Shapes of European Fitness M&A Market
Europe’s fitness industry is moving into a new cycle: bigger, more digital, and closer than ever to healthcare.
While participation remains structurally low—45% [1] of EU adults say they never exercise or play sport—operators and adjacent categories (equipment, software, services, and nutrition) are expanding to meet increasingly diverse consumer needs.
The market’s growth is being shaped by three forces: (1) rapid rollout of value-led, high-access formats, (2) premiumisation through experience-driven studios and upgraded clubs, and (3) a stronger link to healthcare, prevention and rehabilitation.
Penetration rates vary widely across Europe, leaving significant headroom in underdeveloped markets. As low-cost 24/7 models, premium experiences and medically linked fitness continue to expand, countries such as France are well positioned to capture outsized growth over the coming years.
Our latest insights paper, “Shapes of European Fitness”, unpacks how this full ecosystem is evolving and what it means for investors and strategic acquirers across operators, equipment, software and consumer brands.
Key themes explored in the paper include:
- New access formats: The rise of "high-value low-price" and staff-light 24/7 clubs in secondary cities, alongside premium and boutique experiences in major urban hubs.
- Digitised clubs: Connected equipment, club OS platforms and embedded payments turning data, access and operations into core value drivers.
- Community & personalisation: Coach-led concepts, creator brands, gamification and hyper-personalised journeys lifting retention and ARPU.
- Healthspan & inclusivity: Recovery as a paid line, medical-adjacent fitness models, women’s health solutions and inclusive design reshaping club propositions.
- Sustainability & social impact: Energy-efficient estates, circular capex and people-sustainability becoming visible line items in performance dashboards.
- M&A & valuation dynamics: Record deal volumes in 2024, segment-by-segment value indications, and where we see the next wave of consolidation and platform building.
To request the full 19 page report and to dive deeper into the trends reshaping Europe’s fitness economy and their impact on growth, margins, deal activity, or if you have any questions on the wider sports & leisure space, please get in touch with Mark Wyatt or a member of the A&M M&A team.
The full 19 page report covers, among other topics:
- A clear view of who’s truly winning in the European fitness market today, which formats (low-cost, premium, boutique, medical) are driving growth, and how key markets such as France and Germany have recovered compared to 2019.
- Real-life case studies: from 24/7 rollout and ROI strategy to multi-specialty boutique model, and the role of platforms as the “club operating systems” behind many fast-growing chains.
- Insights into emerging revenue streams within clubs (recovery, physio, testing, nutrition), what’s realistically achievable in terms of average revenue per member, and which tech and AI use cases are actually impacting the P&L from hyper-personalised programming to energy management systems.
- A snapshot of recent M&A and valuation trends across operators, equipment makers, digital platforms and nutrition brands, together with a forward-looking perspective on prevention, health–fitness integration, and the rise of “house-of-concepts” platforms in Europe.
Sources:
[1] Last EU barometer on sport and physical activity
