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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

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.

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