Health, Fitness & Wellness Industries Lower Middle Market

1 Numa Wayne Capital Advisors LLC | Mergers & Acquisitions | Capital Markets | Strategic Advisory

M&A and Capital Markets Insights Summer 2019

Health, Fitness and Wellness - Industry Trends & M&A Activity

LMM M&A Overview | 1 HFW Market Highlights | 2 Sector Overview & M&A Activity | 3 Public Company Statistics | 11

Numa Wayne Capital Advisors is an independent investment banking firm that provides M&A, capital raising, and related strategic advisory services to lower middle-market companies in North America. Our transaction experience covers a broad range of industries, end markets and business models. We have domain expertise in working with companies serving the Health, Fitness and Wellness industries.

Kahlil Reid Managing Partner 310.971.4776 [email protected] www.numawayne.com

Health, Fitness & Wellness Industries

We are pleased to present Numa Wayne’s Summer 2019 M&A and

Capital Markets Insights for the Health, Fitness & Wellness industries. This

report provides a recap of recent M&A activity and Capital Markets public

company statistics for companies in the Health, Fitness & Wellness

industries.

Lower Middle-Market (LMM) M&A Overview

LMM M&A aggregate transaction volume and value have been on a

downswing over the last 5 years. However, the year-over-year decline for

Q1 2018 and Q1 2019 has been slight.

▪ The volume of LMM M&A transactions (defined as transaction values

between $5.0M and $250.0M) declined by 8.7%, from 1,009 deals in

Q1 2018 to 921 deals in Q1 2019.

▪ Total transaction value declined 13.6%, from $57.4B in Q1 2018 to

$49.6B in Q1 2019.

▪ Of particular note is the fairly significant decline in transaction volume

and value for transactions valued between $50M and $150M in Q1

2019 versus Q1 2018.

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Market Highlights Health, Fitness and Wellness - Industry Trends & M&A Activity

Health, Fitness & Wellness Market Highlights

Xponential Fitness Expands its Boutique Fitness Portfolio with the Acquisition of Stride

In January, Xponential Fitness, the largest curator of boutique fitness brands in the world,

has once again extended its leadership position in boutique fitness with an announcement

of the addition of yet another brand to its extensive portfolio. Stride, a boutique running

concept, joins seven other premiere brands under the Xponential Fitness umbrella includ-

ing Club Pilates, Pure Barre, CycleBar, StretchLab, Row House, AKT and YogaSix. Founded

in 2017 by Misa Dugally and Katie Ownbey, Stride delivers treadmill-based cardio and

strength-training classes, tailored to any level of walker, jogger or runner. The brand offers

four types of classes for participants, including Signature Sweat, Power Burn, Ultra Run

and Quick Burn.

PepsiCo Acquires Premium Protein Brand CytoSport for $465M

In February, PepsiCo agreed to buy CytoSport from Hormel Foods Corporation for $465

million. CytoSport markets a variety of protein-focused sports nutrition products under

the Muscle Milk brand, including powders, ready-to-drink (RTD) beverages and bars. In

2017, it launched a parallel brand platform for plant-based protein products, Evolve. With-

in the Pepsi portfolio, CytoSport products will feature alongside Gatorade, which in recent

years has broadened its offerings to include protein-based powders, RTDs and bars. Pepsi

also purchased Health Warrior, which markets sports nutrition powders and bars, for an

undisclosed sum in October 2018.

Brunswick Corp. Divests Its Life Fitness Business for $490M

In May, Brunswick Corp., agreed to sell its Life Fitness exercise equipment division to New

York private equity firm KPS Capital Partners for $490 million. The deal transfers Bruns-

wick’s entire fitness and recreation division — including Brunswick Billiards — into private

hands, as the company focuses on its remaining portfolio of marine engines and boats.

Life Fitness is a leading manufacturer of fitness equipment, including treadmills, ellipticals

and strength-training machines. It has the largest global installed base of equipment, with

approximately two million pieces of cardiovascular and strength equipment used regularly

by over 60 million people worldwide. KPS is the manager of the KPS Special Situations

Funds, a family of investment funds with over $5.1 billion of assets.

Google is Bolstering Its Smartwatch Business with Purchase of Fossil’s Smartwatch Tech

Google and watch marker Fossil in January announced that Google would be acquiring

smartwatch-related intellectual property and personnel from Fossil. The technology is cur-

rently under development and will only be used for future products. The acquisition

means that Google now has IP and developers that will help the company more directly

address the smartwatch and broader wearables industries. Under the terms of the deal,

Google will pay Fossil $40 million for IP that, unusually enough, has yet to see the light of

day. As part of the agreement, some of Fossil’s engineers will also join Google to support

the IP transfer, but the watch company will retain more than 200 R&D staff members to

continue developing products and technologies.




Health, Fitness & Wellness—Sector Overview & M&A Activity

FITNESS & SPORTING GOODS

Fitness Equipment

The Fitness Equipment industry consists of providers of weightlifting and cardiovascular machines, such as

treadmills, ellipticals, step machines, weights, hydraulic equipment, exercise bikes, functional trainers and

other exercise equipment. According to IBISWorld, the U.S. Fitness Equipment market was estimated at

$2.0B in 2018, with a projected 2.0% CAGR over the 2018 - 2023 period.

The fastest growing segment of the U.S. Fitness Equipment industry is the connected and interactive fitness

equipment segment, which according to Technavio research is expected to grow at a 31% CAGR over the

2017-2023 period. Connected and interactive fitness equipment contain consoles that interface with popular

fitness apps, music and other entertainment options. Users can access workout results, TV programming, the

internet and interactive courses, and Bluetooth connectivity makes it easy to synch workouts with other

devices. The leader in this segment is Peloton Interactive, which was recently valued at $4.1B.

Market leaders include: Icon Health & Fitness, Amer Sports Corp., Johnson Health Tech Co. Ltd., Nautilus and

Peloton Interactive.

Sports and Fitness Apparel

The Sport and Fitness Apparel market is comprised of fitness and sports clothing and footwear. The juncture

between fitness wear, sports apparel, and leisurewear is slowly concealing the difference between active

wear, casual wear, fitness clothing, and sportswear. Yoga pants, sweatpants, hoodies, and other activewear

are now fashion staples in the U.S. for lots of activities other than going to the gym. According to The NPD

Group, the U.S. Sport and Fitness Apparel industry was estimated at $44.0B in 2017, with a projected 4.0%

CAGR through 2019. Activewear currently represents 24% of total apparel industry sales.

The athleisure wear trend, in which clothing designed for athletic workouts is worn outside the gym, contin-

ues to drive growth in the Fitness Apparel industry. Millennials are seeking fashion over performance. As a

result, sportswear is turning into a highly popular style statement and fashion trend. New product launches,

acquisitions and celebrity marketing partnerships have been the key growth strategies adopted by estab-

lished players in the market to increase their market share and expand their customer base.

Market leaders include: Nike, Lululemon, Under Armour, Adidas, Puma and Columbia Sportswear, and

Sketchers.

Sporting Goods

The Sporting Goods industry includes equipment for ball sports, adventure sports, fitness, racket sports,

winter sports, and many other sports and activities. Revenues in the U.S. Sporting Goods industry are

projected at $25.0B in 2018 according to Statista, with a projected 11.0% CAGR through 2022.

Growth in the U.S. Sporting Goods market is being driven by larger disposable incomes, a growing portion of

the population living healthier lifestyles and stronger participation in sports and fitness activities. While the

overall industry is seeing growth, sporting good retailers with brick-and-mortar locations continue to be

squeezed by increasing online sales, as evidenced by the Sports Authority and Sports Chalet bankruptcies.




Opportunities exist for sporting goods companies with products designed for the everyday user, as opposed

to die-hard enthusiasts, and products designed to make sports activities safer.

Market Leaders include: Dick’s Sporting Goods, Foot Locker, Big 5 Sporting Goods, Hibbett Sports, and

Sportsman’s Warehouse Holdings.

FITNESS & SPORTING GOODS: SELECT M&A TRANSACTIONS (YTD 2019)

Ann. Date Target Acquirer Enterprise Value ($M)

EV/ LTM Rev.

EV/LTM EBITDA

05/09/19 $490.0 N/A N/A

05/02/19

260.0 1.1x N/A

03/18/19 N/A N/A N/A

01/16/19 N/A N/A N/A

01/02/19 N/A N/A N/A




ORGANIC & NATURAL FOODS

Organic foods and beverages are food products containing no toxic synthetic pesticides, toxic synthetic

herbicides, or chemical NPK fertilizers. Organic animal products contain no antibiotics or growth hor-

mones. Natural foods, while not regulated by the FDA or USDA, are foods that are minimally processed and

do not contain any hormones, antibiotics or artificial flavors. According to the Organic Trade Association, the

market for certified organic food and beverage products in the U.S. reached $49.4B in 2018, a 6.4% increase

over 2017. A recent industry report by Hexa Research projects that the U.S. Organic Food market will reach

$70.0B by 2025.

Industry growth drivers include rising health concerns owing to the use of synthetic pesticides, herbicides and

other chemicals, and the increasing availability of organic food options (currently available in 20,000 natural

food stores and conventional grocery stores across the U.S.).

The natural, organic and Better-for-You (“BFY”) segment has transformed the food industry over the past

decade. Increased demand for BFY products has spurred an industry-wide change as companies strive to

adapt to changing consumer preferences. Rather than developing products in-house, many established

companies have turned to acquisitions to expand their product offerings.

Market leaders (retailers) include: Whole Foods Market (Amazon), Sprouts Farmers Market, and Natural

Grocers by Vitamin Cottage.

Market leaders (producers) include: Hain Celestial Group, General Mills, and WhiteWave Foods (Danone SA)

and United Natural Foods, Inc.

NATURAL & ORGANIC FOODS: SELECT M&A TRANSACTIONS (YTD 2018)


EV/ LTM Rev.

EV/LTM EBITDA

04/12/19 $510.0 N/A N/A

02/25/19

67.0 1.1x N/A

02/20/19 465.0 N/A N/A

02/20/19 318.0 N/A N/A

02/14/19 N/A N/A N/A

Organic Soy & Corn Bus.




NUTRITIONAL SUPPLEMENTS & FUNCTIONAL BEVERAGES

Nutritional Supplements

Nutritional and dietary supplements include vitamins, minerals, herbals and botanicals, amino acids, en-

zymes, and other natural products. Dietary supplements come in a variety of forms: traditional tablets,

capsules, and powders; they are used to help individuals achieve their health and wellness goals. According

to market research firm Reports and Data, the U.S. Nutritional and Dietary Supplement market was valued at

$42.6B in 2018 and is expected to grow at a CAGR of 5.3% over the 2019 - 2026 period. The fastest growing

segments in the nutritional supplements market are sports nutrition, probiotics and meal replacement.

Demand drivers in the Nutritional and Dietary Supplement market include increasingly hectic and stressful

lifestyles and the rise in lifestyle-related diseases such as diabetes and obesity among working professionals

and the geriatric population. Rising awareness among consumers of the effectiveness of nutritional supple-

ments for maintaining balanced nutrition, lowering stress levels and reducing health risks is expected to

promote consumption over the coming years. In addition, due to increasing healthcare cost, many people are

turning towards dietary supplements to help them stay healthy. Market challenges include increased FDA

regulation and the need for more transparency with consumers regarding ingredients and efficacy.

Market leaders include: Amway, The Nature’s Bounty Co., GNC Holdings, Herbalife Nutrition, The Vitamin

Shoppe, and USANA Health Sciences.

Functional Beverages

Functional beverages include sports and performance drinks, energy drinks, ready-to-drink teas, enhanced

fruit drinks, soy beverages and enhanced water. Functional beverages assist in enhancing various body

functionalities such as the immune system, heart rate, digestive health, and weight management due to the

presence of minerals, vitamins, herbs, amino acids, antioxidants, and bacteria. According to Packaged Facts,

the U.S. retail market for functional beverages reached $25.0B in 2018. Market Research Hub’s analysts

project that this market will grow steadily at a CAGR of 6.5% during the 2017 - 2021 period.

The trend towards healthy lifestyles and disease prevention, coupled with rising health care costs, are some

of the major drivers of the global functional drinks market. Due to the maturity of the carbonated drink

sector over the past couple of years, we have seen heavy investments by major food and beverage compa-

nies in the functional beverage market. Personalization and fragmentation are two of the biggest drivers of

change in the functional beverages market; that is, consumers want more customized solutions, shunning

one-size-fits-all products. This has led to market fragmentation as new companies strive to meet emerging

consumer needs.

Market leaders include: PepsiCo (SoBe, Propel, Kevita Naked, Gatorade), The Coca-Cola Company (Fuze,

Powerade, Odwalla, Zico, Vitamin Water), Nestle (Boost, OptiFast), Campbell Soup Company (Bolthouse

Farms), Monster Beverage, Keurig Dr. Pepper, and Red Bull.




NUTRITIONAL SUPPLEMENTS & FUNCTIONAL BEVERAGES: SELECT M&A TRANSACTIONS (YTD 2018)


EV/ LTM Rev.

EV/LTM EBITDA

04/22/19 N/A N/A N/A

03/26/19

N/A N/A N/A

02/11/19 N/A N/A N/A

02/20/19 $89.0 N/A N/A

01/30/19 N/A N/A N/A




FITNESS & SPORTS TECHNOLOGY

Health, Fitness & Wellness Apps

Fitness apps are mobile applications that allow users to use their smartphones for tracking and monitoring

fitness and sports activities. These apps track the fitness levels of users, measure their heart rates, and the

calories lost while exercising and doing day-to-day activities. According to Technavio, the Global Fitness App

market was estimated at $1.8B in 2017 and is forecasted to grow at a 29.0 % CAGR over the 2017 - 2021

period. North America currently holds the highest market share and is expected to dominate the market over

the forecast period.

Industry growth drivers include increasing use of mobile apps, easy availability of cost-effective apps, and the

rising inclination towards maintaining physical health as healthcare costs continue to rise. According to a

survey by Flurry from Oath, a global mobile analytics firm, of all fitness app users, 96.0% are using only one

fitness app. Consumer stickiness creates a significant advantage and opportunity for the largest fitness app

companies.

The fitness app market is highly competitive and consists of several large and small-scale players. Technologi-

cal innovations by leading vendors will play a significant role in the growth of the market. The competition

among vendors is based primarily based on price, portfolio, and user-friendly interface.

Market leaders include: Fitbit, MyFitnessPal, Azumio, Under Armour, and Wahoo Fitness.

Wearables

The Global Wearable Devices market is segmented on the lines of its product and application. Based on

product segmentation it covers wrist wear, foot wear, eye wear, ear wear, body wear, neck wear and others.

Under application segmentation it contains fitness and sports, infotainment, healthcare, defense, enterprise

and industrial. According to CCS Insight, the Global Wearable Device Market will double by 2022, reaching

$27.0B with 233 million unit sales. According to IDC, the fastest growing segments include bio-sensing

apparel and smart earwear, with expected growth rates over the 2018 - 2022 period of 37.5% and 56.3%,

respectively.

The Global Smart Wearable Device market is currently in a transition period where vendors are slowly

moving beyond first-generation devices and experiences, bringing together an ecosystem of partners and

applications for improved user experiences that reach beyond step counting. The wearables of tomorrow will

play a more prominent role in communication, digital health care, home IoT, and enterprise productivity. The

market is shifting from basic wearables (devices that do not run third-party applications) to smartwatches.

Growth in the Global Wearable Device Market will largely be powered by smartwatches, with basic weara-

bles such as fitness trackers declining over the next four years.

Market leaders include: Apple, Fitbit, Xiaomi, Huawei and Garmin.




FITNESS & SPORTS TECHNOLOGY: SELECT M&A TRANSACTIONS (YTD 2018)


EV/ LTM Rev.

EV/LTM EBITDA

04/22/19 N/A N/A N/A

03/26/19

N/A N/A N/A

02/11/19 N/A N/A N/A

02/20/19 $40.0 N/A N/A

01/30/19 4.2 N/A N/A

Smartwatch IP



Health, Fitness and Wellness - Public Company Data Health, Fitness and Wellness - Industry Trends & M&A Activity

FITNESS & WELLNESS FACILITIES

The Fitness and Wellness Facility market consists of operators of fitness and recreational sports facilities that

feature exercise and other active physical fitness conditioning or recreational sports activities, such as

swimming, skating or racquet sports. These operators are involved in facilities management and fitness

instruction. According to IBISWorld, over the past five years, the U.S. Gym, Health & Fitness Clubs industry

has grown by 2.6% to reach sales of $33.0B in 2018.

The two trends driving growth in the Fitness and Wellness Facility market are the rise of boutique fitness

studio concepts and the proliferation of high-value, low-price (HVLP) gyms. Boutique fitness studios are

smaller gyms that focus on group exercise and specialize in one or two fitness modalities such as high

intensity interval training (HIIT), yoga, pilates, boxing, and cycling. Orangetheory, Pure Barre, CorePower

Yoga, SoulCycle and 9Round are currently among the most popular boutique studios. HVLP gyms are larger

clubs offering robust amenities that look and feel like the full-service offerings of legacy fitness brands at 33%

to 50% the price. The leaders in the HVLP space are Planet Fitness, and Crunch.

Market leaders include: Anytime Fitness, Snap Fitness, Planet Fitness, LA Fitness, Orangetheory, 9Round,

EXOS and 24 Hour Fitness.

FITNESS & WELLNESS FACILITIES: SELECT M&A TRANSACTIONS (YTD 2018)


EV/ LTM Rev.

EV/LTM EBITDA

03/29/19 N/A N/A N/A

03/12/19

N/A N/A N/A

02/04/19 N/A N/A N/A

01/15/19 $40.0 N/A N/A

01/10/19 4.2 N/A N/A

One World Fitness Franchisee of 18

Clubs

Operator of 12 Orangetheory

Studios




LTM Results

LTM Valuation Multiples

Company Name Share Price

% of 52 Wk High

Enterprise Value (EV) Revenue

Gross Profit %

EBITDA Margin %

EV/ Revenue

EV/ EBITDA

$27.03 97.0% $2,566.4 $1,633.0 51.6% 11.7% 1.6x 13.4x

47.05 67.4% 5,324.8 5,159.2 25.8% 12.9% 1.0x 8.0x

18.25 74.0% 2,460.1 1,242.8 46.5% 12.0% 2.0x 16.5x

14.10 94.6% 438.6 212.1 35.4% 10.3% 2.1x 20.0x

99.64 90.8% 6,499.4 2,802.3 49.6% 16.1% 2.3x 14.4x

11.03 73.8% 159.8 175.7 25.6% 9.3% 0.9x 9.8x

7.56 33.2% 125.5 43.8 87.1% NM 2.9x NM

181.87 95.5% 21,468.7 3,288.3 55.3% 25.1% 6.5x 26.0x

2.35 14.6% 92.0 396.8 45.8% 2.3% 0.2x 10.1x

88.75 98.6% 111,265.0 38,722.0 41.2% 14.3% 2.9x 20.1x

31.34 87.9% 4,587.6 4,662.7 48.0% 12.1% 1.0x 8.1x

26.15 95.1% 12,795.2 5,193.2 45.4% 7.3% 2.5x 33.7x

Mean 46.0% 12.2% 2.2x 16.7x

Median 45.8% 12.1% 2.1x 15.5x

41.3% 8.4% 1.1x 13.4x Harmonic Mean

Publicly Traded Comparables - Fitness & Sporting Goods & Apparel

Share prices as 06/21/2019




LTM Results



% of 52 Wk High


Gross Profit %

EBITDA Margin %

EV/ Revenue

EV/ EBITDA

$3.12 74.3% $24.7 $32.2 41.5% NM 0.8x NM

1.43 30.8% 1,393.0 2,310.0 33.4% 8.9% 0.6x 6.8x

43.61 70.6% 7,505.6 4,890.0 53.4% 16.0% 1.5x 9.6x

11.44 67.0% 150.1 223.8 75.2% 4.6% 0.7x 14.7x

7.91 29.0% (26.2) 158.9 96.0% 13.4% NM NM

8.85 82.5% 149.6 368.7 73.0% 5.7% 0.4x 7.1x

48.87 55.1% 2,914.7 2,690.0 76.2% 15.3% 1.1x 7.1x

44.50 55.2% 8,580.0 4,690.0 39.0% 17.9% 1.8x 10.2x

72.95 52.9% 1,469.3 1,170.0 84.5% 16.7% 1.3x 7.5x

3.99 28.6% 636.3 1,100.0 43.9% 5.7% 0.6x 10.2x

Mean 61.6% 11.6% 1.0x 9.1x

Median 63.2% 13.4% 0.8x 8.5x

Harmonic Mean 54.5% 9.0% 0.8x 8.6x Share prices as 06/21/2019

Publicly Traded Comparables - Fitness Nutrition & Supplements




LTM Results



% of 52 Wk High


Gross Profit %

EBITDA Margin %

EV/ Revenue

EV/ EBITDA

$20.65 66.3% $2,874.9 $2,360.0 21.8% 7.2% 1.2x 16.9x

79.38 95.0% 968.2 870.8 15.9% 7.7% 1.1x 14.5x

2.11 32.3% 36.1 99.2 29.1% 1.9% 0.4x 19.2x

12.38 50.5% 322.3 882.6 25.6% 5.3% 0.4x 6.8x

5.40 54.1% 351.4 98.9 9.4% NM 3.6x NM

112.78 99.2% 14,678.2 6,040.0 31.0% 19.4% 2.4x 12.5x

51.47 95.9% 45,292.6 16,590.0 32.9% 21.8% 2.7x 12.5x

21.42 72.2% 4,166.8 5,330.0 32.8% 6.5% 0.8x 12.0x

24.36 97.1% 1,967.4 460.2 45.1% 17.1% 4.3x 25.1x

9.12 20.3% 3,678.5 14,260.0 10.7% 2.6% 0.3x 10.1x

Mean 25.4% 9.9% 1.7x 14.4x

Median 27.3% 7.2% 1.2x 12.5x

Harmonic Mean 20.1% 5.3% 0.7x 12.7x


Publicly Traded Comparables - Organic & Natural Foods




LTM Results



% of 52 Wk High


Gross Profit %

EBITDA Margin %

EV/ Revenue

EV/ EBITDA

$2.08 24.9% $357.4 $998.7 30.1% 2.1% 0.4x 16.7x

12.00 44.2% 3,955.1 4,800.0 28.3% 5.6% 0.8x 14.7x

34.17 82.9% 6,471.9 8,440.0 28.9% 8.2% 0.8x 9.3x

42.27 62.2% 6,937.0 7,990.0 42.8% 11.3% 0.9x 7.7x

44.45 85.7% 1,481.0 2,190.0 47.9% 6.4% 0.7x 10.5x

19.27 65.1% 491.5 1,080.0 30.6% 7.7% 0.5x 5.9x

3.81 57.0% 572.5 843.1 33.8% 7.2% 0.7x 9.5x

88.37 96.7% 37,343.1 13,850.0 51.0% 16.0% 2.7x 16.9x

Mean 36.7% 8.1% 0.9x 11.4x

Median 32.2% 7.4% 0.7x 10.0x


Publicly Traded Comparables - Fitness & Sporting Goods & Apparel Retailers




LTM Results



% of 52 Wk High


Gross Profit %

EBITDA Margin %

EV/ Revenue

EV/ EBITDA

$44.45 85.3% $1,095.9 $218.0 63.4% NM 5.0x NM

198.78 85.1% 946,928.0 258,490.0 39.4% 29.9% 3.7x 12.2x

4.48 62.9% 628.9 1,540.0 39.2% NM 0.4x NM

11.02 34.9% 883.1 2,440.0 54.9% 7.4% 0.4x 4.9x

81.21 90.5% 14,151.0 3,400.0 58.2% 26.0% 4.2x 16.0x

1,121.88 87.0% 677,634.0 142,010.0 54.4% 29.7% 4.8x 16.1x

79.60 80.9% 1,950.5 163.9 66.3% NM 11.9x NM

10.01 50.9% 615.5 3,645.3 25.8% NM 0.2x NM

5.85 76.6% 992.7 1,190.0 30.5% NM 0.8x NM

Mean 48.0% 23.3% 3.5x 12.3x

Median 54.4% 27.8% 3.7x 14.1x

Harmonic Mean 43.5% 16.7% 0.7x 9.7x


Publicly Traded Comparables - Fitness Technology & Wearables




LTM Results



% of 52 Wk High


Gross Profit %

EBITDA Margin %

EV/ Revenue

EV/ EBITDA

$126.72 48.6% $1,401.1 $568.3 66.9% 14.6% 2.5x 16.9x

76.01 92.8% 8,040.6 556.8 52.6% 42.4% 14.4x 34.1x

2.18 14.7% 871.0 452.6 54.9% 11.6% 1.9x 16.6x

20.42 19.3% 2,826.1 1,469.0 59.0% 27.2% 1.9x 7.1x

0.72 33.0% 5.8 59.8 59.9% NM 0.1x NM

Mean 58.3% 23.9% 5.2x 18.7x

Median 57.0% 20.9% 2.2x 16.8x


Publicly Traded Comparables - Fitness & Wellness Facilities & Programs

Documents

Health, Fitness & Wellness Industries Lower Middle Market