Connected fitness is consolidating.
The latest: Interactive Strength Inc (NASDAQ: TRNR) acquired indoor cycling brand Wattbike in an all-stock deal.
Building a portfolio of brands that includes FORME, CLMBR, and Sportstech, this marks the company’s third acquisition since going public and the second this year.
Synergies. Stacking modalities, TRNR is also expanding its global footprint — Germany-based Sportstech and UK-headquartered Wattbike represent the second- and third-largest fitness markets after the US.
Leveraging synergies across distribution and manufacturing, it hopes to compete in a shrinking at-home category, while accelerating commercial, hospitality, and sports partnerships.
Rollup. With DTC sales slowing, scale, integration, and global reach are becoming must-haves, leading brands to pursue consolidation.
- FitLab acquired equipment makers Assault Fitness and RPM.
- Hydrow bought smart strength equipment maker SPEEDE.
- Johnson Health Tech acquired BowFlex out of bankruptcy.
Punchline: Single-modality connected fitness has a lower ceiling. As traditional gyms load up on turn-key tech, platforms will be the preferred solution.
