While broader consumer M&A contracted nearly 19 percent in 2025, the outdoor recreation sector posted a 48 percent gain — and YTD deal volume in 2026 has already doubled year-over-year. Capstone Partners’ April 2026 market update explains the divergence.
Sporting goods has emerged as the most active segment driving outdoor recreation mergers and acquisitions (M&A) in 2026, according to Capstone Partners’ April 2026 market update.
Transaction volume across outdoor recreation reached 164 deals in 2025 — a 47.7 percent year-over-year (YOY) gain — while the broader consumer industry contracted 18.9 percent over the same period. YTD 2026 deal activity has already doubled against the equivalent prior-year period, with 40 transactions recorded versus 20.
Sporting goods accounts for a disproportionate share of that momentum, with transactions in the segment doubling YOY to 10 deals in YTD 2026.
Pete Bailey, Senior Director at Capstone Partners, cites youth sports growth, expanding facilities and sports technology evolution as the primary catalysts.
Valuation multiples in outdoor recreation have held flat at 9.5x EV/EBITDA (enterprise value to earnings before interest, taxes, depreciation and amortization) since 2022–2023 — in contrast to a broader consumer market where multiples have declined. Supply chain repositioning is adding further strategic rationale, with acquirers actively targeting companies that offer manufacturing agility and tariff insulation.
| Outdoor recreation M&A — key data points, April 2026 | ||
|---|---|---|
| Metric | Figure | vs prior period |
| Sporting goods deals YTD 2026 |
10 transactions | +100% YOY |
| All outdoor rec deals YTD 2026 |
40 transactions | +100% YOY |
| Outdoor rec full-year deals 2025 |
164 transactions | +47.7% YOY |
| Consumer industry deals 2025 |
— | –18.9% YOY |
| Outdoor rec EV/EBITDA multiple (2024–YTD 2026) |
9.5× | → Unchanged since 2022 |
| Consumer industry EV/EBITDA multiple (2024–YTD 2026) |
9.6× | ↓ from 11.8× in 2022–23 |
| Strategic buyer share YTD 2026 |
87.5% of deals | ↑ from 83.5% in 2025 |
| Source: Capstone Partners, Outdoor Recreation Market Update, April 2026. YTD ended April 1, 2026. EV/EBITDA = enterprise value to earnings before interest, taxes, depreciation and amortization. | ||
For the full analysis, including deal-by-deal breakdowns and the boating and watercraft segment outlook, see the Capstone Partners Outdoor Recreation Market Update at capstonepartners.com.
