The HFA Show 2026
What to Expect at the 29th Annual Financial Panel
Who is attending, the topics covered, and how HFA is remembering Rick Caro.
The passing of Rick Caro, a co-founder of HFA and president of Management Consulting, last year left a huge void in the industry. One of his greatest legacies was establishing the annual Financial Panel at The HFA Show. Caro was a driving force in attracting Wall Street banks, private equity, and other investors to the fitness industry, and every year he invited high-level financial analysts to discuss the industry in detail, down to the dollars and cents.
Caro hosted the event for 28 years, and it became the most highly attended session at the annual show. With Caro’s untimely passing, many wondered if the Financial Panel would be discontinued, but HFA made sure that the event would go on, as Caro certainly would have wanted.
While the Financial Panel will be missing Caro’s signature fact-filled list of current financial trends, his imprint on the event will continue. Before the panel begins, HFA President and CEO Liz Clark will announce that moving forward, the annual discussion will be called the Rick Caro Financial Panel.
A New Host but the Same Great Analysis
This year the Financial Panel will be hosted by HFA Board Chair Luke Carlson, founder and CEO of Discover Strength. The event (sponsored by AltaDX) will be held 11 a.m. to 12:30 p.m. on March 17.
Carlson understands the challenge of taking over for an industry icon. “I’m humbled to have been chosen to lead the Financial Panel,” Carlson says. “Rick Caro not only brought capital investment to the industry, but he also helped create disciplined financial practices that changed how financial institutions viewed the industry.”
The panelists are:
• Tracy Chadwell, managing founder, 1843 Capital
• Adam Hemmer, managing director, TSG Consumer
• Jeremy Hirsch, managing director, Houlihan Lokey
• Jack Nagle, Princeton Equity Group
• Vasu Pinnamaneni, managing director, Evercore
Growth, transactions, and capital flows will guide the topics discussed. The panel will address validation of the industry through transactions, the emergence of HVLP facilities as a focal point of investment interest, revenue diversification, and fundraising and debt challenges, among others.
Expect a free-flowing, enlightening discussion that will include insights and information on fitness businesses of all levels. HFB will have a detailed report on the Financial Panel in the April “Money Issue.”
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Health & Fitness Business (HFB) is the leading health and fitness industry publication. Published monthly by the Health & Fitness Association (HFA) and distributed free to the industry, HFB offers analysis of the opportunities, challenges, issues, and news that impact the industry.
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