In 2005, Fitness Centers were extremely marketable when traditional gyms were still prevalent in the market. Long are the days of strong market multiples when 3.25 x SDE and 1.15 x Revenue were common in this industry. Fast forward 15 years; the fitness center market is saturated while customer demand has shifted to workout sessions/classes of 60 minutes or less. This has changed the industry’s business model. Now, competition is strong and P/E multiples have fallen.