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Capital and M&A

Capital and M&A raise practical questions about how fitness businesses grow, combine, and find the right partners. These conversations offer a place to explore them through merger decisions, private equity experience, and relationships behind deal flow. Fritz Lanman and Philipp Roesch-Schlanderer discuss integration priorities, investment capacity, and what their combination could mean for operators. Jon Canarick revisits investments in Equinox and Curves, including the challenge of bringing nutrition and fitness together. Jon Ward considers how trusted networks can connect founders with capital and support partnerships across fitness, wellness, and healthcare. Along the way, guests examine where scale might help, where business models constrain expansion, and how leaders weigh new opportunities without losing focus on the businesses they run every day.

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Latest conversations

Why HYROX Is the Best Business Opportunity in Fitness Right Now34 min

capital

Why HYROX Is the Best Business Opportunity in Fitness Right Now

Andrew Sugerman

Inside the $7.5B Merger Behind Mindbody, ClassPass and EGYM with Fritz Lanman & Philipp Roesch-Schlanderer67 min

capital

Inside the $7.5B Merger Behind Mindbody, ClassPass and EGYM with Fritz Lanman & Philipp Roesch-Schlanderer

Fritz Lanman, Philipp Roesch-Schlanderer

The Assembly Founder Jon Ward on GLP-1s, Deal Flow and Fitness's Future46 min

capital

The Assembly Founder Jon Ward on GLP-1s, Deal Flow and Fitness's Future

Jon Ward

Jon Canarick, North Castle Partners, on Curves, Equinox, and GLP-1s in Fitness48 min

capital

Jon Canarick, North Castle Partners, on Curves, Equinox, and GLP-1s in Fitness

Jon Canarick

Quarterly Report: Q2 Big Five with Andy Beckman of Garmin, Life Time Sheds Members on Purpose, Peloton's First Profit Ever, Xponential's 5x Problem75 min

capital

Quarterly Report: Q2 Big Five with Andy Beckman of Garmin, Life Time Sheds Members on Purpose, Peloton's First Profit Ever, Xponential's 5x Problem

Andy Beckman

WellnessSpace Brands' Paul Lunter on Cold Plunges, Red Light Saunas, and the Business of Recovery45 min

capital

WellnessSpace Brands' Paul Lunter on Cold Plunges, Red Light Saunas, and the Business of Recovery

Paul Lunter

Jeff Byers on Scaling Momentous: 1,000% Growth, Arnold Schwarzenegger, and Cutting a $500K Product49 min

capital

Jeff Byers on Scaling Momentous: 1,000% Growth, Arnold Schwarzenegger, and Cutting a $500K Product

Jeff Byers

Alberto Perlman (Zumba Co-Founder) on Building a 200,000-Location Global Fitness Empire54 min

capital

Alberto Perlman (Zumba Co-Founder) on Building a 200,000-Location Global Fitness Empire

Alberto Perlman

Eric Bormel - Good Deals Are Quiet: Demystifying M&A for Fitness Founders45 min

capital

Eric Bormel - Good Deals Are Quiet: Demystifying M&A for Fitness Founders

Eric Bormel

Juliet Starrett & Alex Alimanestianu - Quarterly Reports: The GLP-1 Tipping Point, CrossFit Finds Its CEO, Garmin's Quiet Takeover of Fitness71 min

capital

Juliet Starrett & Alex Alimanestianu - Quarterly Reports: The GLP-1 Tipping Point, CrossFit Finds Its CEO, Garmin's Quiet Takeover of Fitness

Edward Hertzman - Why Are the Most Successful Companies Hiding? Athletech CEO on Repositioning the Industry54 min

capital

Edward Hertzman - Why Are the Most Successful Companies Hiding? Athletech CEO on Repositioning the Industry

Edward Hertzman

Rick Mayo - No Pressure, Just Strategy: Why Alloy Took a PE Partner After 30 Years52 min

capital

Rick Mayo - No Pressure, Just Strategy: Why Alloy Took a PE Partner After 30 Years

Rick Mayo

Doug Gremmen - From 600 to 1.8 Million Participants: Inside Hyrox's Rocket Ship Growth48 min

capital

Doug Gremmen - From 600 to 1.8 Million Participants: Inside Hyrox's Rocket Ship Growth

Doug Gremmen

Karl Sanft  - COVID, Bankruptcy, and Back: The 24 Hour Fitness Turnaround50 min

operators

Karl Sanft - COVID, Bankruptcy, and Back: The 24 Hour Fitness Turnaround

Karl Sanft

Juliet Starrett & Alex Alimanestianu - Quarterly Reports:  $7.5 Billion Merger, a Surprise IPO, and Executive Shuffles93 min

capital

Juliet Starrett & Alex Alimanestianu - Quarterly Reports: $7.5 Billion Merger, a Surprise IPO, and Executive Shuffles

Andrew Sugerman - 1.8 Million Athletes, 2 Million Pounds of Equipment: Centr's Hyrox Partnership48 min

capital

Andrew Sugerman - 1.8 Million Athletes, 2 Million Pounds of Equipment: Centr's Hyrox Partnership

Andrew Sugerman

Mark Mastrov - The 24 Hour Fitness Acquisition: Mark Mastrov Returns with Long Range Capital52 min

capital

Mark Mastrov - The 24 Hour Fitness Acquisition: Mark Mastrov Returns with Long Range Capital

Mark Mastrov

Anthony Geisler's Sequel Brands: Five Boutique Brands, Zero Debt, 100% Control49 min

capital

Anthony Geisler's Sequel Brands: Five Boutique Brands, Zero Debt, 100% Control

Anthony Geisler's Sequel Brands

Juliet Starrett & Alex Alimanestianu - Quarterly Reports: Peloton, Life Time, Planet Fitness, Garmin & The Bloodwork BOOM64 min

capital

Juliet Starrett & Alex Alimanestianu - Quarterly Reports: Peloton, Life Time, Planet Fitness, Garmin & The Bloodwork BOOM

Carl Daikeler - Beachbody to BODi: Content is King, Simplicity is Queen51 min

capital

Carl Daikeler - Beachbody to BODi: Content is King, Simplicity is Queen

Carl Daikeler

Adam Schafer - Beyond the Fake: Mind Pump on Trust, Truth, and Industry Snake Oil55 min

capital

Adam Schafer - Beyond the Fake: Mind Pump on Trust, Truth, and Industry Snake Oil

Adam Schafer

Chris Craytor - AI Strategy and 'Affordable Luxury' Success in Mid-Market Clubs55 min

operators

Chris Craytor - AI Strategy and 'Affordable Luxury' Success in Mid-Market Clubs

Chris Craytor

Tony Scrimale - CR Fitness: HVLP Operational Excellence & The Private Equity Boom51 min

operators

Tony Scrimale - CR Fitness: HVLP Operational Excellence & The Private Equity Boom

Tony Scrimale

Reka Gobis - Connected: Health & Fitness Summit 202641 min

capital

Reka Gobis - Connected: Health & Fitness Summit 2026

Reka Gobis

Voices in the conversation

From the conversations

How are the merger leaders approaching integration?

“And so we've been very, very cautious about integration for the sake of integration and have spent a lot of energy thinking about okay, how do we make sure we work really well together?”

Inside the $7.5B Merger Behind Mindbody, ClassPass and EGYM with Fritz Lanman & Philipp Roesch-Schlanderer · 7:33 ↗

What happened when Canarick's team combined fitness and diet through the Jenny Craig acquisition?

“Uh, we ended up buying Jenny Craig uh as part of that. And so we actually sort of brought in this we created this combined center trying to bring fitness and diet together under one roof. I'm I'm I'm not embarrassed to tell you it did not work.”

Jon Canarick, North Castle Partners, on Curves, Equinox, and GLP-1s in Fitness · 8:00 ↗

How does Ward describe capital introductions within his network?

“Or you're looking for capital. I know a guy like literally fits this family office model that you're talking about, and he knows other people. Can I connect you? Yeah, like who is he? Sends the link, there you go, off and running.”

The Assembly Founder Jon Ward on GLP-1s, Deal Flow and Fitness's Future · 21:21 ↗

THE FUTURE OF FITNESS NEWSLETTER

What I’m paying attention to.

Every week, I talk with founders, operators, investors and scientists across fitness, health and wellness, then share the ideas that stayed with me, the shifts worth watching and what they could mean for the industry.

Free, every week, plus our quarterly State of Fitness report. Leave anytime.