The Fitness & Wellness Moves That Defined 2024
These acquisitions, bankruptcies and CEO hires made headlines in 2024. They figure to impact the fitness and wellness industry for years to come
The fitness and wellness industry is starting to settle into a post-pandemic rhythm, marked by people returning to gyms and studios in large numbers, a rising interest in longevity services and the surging popularity of modalities like strength training and Pilates.
This past year saw plenty of headlines, from major mergers to big-name brands filing for bankruptcy to CEO changes at the industry’s top companies.
Athletech News recaps the eight fitness and wellness moves that defined 2024, and forecasts what each could mean as we enter a new year.
credit: Blink Fitness 8. PureGym Acquires Blink Fitness Gyms, Eyes US Takeover
PureGym, a leading U.K. gym operator, acquired most of Blink Fitness’ assets in a $121 million deal in December, which came after Blink filed for 11 bankruptcy. The deal will see 67 New York, New Jersey, and Pennsylvania-area Blink gyms rebranded under the PureGym banner in 2025.
The U.K. gym brand fended off competition from Planet Fitness, which made an unsuccessful last-minute bid to acquire the Blink gyms amid bankruptcy proceedings
Why It Matters:
PureGym is looking to establish a foothold in the U.S. market, and acquiring Blink’s East Coast gyms gives it just that. Blink also has around 30 gyms in California, Illinois, Massachusetts and Texas, and says it’s still evaluating offers for those locations.
What To Watch in 2025:
The U.S. market for low-price gyms is highly crowded and competitive, but Blink has carved out an impressive niche in the coveted New York metro area. PureGym will look to maintain Blink’s strong ties in the area while transitioning those gyms under its own branding.
credit: Oura 7. Oura Valued at $5.2B as Smart Ring Wars Begin
Oura is fortifying its position as the leader in the burgeoning smart ring space, but the Finnish brand has some serious competition. Oura just completed a $200 million Series D funding round, raising the smart ring maker’s valuation to $5.2 billion. The new funding comes as Oura looks to make healthcare features like continuous glucose monitoring (CGM) a key part of its strategy moving forward.
Why It Matters:
Oura’s valuation is noteworthy in its own right, but it’s especially important as the company looks to fend off competition from Samsung, which recently entered the smart ring space with its Galaxy Ring, and Ultrahuman, an India-based smart ring maker that raised $35 million earlier this year.
What To Watch in 2025:
As wearable technology becomes a bigger part of fitness, wellness and potentially healthcare, the smart ring wars will be worth monitoring. Is Oura’s tech too advanced for Samsung and Ultrahuman to catch up, or can those brands encroach on the Finnish brand’s turf?
credit: BowFlex 6. BowFlex Goes Bankrupt, Gets Acquired by Matrix Parent
BowFlex filed for bankruptcy in March, but the at-home fitness equipment brand was quickly gobbled up by Johnson Health Tech Retail, the parent company of Matrix Fitness. Johnson Health Tech acquired BowFlex in a deal worth $37.5 million, and now sells BowFlex equipment alongside its other brands including Matrix, Vision Fitness, Schwinn and Horizon Fitness.
Why It Matters:
For all of BowFlex’s struggles over the past few years, the name still carries some weight among fitness consumers thanks to its 2000s-era glory days. For Johnson Health Tech, having both Matrix and BowFlex in its arsenal gives the Taiwan-based company a powerful one-two punch in the commercial and at-home fitness equipment markets, respectively.
What To Watch in 2025:
It will be interesting to see whether Johnson invests major resources into resuscitating BowFlex, or whether the once-proud brand becomes a bit player in the Taiwanese company’s larger portfolio.
Peloton instructor Kendall Toole (l) announced her departure in June (credit: @kendalltoole/Instagram) 5. Peloton Deals With Instructor Exits, CEO Change
This roundup wouldn’t be complete without mentioning Peloton, the connected fitness giant that’s fallen on some hard times but still enjoys a cult-like following among its 3 million or so paid subscribers.
This spring and summer, Peloton dealt with the exit of CEO Barry McCarthy, a new round of layoffs and the highly publicized departures of three popular instructors – Kristin McGee, Kendall Toole and Ross Rayburn.
Apple+ co-founder Peter Stern took over as Peloton’s new CEO in October, bringing his expertise in digital subscription businesses to the connected fitness company as it looks to grow its paid subscriber base and become less reliant on hardware sales.
Why It Matters:
Whether right or wrong, Peloton still serves as a proxy for the entire connected fitness industry, which has struggled to find its footing in a post-pandemic world where people workout inside gyms and at home. Peloton’s financial struggles will be tough to overcome, but Stern is a hopeful appointment given his background at Apple and Time Warner Cable.
What To Watch in 2025:
Peloton is trying hard to win over general fitness enthusiasts, recently releasing a strength training app and launching a campaign led by the NFL’s Watt brothers designed to appeal to Millennial males. The connected fitness giant doesn’t want to be just a bike company, a mission it struggled to make good on in 2024. Will 2025 be the year Peloton becomes known for digital fitness content instead of just cycling?
Xponential divested from Row House in 2024 (credit: Xponential Fitness) 4. Xponential Makes CEO Change, Sells Boutique Fitness Brands
Anthony Geisler, who founded Xponential Fitness in 2017 and grew it into the world’s largest franchisor of boutique fitness and wellness brands via acquisitions, was dismissed as the brand’s CEO in May. The stunning news came after Xponential received notice of an investigation by the United States Attorney’s Office for the Central District of California. Other executive leaders have left Xponential in 2024, most notably Sarah Luna, who had served as the company’s president since 2021.
To replace Geisler, Xponential hired former Taco Bell chief Mark King as its new CEO. The Irvine, California-based company has also brought on new executive talent including Bob Kaufman as president of international and Duncan Cork, a former F45 Training exec.
Besides executive upheaval, Xponential divested from two brands in 2024, selling Stride Fitness and Row House while also “winding down” its affiliation with AKT. Xponential’s portfolio now consists of eight brands – BFT, Club Pilates, CycleBar, Lindora, Pure Barre, Rumble Boxing, StretchLab and YogaSix.
Why It Matters:
Xponential enters 2025 with a radically different executive leadership team from the one it had at the beginning of 2024. It’s unclear how the new-look Xponential will differ from the old guard, but King brings high-level franchising experience from Taco Bell.
What To Watch in 2025:
Will Xponential sell any more brands? The franchisor has hinted that it wants to devote more attention to its top-performing brands like Club Pilates and StretchLab while also looking to grow trendy concepts like BFT and Lindora. As a result, other brands could be on the chopping block. It’s also possible that Xponential looks to re-grow its portfolio with another acquisition in the coming year. Additionally, King has stated that Xponential plans to ramp up its international expansion efforts in 2025.
Credit: Orangetheory Fitness 3. Orangetheory, Anytime Fitness Create a Superpower
Orangetheory Fitness and Anytime Fitness parent Self Esteem Brands completed a merger of equals transaction in April, creating one of the world’s largest fitness and wellness brands with around 7,000 global franchise locations and $3.5 billion in systemwide sales.
A new holding company, Purpose Brands, will oversee Orangetheory, Anytime Fitness and other fitness brands in the portfolio, with former Topgolf CEO Tom Leverton tapped to lead the new entity.
Why It Matters:
With the one-two punch of Orangetheory and Anytime, Purpose Brands instantly becomes one of the most powerful global fitness brands. While OTF and Anytime will retain their own identities, the brands will lean on each other for franchising support, data and technology integration and other strategic initiatives. In the era of AI, having access to that much data should give Purpose Brands an advantage over other fitness brands.
What To Watch in 2025:
Orangetheory has already begun to adjust its strategy following the merger. The iconic group fitness group brand just launched a new ad campaign and is eyeing a broader rebranding strategy that includes a refreshed color palette, new digital designs and in-studio changes, all of which are designed to align OTF with post-pandemic wellness trends.
credit: Deutschlandreform/shutterstock.com 2. Planet Fitness Raises Membership Price, Hires New CEO
It was quite the year for Planet Fitness, with the high-value, low-price (HVLP) gym giant raising its base membership price from $10 to $15/month and naming Colleen Keating as its new CEO to replace Chris Rondeau, whose exit shocked the fitness world in 2023.
Planet Fitness’ decision to raise its Class Card price to $15/month marked the gym brand’s first membership price increase in nearly 30 years. Investors and analysts have told ATN the move was necessary amid inflation.
Why It Matters:
Keating, who served as CEO of a rental home property management company and has held leadership roles at major hotel chains, takes over at a pivotal time for Planet Fitness. The company is still top dog in the HVLP gym space with around 20 million members and more than 2,600 locations, but it’s facing increased competition from upstarts like Crunch Fitness, Vasa Fitness, EōS and others.
What To Watch in 2025:
Planet Fitness has given some early glimpses into its new strategy under Keating. The gym brand plans to revamp its marketing approach to position itself as a gym for serious fitness enthusiasts rather than just casual gym-goers. In line with that plan, Planet Fitness intends to add more strength training equipment inside its gyms and cut down on cardio. At least some investors believe this strategy will pay off for Planet Fitness in 2025.
credit: [solidcore] 1. Solidcore Acquired, Valued at $600-700M Amid Pilates Boom
Solidcore continues to take the boutique fitness world by storm, and it’s just getting started. In September, the Pilates-inspired boutique fitness brand was acquired by private equity firm L Catterton in a deal that reportedly values the brand at between $600 and $700 million.
Why It Matters:
The deal marks a win not only for Solidcore but the entire Pilates space. The mind-body fitness modality surged in popularity in 2024 and shows no signs of slowing down in 2025 as brands like Solidcore and others open brick-and-mortar studios at a rapid clip across the country.
What To Watch in 2025:
Solidcore has ambitious expansion plans under president and CEO Bryan Myers. The boutique fitness brand already has over 100 open locations and said last year that it’s eyeing as many as 250 studios by 2028. L Catterton’s backing gives Solidcore even more ammunition for expansion; the brand is planning to open around 30 new locations in 2025 alone, ATN learned.
