Summary:
This week’s report highlights significant M&A consolidations, restructuring, international expansions, financial performance, and technological integration across the global fitness and equipment sectors. Findel completed its UK acquisition of Gym Gear, while Core Health & Fitness expanded its direct commercial footprint across the U.S. by acquiring Fitnessmith and Comm-Fit. Conversely, FitLab Inc.—parent company of Assault Fitness—filed for Chapter 11 bankruptcy following severe financial deficits. On the tech and growth fronts, Technogym and Garmin reported strong 2026 Q3 results, Apple launched personalized strength training software, and Dick’s Sporting Goods announced an AI-focused hub in India. Meanwhile, ATHX Games extended its hardware deal with Blk Box, Academy Sports joined forces with Hyrox North America, and Peloton expanded its physical retail presence in Canada via The Fitness Factory.
1. Findel Expands Sports Portfolio with Strategic Acquisition of Gym Gear in UK
Educational resources supplier Findel has officially completed the M&A acquisition of Fitness Warehouse Limited (trading as Gym Gear), a prominent UK provider of commercial fitness equipment, turnkey gym design, and installation solutions. Operating as part of the Manutan Group, Findel’s transaction marks a key step in expanding its presence across commercial fitness sectors in the UK and Continental Europe.
Founded in 2005 near Preston, Gym Gear specializes in spatial gym layout design, commercial-grade strength and cardio equipment, and professional maintenance services. Its client base spans public sector institutions, including secondary schools, municipal leisure centers, and emergency services.
Under the new corporate structure, Hyde-based Findel will run Gym Gear as an independent entity. Gym Gear is set to collaborate with Findel’s UK branch, Davies Sports, alongside Manutan’s French sports distributor, Casal Sport, establishing a cross-border commercial equipment network. All 26 Gym Gear staff members have been retained to preserve operational continuity. While co-founder Roy Bulcock will retire following a transition phase, co-founders David Bulcock and Richard Lambert have joined the Findel group to manage future commercial growth. Transaction advisors included Cripps and PwC for Findel, alongside MHA and Harrison Drury for Gym Gear. Financial terms were not disclosed.
2. DHZ Fitness Partners with 1. FC Union Berlin to Elevate Commercial Profile
Commercial distributor PSLT Fitness Solutions announced that Chinese fitness equipment manufacturer DHZ Fitness has secured a top-tier sponsorship and equipment partnership with German Bundesliga football club 1. FC Union Berlin. The arrangement offers DHZ exposure beyond traditional health club environments and onto an elite sports performance platform.
PSLT, which distributes DHZ products across the UK, noted that the move comes as commercial club operators actively review equipment return on investment (ROI). DHZ has been growing its market presence through high-volume strength lines, including its heavy-duty “Titan” line and its targeted “Booty Range” lower-body selectorized machines.
According to PSLT Managing Director Graham Bertrand, the elite sports association helps redefine operator perceptions around budget-friendly equipment providers, proving that accessible price points can align with high-frequency commercial durability requirements. PSLT continues to support the deployment of DHZ ranges via custom facility layout design, logistics, supply, and trade-in services.
3. Apple Launches AI-Powered “Gym Strength” Training Plans for Apple Fitness+
Apple introduced “Gym Strength,” a major functional expansion to its Apple Fitness+ platform designed to deliver structured, adaptive strength training programs for users utilizing traditional commercial gym equipment. The shift moves the service beyond purely video-led home workouts to capture gym-goers seeking individualized performance progression.
The software generates four-week training cycles customized to user experience levels, schedules, targets, and available strength apparatus. The program dynamically calculates recommended load, sets, and rep ranges based on previous logs, offering support for over 30 equipment categories including cable stations, barbells, suspension systems, and dumbbells. Exercises feature rapid instructional video references led by Apple Fitness+ trainers.
“Gym Strength” runs on iPhone and iPad, with companion features for Apple Watch that allow real-time set, rep, and weight logging alongside biometric tracking. The update incorporates “Training Note”—an Apple Intelligence feature delivering AI-driven automated feedback and milestone analytics—building on the tech giant’s existing “Workout Buddy” AI coaching ecosystem. The platform extension is being rolled out at no extra cost to active Fitness+ subscribers.
4. ATHX Games and Blk Box Extend Global Equipment Partnership Through 2028
Belfast-based functional equipment manufacturer Blk Box extended its multi-year global supply contract with hybrid fitness event series ATHX Games through the end of the 2028 competition season. Under the renewed terms, Blk Box remains the exclusive hardware provider, outfitting global event floors with custom rigs, barbells, bumper plates, and specialty strength equipment.
The partnership, initially forged in October 2024, covers ATHX race events across the UK, Europe, and the United States. Supported by Adidas, ATHX has been actively expanding its North American presence with recent major events staged in Miami and Houston.
Blk Box reported record fiscal revenues of £26.7 million in 2025 (a 36% year-over-year increase), driven in part by affiliate equipment sales to training facilities and home athletes preparing for functional competitions. Founder Greg Bradley confirmed the brand will continue co-developing specialized competition equipment with ATHX while strengthening supply relationships with commercial operators such as PureGym, Equinox, and Soho House.
5. Core Health & Fitness Acquires U.S. Distributors Fitnessmith and Comm-Fit
Global fitness equipment manufacturer Core Health & Fitness completed the strategic dual acquisition of Florida-based Fitnessmith and Texas-based Comm-Fit on October 30. Building on its 2025 purchase of functional design brand Aktiv, the move transitions Core toward a direct-to-vertical distribution model across key U.S. commercial sectors.
The integrations expand Core’s internal direct sales, installation, spatial design, and maintenance infrastructure across vertical markets including hospitality, multi-family housing complexes, corporate wellness hubs, and educational institutions.
Core Health & Fitness CEO Michael Bruno and President Joey Osborne noted that absorbing Fitnessmith and Comm-Fit enhances the company’s full-lifecycle customer capabilities—spanning initial layout planning to equipment trade-ins and field maintenance. Comm-Fit brings deep regional logistics coverage in Texas and the Sun Belt, while Fitnessmith expands direct commercial reach across the Southeastern United States.
6. Technogym Reports 6% Revenue Growth for First Nine Months of 2026
Italian wellness and equipment manufacturer Technogym S.p.A. published its consolidated financial results for the nine-month period ending September 30, 2026, reaching €752 million in revenue. This represents a 6.1% year-over-year increase (6.9% at constant currency rates), supported by solid performance across both commercial (B2B) and consumer (B2C) segments.
Key financial and operational performance metrics include:
• B2B Revenue: €608.3 million (+7.1% YoY)
• B2C Revenue: €143.7 million (+2.2% YoY)
• Regional Growth: Europe (excl. Italy) expanded 9.7% to €360.1 million, Italy grew 7.0%, and North/South America recovered to +2.2% following an 8.3% jump in Q3. Asia-Pacific (APAC) contracted slightly by 1.3%.
• Distribution Channels: Retail sales experienced the strongest percentage growth at +23.9%, followed by Wholesale (+15.0%) and Direct Field Sales (+2.1%).
Technogym Chairman and CEO Nerio Alessandri stated that 2026 serves as a structural transition year toward the company’s “Vision 2031” strategy, shifting focus from general wellness to medicalized “Healthness.” Capital expenditure remained high, directed into the new Healthness Lab at Technogym Village, AI hardware integration (including the TIME-recognized Technogym Checkup station), and global event initiatives such as the worldwide RUN X treadmill championship organized with World Athletics.
7. Garmin Raises Full-Year 2026 Outlook Following Record Q3 Results
Garmin Ltd. posted record financial results for the third quarter ended September 29, 2026, driven by double-digit growth across its outdoor and wearable fitness lines. Consolidated net revenue grew 12% year-over-year to $1.99 billion, pushing operating income up 34% to $612 million.
Operating highlights and division breakdowns include:
• Financial Margins: Gross margin expanded to 63.3%, while operating margin reached 30.8%. Pro forma EPS climbed 39% to $2.76.
• Fitness Segment: Revenue rose 16% to $231 million in operating income, buoyed by strong wearable demand. During the quarter, Garmin introduced the screenless CIRQA Smart Band, the Edge 1060 cycling computer with voice control capabilities, and the entry-level Edge Explore 3 series.
• Outdoor Segment: Revenue grew 20% to $233 million in operating income, driven by adventure sports watches, including the release of the flagship fēnix 9 and fēnix 9 Pro series alongside new ultrawide Garmin Drive GPS units.
Following Q3 outperformance, CEO Cliff Pemble announced an upward revision to Garmin’s full-year 2026 financial guidance. Expected total revenues were raised from $8.05 billion to $8.15 billion, with projected pro-forma EPS updated to $10.80 based on an anticipated full-year gross margin of 61.0%.
8. Dick’s Sporting Goods Establishes AI Innovation Center in Bengaluru, India
Major U.S. omni-channel retailer Dick’s Sporting Goods announced the establishment of DKS Sports ACC (Agentic Capability Center), an AI-native technology hub located in Bengaluru, India. Starting with an initial core engineering team, the center is projected to scale up to 400 specialized tech employees by 2029.
The operation is headed by Managing Director Kaushik Das, former head of Catalyst Brands India, who brings extensive retail-tech experience from previous leadership roles at Target, JCPenney, and Kabbage.
The Bengaluru capability center will engineer enterprise AI agents, automated supply chain logic, data engineering architectures, and sports performance software. The technologies are designed to service all major corporate banners, including Dick’s Sporting Goods, Foot Locker, and the GameChanger team sports app. Active development focuses on scaling the “Coach by Dick’s” customer engagement system, enhancing video analysis tools for coaches, and automating inventory distribution algorithms.
9. Academy Sports + Outdoors Secures Multi-Year Hyrox North America Partnership
Retailer Academy Sports + Outdoors signed a multi-year partnership agreement with functional fitness event organizer Hyrox North America. Starting in 2026, Academy becomes an official partner across five major tour events—Tampa, Dallas, Nashville, Atlanta, and Houston—leading up to its official Title Sponsorship of Hyrox Houston in 2027.
The deal builds on Academy’s role as the Official Retail Partner for Centr x Hyrox competition apparel and training equipment. The retailer plans to host regional pre-race community activations, stock dedicated gear and nutritional supplements across its retail footprint, and establish interactive race-day fan zones.
David Good, VP of Marketing at Academy, and Kelly Jamieson, Hyrox Country Manager for the Americas, noted that the partnership directly connects retail distribution with the rapidly expanding mass-participation functional fitness demographic across the Southern United States.
10. FitLab Files for Chapter 11 Bankruptcy Amid Severe Operational Deficits
Newport Beach, California-based holding company FitLab Inc.—parent company of commercial hardware brand Assault Fitness, RPM Training, Y7 Studio, and the Ragnar Relay series—filed a voluntary petition for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the District of Delaware in late October 2026.
Court filings reveal severe balance sheet imbalances for the parent entity, listing estimated liabilities between $100 million and $500 million against estimated assets of just $10 million to $50 million, with a creditor base spanning 1,000 to 5,000 claimants.
The financial crisis severely impacted operations across FitLab’s portfolio prior to the court filing:
Assault Fitness & RPM Training: Equipment manufacturing pipelines faced widespread halts, resulting in component stockouts, supply chain delays, and unfulfilled commercial backorders.
Boutique Studios & Partnerships: All physical Y7 Studio hot yoga locations were shut down permanently between late August and mid-September 2026, while operations under the Nike Studios group training partnership ended entirely in March 2026.
Endurance Events: Operational management of the Ragnar Relay series is undergoing ownership transfer to an external investor group to maintain scheduled event operations.
11. Peloton Rebuilds Canadian Retail Footprint via The Fitness Factory Deal
Connected fitness firm Peloton Interactive expanded its brick-and-mortar retail distribution across Canada by partnering with national fitness hardware retailer The Fitness Factory. The agreement increases Peloton’s physical test-and-buy touchpoints in the country from two to ten locations.
The expansion moves beyond Peloton’s previous corporate showroom retail model, adding eight authorized Fitness Factory storefronts alongside existing flagship stores at Toronto’s CF Sherway Gardens and Calgary’s CF Chinook Centre. Consumers can test hardware in-person under the guidance of specialized commercial equipment staff.
Peloton Canadian General Manager Andrew Kalmuk stated that the partnership reflects sustained investment in the market alongside new hardware launches, including three updated treadmill models designed with space-saving foldable frames. The strategy aims to diversify Peloton’s market presence beyond connected indoor cycling into running, walking, and home strength equipment.
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