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

Eric Malzone sits down with Eric Bormel, Managing Director at Solomon Partners, for a deep dive into mergers and acquisitions in the fitness and wellness industry — breaking down exactly what it takes for a fitness brand, gym, or health tech company to get acquired, what drives valuation beyond revenue, and how founders can pick the right buyer instead of just the highest bidder. Using the recent Rouvy-to-Zwift acquisition as a real-world case study, Bormel pulls back the curtain on the M&A process from first meeting to closing the deal, explains why connected fitness companies like Peloton are finally stabilizing after the post-pandemic crash, and shares why consumer subscription brands like Strava and Zwift — along with wearables like Whoop and Oura — are currently the hottest categories for investors in the fitness tech space. The conversation also tackles AI's growing role in personalized health, wearables, and gym operations, plus the widening gap between CEO confidence and consumer sentiment in today's economy. Whether you're a gym owner, fitness entrepreneur, or just curious about fitness industry trends and investment activity, this episode is a crash course in fitness M&A, business valuation, and where smart money is heading next in health and wellness. Episode Takeaways: 💰 M&A 101 — the difference between intrinsic value (cash flow) and extrinsic value (revenue/EBITDA multiples) when valuing a fitness business 🤝 Picking the Right Buyer — why trust matters more than the highest offer, and how to find a buyer aligned with your goals 📈 Inside the Ruby-Zwift Deal — a real case study breaking down how a major fitness tech acquisition actually comes together ⏳ The M&A Timeline — why a typical deal takes 6 months (and sometimes years of relationship-building beforehand) 🚴 Connected Fitness Comeback — how Peloton and the connected fitness category clawed back to profitability after the post-COVID crash ⌚ Wearables on the Rise — why Whoop and Oura are pulling in serious capital and customers in the health tech space 🏋️ What Buyers Want Now — why consumer subscription brands with strong data and loyal users are winning over enterprise SaaS 🤖 AI in Fitness and Wellness — how AI is reshaping personalization, wearables, virtual care, and the member experience (without replacing the workout itself) 📊 CEO Confidence vs. Consumer Sentiment — the surprising economic disconnect happening right now and what it means for fitness businesses 🚀 Founder Advice — how to know when your business is actually ready to sell, and what really drives a successful exit OUR SPONSORS: 🔗 Perfect Gym: https://www.perfectgym.com/en 🔗 EGYM: https://egym.com/int