M&A advisory for sports & lifestyle companies
Sports and lifestyle M&A is led by strategic acquirers - Nike, Adidas, VF, Amer, Puma, Under Armour, Decathlon - alongside PE platforms building portfolios across performance, outdoor and fitness. Buyers underwrite on brand authenticity within a sport or community, wholesale traction and the durability of repeat purchase.
The strategic buyer pool is Nike, Adidas, Under Armour, Lululemon and Anta, alongside VF, Amer Sports, Puma, Decathlon and the regional sporting goods groups, plus mid-market sponsors active in outdoor and fitness. Brand authenticity within a defined community is the single underwriting variable a sports strategic cares about, and wholesale traction in specialty channels sits right behind it. Flow has direct access to the corp dev teams across this set.
Flow team has relevant sector experience and has worked with sports and lifestyle companies across performance apparel and footwear, outdoor and adventure, fitness equipment, cycling and watersports, and lifestyle adjacencies.
"Sports & lifestyle" KPIs M&A buyers look at
Key metrics strategics and PE buyers look at when analayzing sports & lifestyle M&A targets
Revenue
Gross margin
Contribution margin
Full-price sell-through
Markdown rate
Returns rate
Repeat purchase rate
Wholesale share
AOV
Days inventory outstanding
Advertising as % of revenue
Licensing & royalty income
Sports & lifestyle valuations in May 2026
Public sports & lifestyle comps trade at 1.6x EV/Revenue. Median revenue multiple across sports & lifestyle M&A deals was 1.6x in the last 12 months.
1.6x
Median EV/Revenue as of May 2026 for public sports & lifestyle companies
2.3x
Disney is the highest valued public sports & lifestyle company based on EV/Revenue (excluding outliers)
1.6x
Median EV/Revenue across sports & lifestyle M&A deals in the last 12 months
3.2x
Median EV/Revenue across sports & lifestyle VC rounds in the last 12 months
Key recent sports & lifestyle M&A deals
$2.6B acquisition of Invited Clubs by KSL Capital Partners was the largest sports & lifestyle M&A transaction completed in the last year.
See all sports & lifestyle M&A deals| Logo | HQ | Description | Buyer | ||||
|---|---|---|---|---|---|---|---|
Apr-26 | Invited Clubs |  | Invited Clubs is a U.S. operator of private membership clubs encompassing golf, country, and city facilities. | KSL Capital Partners | $2.6B | 2.5x | |
Nov-25 | Topgolf Entertainment Group | | Topgolf Entertainment Group is a Dallas-headquartered operator of golf entertainment venues featuring climate-controlled hitting bays, microchipped balls for scoring, and full-service dining. Founded in 2000, the company runs locations in the United States, United Kingdom, Australia, and Mexico. Topgolf merged with Callaway Golf Group in 2021 and lists on Nasdaq under the ticker TOPG, hosting events for corporate groups and leagues. | Leonard Green & Partners | $1.8B | - | |
Nov-25 | Concert Golf Partners | | Concert Golf Partners is a Charlotte-headquartered owner-operator of private country clubs across the United States. It acquires properties with all-cash deals, funding renovations at venues like Old Trail Golf Club in Virginia and The Club at Ibis in Florida to enhance amenities, dining, and member events without debt financing. | Bain Capital | $1.3B | - | |
Jun-25 | Livensa Living |  | Livensa Living is a Barcelona-based student accommodation provider operating modern residences throughout Spain and Portugal, equipped with amenities like secure entry, Wi-Fi, pools, gyms, libraries, dining spaces, theaters, and climate-controlled environments. | Nido Living | $1.3B | - | |
Jul-25 | uvex group |  | uvex group is a Fürth-headquartered German manufacturer of personal protective equipment, including safety glasses, helmets, hearing protection, and workwear. The company also produces sports eyewear and cycling gear under brands like uvex and alpina, supplying industries, construction sites, and retail outlets globally. | Warburg Pincus | $942M | 1.2x | |
Mar-26 | HRX |  | HRX manufactures customized race suits, boots, and gloves. | Holley | $900M | 1.6x | |
Sep-25 | The Original Fit Factory |  | The Original Fit Factory is a global wellness and fitness services provider operating in over seventy countries. Founded in 2016, the company delivers programs focused on physical health, nutrition, and lifestyle improvement through digital platforms and physical centers. It maintains a presence across multiple continents, emphasizing accessible environments for personal wellbeing journeys. | ESH Acquisition | $500M | - | |
Mar-26 | LiveBarn | | LiveBarn delivers live and on-demand online broadcasts of amateur and youth sports from venues across the US and Canada using automated tracking technology. | Ascent Sports Group | $400M | 5.0x | |
Sep-25 | LEGO Discovery Center | | LEGO Discovery Center Atlanta is an indoor family attraction in Georgia featuring hands-on LEGO building zones, interactive rides, and a 4D cinema. Visitors explore a LEGO brick miniature city, join workshops with a Master Model Builder, and access DUPLO areas for toddlers. The center hosts birthday parties, field trips, seasonal events, a retail shop, and a café. | The LEGO Group | $254M | - | |
Sep-25 | Legoland Discovery Centre | | Legoland Discovery Centre is an indoor entertainment chain operated by Merlin Entertainments featuring LEGO-themed attractions for children aged three to ten. Each location includes MINILAND exhibits built from millions of LEGO bricks replicating local landmarks, interactive build zones, 4D cinemas, and driving schools. Centers operate in cities such as Chicago, Dallas, and Toronto, drawing over one million visitors annually per site with family-oriented rides and Duplo play areas. | The LEGO Group | $254M | - | |
Feb-26 | Marine Prods | | Marine Products Corp is a manufacturer of fiberglass motorized boats distributed and marketed through its independent dealer network. The company's only operating segment is Powerboat Manufacturing Business. It operates in the powerboat manufacturing business segment in Nashville, Valdosta, and Georgia. Its product offerings include Chaparral sterndrive, outboard pleasure boats, and Robalo outboard sport fishing boats. The company offers its products to the family recreational markets through its Chaparral brand and to the sportfishing market through its Robalo brand. | MasterCraft | $232M | 1.0x | |
Jan-26 | Selkirk | | Selkirk is a pickleball equipment manufacturer producing high-performance paddles. | Bluestone Equity Partners | $200M | - | |
Jul-25 | L.A.B. Golf | | L.A.B. Golf is a Phoenix-based manufacturer of Lie Angle Balanced putters using patented technology to keep clubface square during strokes. The company produces models like DF 2.1 and Mezz.1 Max, offering remote fitting services and shafts from PURE Rollers. | L Catterton | $200M | 1.5x | |
Jul-25 | Sunseeker Resort | | - | Blackstone | $200M | - | |
Jul-25 | Tabacon |  | Tabacon is a La Fortuna-headquartered luxury resort in Costa Rica nestled at Arenal Volcano's base. Opened in 1996, it features 88 rooms across rainforest lodges and suites, plus natural hot springs thermal pools with temperatures from 104 to 158 degrees Fahrenheit. The property spans 800 acres, offering rainforest hikes, canopy ziplines, and farm-to-table dining using on-site organic produce. | Pursuit | $111M | - |
Most active buyers of sports & lifestyle companies
The Bay Club, Lucky Strike Entertainment and Genda are the most active acquirers of sports & lifestyle companies in the last three years.
See all sports & lifestyle acquirers| Logo | HQ | Description | Key acquisitions | ||
|---|---|---|---|---|---|
The Bay Club | | The Bay Club Company is a San Francisco Bay Area-based operator of fitness, sports, and hospitality campuses spanning California. With 15 locations including gyms, tennis courts, pools, and family programs, it caters to over 100,000 members through wellness services and event spaces. | Arena SportsGriffin Club Los Angeles425 Fitness+2 | 7 | |
Lucky Strike Entertainment | | Lucky Strike Entertainment Corp is an operator of location-based entertainment. Across several locations in North America, the company provides experiential offerings in bowling, amusements, water parks, and family entertainment centers (FECs). It operates traditional bowling locations and more upscale entertainment concepts with lounge seating, arcades, enhanced food and beverage offerings, and more robust customer service for individuals and group events, as well as hosting and overseeing professional and non-professional bowling tournaments and related broadcasting. | Thunderbowl LanesBam Entertainment CenterMerri-Bowl Lane+2 | 6 | |
Genda |  | Genda Inc is a pure holding company engaged in management support for several subsidiaries in entertainment businesses. The company has two business segments: Entertainment Platform Business and Entertainment and Content Business. The company generates the majority of its revenue from the Entertainment Platform Business segment, which is engaged in developing "Karaoke," which operates karaoke facilities and distributes equipment, and "Food & Beverage (F&B)," which provides food and drinks as a platform to deliver "Food as Entertainment". The Entertainment and Contents Business includes Character Merchandising (MD), which plans and provides product and events that utilize the characters that appear in IPs and the worldview and appeal of those IPs, as well as anime production and publishing. | Ottotree EntertainmentIndigo NewCoBarberio Entertainment Company+1 | 4 | |
Extraordinary Brands | | Extraordinary Brands is a franchisor platform uniting boutique fitness chains like Pvolve and Pure Barre under shared membership and marketing infrastructure. Headquartered in Atlanta, it operates 500+ studios across the US and supports digital class access via app. | CycleBarRumbleNeighborhood Barre+2 | 4 | |
Live Nation | | Live Nation is the largest live entertainment company in the world, serving as a concert promoter, venue operator, and ticketing platform. In addition, the firm generates revenue from sponsorships and advertising. With offices in 51 countries, Live Nation promotes concerts globally and it owned, operated, or had exclusive booking rights to more than 400 venues worldwide at the end of 2025, which the firm says makes it the second-largest operator of music venues globally. In 2025, Live Nation promoted nearly 55,000 events, drawing roughly 160 million fans. Ticketmaster is a dominant global ticketing service, selling nearly 650 million tickets in 2025. | ForumNetParis La Defense ArenaRoyal Arena+2 | 3 | |
Pure Hockey | | Pure Hockey is the leading U.S. retailer of ice hockey equipment with superstores in Massachusetts, Connecticut, and New York, plus nationwide online sales. The company stocks brands like Bauer, CCM, and Warrior, offering skates, sticks, protective gear, and apparel alongside custom fittings and repair services. Founded in 1999 in Woburn, Pure Hockey ships to Canada and Europe, maintaining inventory of over 20,000 SKUs for players at all levels from youth to professional. | Bar Down Sports CoHockey HeadquartersOff The Bench Hockey Shop+1 | 3 | |
Alterra Mountain Company | | Alterra Mountain Company is a Denver-headquartered operator of 17 ski resorts and year-round destinations across North America, including Steamboat Springs, Winter Park, and Deer Valley. The Ikon Pass grants access to 50,000 skiable acres and unlimited lift tickets at 15 owned properties, serving 20 million annual skier visits. Operations extend to heli-skiing in British Columbia and real estate developments in Colorado. | Arapahoe Basin Ski AreaMike Wiegele Helicopter SkiingSchweitzer Mountain Resort | 3 | |
K1 Speed | | K1 Speed is an Irvine, California-headquartered operator of indoor electric go-kart tracks across the United States. Founded in 2003, the company runs 13 locations including San Diego, Los Angeles, Seattle, and Phoenix, with tracks up to 1/4 mile long. K1 Speed hosts professional races through its Superstar Racing Experience series and caters to corporate events with high-performance SODI karts reaching 45 mph. | Grand Prix New YorkCapital KartsSpeed Circuit & Family Fun Center | 3 | |
Frasers Group | | Frasers Group PLC is a U.K. sports goods retailer. The diversified portfolio of Sports, Fitness, Premium Lifestyle and Luxury Store Fascias. Its brands are Sports Direct, House of Fraser, Flannels, Amara Living, Evans Cycles, Game, Jack Wills, and Others. The company has five segments five operating segments: UK Sports, Premium Lifestyle, International, Property and Financial Services. It operates stores in the United Kingdom, Europe, Asia, Oceania and USA. It generates the majority of the revenue from UK Sports includes the results of the Group’s core sports retail store operations in the UK, plus all the Group’s sports retail online business, other UK-based sports retail and wholesale operations, GAME UK stores and online operations, retail store operations. | TwinsportWiggleWIT Fitness+2 | 3 | |
Backcountry | | Backcountry is a Park City-headquartered online retailer of outdoor gear and apparel. The company stocks equipment for hiking, skiing, snowboarding, camping, mountain biking, and climbing from brands such as Patagonia, The North Face, and Arc'teryx. Backcountry operates warehouses across the United States to fulfill orders nationwide. | VelotechLevel Nine SportsCoalatree | 2 |
Founders and investors we've worked with
We've supported winning builders across sports & lifestyle and beyond.
MAILINGWORK
We acted as exclusive sell-side advisor to MAILINGWORK, a Chemnitz-based email marketing software platform, on its sale to French digital marketing leader Positive Group.
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TestSolutions
We acted as exclusive financial advisor to Swiss PE firm Patrimonium on its majority stake acquisition of TestSolutions, a Frankfurt-based software testing and IT services provider.
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Rebellion Pay
We acted as exclusive sell-side advisor to Rebellion Pay, Spain's leading Gen Z neobanking platform, on its sale to Turkish consumer fintech unicorn Papara.
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HAPPYCAR
We acted as exclusive sell-side advisor to HAPPYCAR, a Hamburg-based pan-European rental car comparison and booking platform, on its sale to Dutch online price comparison player EasyTerra.
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Resillion
We provided buy-side advice to a dominant TIC industry player on the carve-out and acquisition of Resillion (fka Eurofins Digital Testing), a Hasselt-based digital testing, cybersecurity and forensics provider.
See moreRecent M&A advisory track record
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