value, low price: large gyms with low monthly dues, such as Planet Fitness, Crunch and EoS.
- Add on
- A business bought by an existing platform to add locations or density.
- Platform
- A private equity firm's first fitness company, which then buys more clubs or studios.
- Equity injection
- The cash a buyer must put into an SBA financed purchase, at least 10% for a full change of ownership.
- Full standby
- A seller note that receives no payments for the life of the SBA loan.
Own a fitness or wellness business? Schedule a complimentary call with Max!
Tell me about your gym, studio, salon, spa or pet business, and I will share how buyers would likely see it. There is no fee unless your business sells.
Sources (36)
- BizBuySell, Gym and Fitness Center Valuation Benchmarks
- BizBuySell, Pet Grooming Valuation Benchmarks
- BizBuySell, Hair Salon and Barber Shop Valuation Benchmarks
- BizBuySell, Spa Valuation Benchmarks
- Houlihan Lokey, Consumer Fitness Market Update 2H 2025
- SGB Executive, Houlihan Lokey sees fitness M&A building on banner year, Mar 2026
- SGB Executive, Q2 2025 fitness M&A, Sep 2025
- Front Office Sports, why fitness M&A is surging, Sep 2025
- Health and Fitness Association, 77 million US fitness facility members, Oct 2025
- Health and Fitness Association, 2025 Fitness Industry Benchmarking Report
- HFA 2026 Global Report, Market Trends: Investors
- Two Brain Business, How to Value a Gym, Apr 2026
- Iconic, How Much Is an Orangetheory Franchise, Jul 2026
- Iconic, Selling Fitness Equipment, Aug 2026
- Franchise Times, Xponential Fitness considers sale, Apr 2026
- Live Oak Bank, Navigating the SBA's new SOP 50 10 8
- IBBA and M&A Source, Market Pulse Survey Q2 2026 press release
- General Atlantic, Village Pet Care launch, Jan 2023
- PrivSource, Best Friends Pet Care acquires Paws Pet Resort
- Hand and Stone, franchisees acquire established spas, Mar 2025
- Athletech News, Aligned Fitness acquires Club Pilates studios in New Jersey
- Pulse 2.0, Fitness Ventures 22 location Crunch acquisition
- Athletech News, Extraordinary Brands acquires Basecamp Fitness
- Athletech News, Flynn Group 98 club acquisition
- Dallas Innovates, European Wax Center to be taken private by General Atlantic
- Pet Resorts Hospitality Group, acquisition of Houston Dog Ranch
- Athletech News, 24 Hour Fitness sold to founder and PE firm
- Athletech News, Aligned Fitness acquires 13 Club Pilates studios
- Pet Insight, Scenthound partners with VMG
- Business Wire, Xponential announces divestiture of Lindora
- Xponential Fitness, divestiture of CycleBar and Rumble
- Athletech News, Bay Club acquires 425 Fitness
- TSG Consumer, TSG to acquire EoS Fitness
- Leonard Green, Crunch Fitness announces strategic investment
- Franchising.com, Phenix Salon Suites acquires six salon suite facilities
- Business Wire, Amped Fitness announces investment from Princeton Equity Group
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