The HFA Show’s Annual Financial Panel Enters a New Era
The event is officially renamed the Rick Caro Financial Panel.
The 29th annual Financial Panel at The HFA Show 2026 opened with an announcement by HFA President and CEO Liz Clark: The panel would be renamed the Rick Caro Financial Panel in honor of Rick Caro.
A popular mainstay of The HFA Show, the panel was created by industry legend Caro, former president of consulting company Management Vision, member of the HFA Hall of Fame, and HFA co-founder. It was Caro who created ties to Wall Street banks and other institutional investors, elevating the fitness industry’s reputation with traditional financial centers. Sadly, Caro passed away August 31, 2025, but Clark and her team were determined to keep his signature event going.
“This is the one thing I’m not changing, because this works, and it’s important, and the attendees love it, and you need it,” said Clark as she announced the renaming of the panel. “He built it to last, and today, we honor his legacy.”
AltaDX sponsored the panel, and Al Noshirvani, co-founder and executive chairman of AltaDX, spoke after Clark. Noshirvani was a close friend of Caro’s, and even spent Caro’s last day with him at the US Open tennis tournament in Flushing, New York.
“Rick wasn’t just the founder of the Health & Fitness Association…he was a mentor,” Noshirvani said. “He was a connector for many of us and a compass for most.”
The moderator for this year’s event was HFA Board Chair Luke Carlson, founder and CEO of Discover Strength. The panelists were:
- Adam Hemmer, managing director, TSG Consumer
- Jeremy Hirsch, managing director, Houlihan Lokey
- JuliAnn Burkhardt, managing director, BofA Securities
- Jack Nagle, Princeton Equity Group
Carlson acknowledged Caro’s legacy and importance to the growth of the global fitness industry, then showed he was up to the task of hosting the discussion, as he and the panelists covered numerous topics, such as valuations, brand equity, investment in HVLPs, and much more.
For a detailed report on the Rick Caro Financial Panel, see the April Money Issue of Health & Fitness Business, online next month.