Aug 26, 2026 · 31 min · 11 segments
What does it take to turn a boutique fitness modality into a global platform? Nate Pund, Managing Director in Houlihan Lokey’s Consumer Group, sits down with Jim Heidenreich, CEO of Merrithew®, a…
Jim HeidenreichGuest
Nate PundHost
together.That's a good segue to understanding the market a little bit more broadly now that you've talked about how you guys are addressing a consumer's need, and part of what you're talking about is rehabilitation.
Look, I will confess, I- I'm one of those weekend warriors now who's gotten a little bit older.
I've gone through my own physical therapy for all the different sports I play and have come to realize where something like Pilates and now Gyrotonic is not just a, a way of being fit, but a way of excelling and improving and rehabilitating a- and you guys are really trying to capture that entire market, particularly with a population that is now, I would say, better educated.
What my 15-year-old son knows now about being healthy is completely different than what you and I grew up on, Jim, the days of-
But, but I'd love to understand how you see the market evolving, how two older guys now have gone through Pilates and found it so helpful, where Gyrotonic can be helpful.
I mean, there's a lot more to this market than just a boutique modality, for sure.
I, I think coming out of COVID, look at health and wellness has changed, and I think people are looking for solutions that support a lot of things.
They support strength, mobility, longevity obviously is a buzzword now, uh, mental well-being.
They want something that's sustainable, not just an intense workout, and we're seeing that at all levels.
We're seeing Gen Z and millennials are spending a lot more on fitness and wellness.
We're seeing fitness, health, and wellness, identi- you know, tying to people's identity, their social engagement.
Obviously, social media has played a big role in, in, in this, really looking at long-term health and wellness habits.
So because of all that's happening, what we're seeing in the Pilates specifically is they're really moving away from boutique niche to mainstream, and we're seeing expansion.
I think Joseph Pilates' first studio that he opened was in nineteen twenty-six.
But because people's expectations of what they want now out of longevity and health and wellness, the chain-- Pilates is moving from being that boutique kinda modality that's been around for a hundred years to fitness chains, hospitality, corporate wellness, universities, rehab, like I talked earlier, are really starting to get into it.
So we see different segments and verticals getting into Pilates, but we also see new customers coming in.
together.That's a good segue to understanding the market a little bit more broadly now that you've talked about how you guys are addressing a consumer's need, and part of what you're talking about is rehabilitation.
Look, I will confess, I- I'm one of those weekend warriors now who's gotten a little bit older.
I've gone through my own physical therapy for all the different sports I play and have come to realize where something like Pilates and now Gyrotonic is not just a, a way of being fit, but a way of excelling and improving and rehabilitating a- and you guys are really trying to capture that entire market, particularly with a population that is now, I would say, better educated.
What my 15-year-old son knows now about being healthy is completely different than what you and I grew up on, Jim, the days of-
But, but I'd love to understand how you see the market evolving, how two older guys now have gone through Pilates and found it so helpful, where Gyrotonic can be helpful.
I mean, there's a lot more to this market than just a boutique modality, for sure.
I, I think coming out of COVID, look at health and wellness has changed, and I think people are looking for solutions that support a lot of things.
They support strength, mobility, longevity obviously is a buzzword now, uh, mental well-being.
They want something that's sustainable, not just an intense workout, and we're seeing that at all levels.
We're seeing Gen Z and millennials are spending a lot more on fitness and wellness.
We're seeing fitness, health, and wellness, identi- you know, tying to people's identity, their social engagement.
Obviously, social media has played a big role in, in, in this, really looking at long-term health and wellness habits.
So because of all that's happening, what we're seeing in the Pilates specifically is they're really moving away from boutique niche to mainstream, and we're seeing expansion.
I think Joseph Pilates' first studio that he opened was in nineteen twenty-six.
But because people's expectations of what they want now out of longevity and health and wellness, the chain-- Pilates is moving from being that boutique kinda modality that's been around for a hundred years to fitness chains, hospitality, corporate wellness, universities, rehab, like I talked earlier, are really starting to get into it.
So we see different segments and verticals getting into Pilates, but we also see new customers coming in.
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