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PRODUCT NEWS
F45 reveals plans to list on NASDAQ – valued at US$845m
25 Jun 2020 . BY Tom Walker
Since its launch in 2013, F45 has rapidly scaled its global footprint to more than 1,900 franchises sold in more than 50 countries
Photo: F45
F45’s high-profit margins, exceptional franchisee economics and repeatable business model position it for continued rapid expansion
– Robert Beyer
Australian HIIT chain F45 is set to list on the US-based NASDAQ stock exchange, after securing a deal with Crescent Acquisition Corporation (CAC), a special purpose acquisition company.

The deal will see the two companies merge and seek a listing during the third quarter of this year (2020). The combined company will be valued at around US$845m (AU$1.23bn).

F45 had been mulling over an initial public offering for a while but was forced to abandon its plans due to the coronavirus pandemic.

CAC was formed by Crescent Capital Group for the purpose of the merger and listing.

In a statement released jointly, the companies said: "We have entered into a definitive agreement under which CAC will acquire F45 to create a leading publicly-traded global fitness training and lifestyle brand.

"The transaction will accelerate F45’s continued global expansion, driven by its highly attractive and scalable franchise model, technology-enabled platform and optimized studio design.

"Upon closing of the transaction, which is expected in the third quarter of 2020, the combined company will retain the F45 Training Holdings Inc. name and will trade on the NASDAQ exchange."

Existing F45 shareholders are expected to be issued approximately 53.3 million shares in the combined company and paid up to US$204m in cash consideration.

Current F45 shareholders will hold approximately 60 per cent of the combined company at closing. The transaction is still subject to receipt of all requisite regulatory approvals, and approvals by CEC's and F45’s stockholders.

Commenting on the deal, F45 CEO Adam Gilchrist said: "As a public company, I am confident that we will be able to accelerate our mission, while creating value for our shareholders.

"We look forward to continuing to disrupt our industry and to inspire even more people to achieve their health and fitness goals through F45’s innovative workouts, combined with our nutrition programme.”

Robert Beyer, executive chairman of Crescent Acquisition Corp, added: “F45’s high-profit margins, exceptional franchisee economics and repeatable business model position it for continued rapid expansion.

"We are confident that F45’s strong member loyalty and consistently innovative and differentiated workouts will continue to prevail in many new and existing markets around the world.”

The combined company will continue to be led by the F45 top team led by CEO Adam Gilchrist, chief financial officer Chris Payne and chief operating officer Heather Christie.

Its board of directors will include the current members of the F45 board and Crescent Acquisition Corp’s sponsor will name two individuals to serve as directors.

In 2019, actor Mark Wahlberg and FOD Capital, a fund managed by Michael Raymond, led a private equity investment in F45 through MWIG, a private investment vehicle.

Since its launch in 2013, F45 has rapidly scaled its global footprint to more than 1,900 franchises sold in more than 50 countries. It currently has more than 1,200 studios open in 40 countries, including the US Australia, Canada and the UK.

F45 founder, Rob Deutsch, recently announced that he would be stepping down from the business and his role as CEO.
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Jobs   News   Products   Magazine
PRODUCT NEWS
F45 reveals plans to list on NASDAQ – valued at US$845m
25 Jun 2020 . BY Tom Walker
Since its launch in 2013, F45 has rapidly scaled its global footprint to more than 1,900 franchises sold in more than 50 countries
Photo: F45
F45’s high-profit margins, exceptional franchisee economics and repeatable business model position it for continued rapid expansion
– Robert Beyer
Australian HIIT chain F45 is set to list on the US-based NASDAQ stock exchange, after securing a deal with Crescent Acquisition Corporation (CAC), a special purpose acquisition company.

The deal will see the two companies merge and seek a listing during the third quarter of this year (2020). The combined company will be valued at around US$845m (AU$1.23bn).

F45 had been mulling over an initial public offering for a while but was forced to abandon its plans due to the coronavirus pandemic.

CAC was formed by Crescent Capital Group for the purpose of the merger and listing.

In a statement released jointly, the companies said: "We have entered into a definitive agreement under which CAC will acquire F45 to create a leading publicly-traded global fitness training and lifestyle brand.

"The transaction will accelerate F45’s continued global expansion, driven by its highly attractive and scalable franchise model, technology-enabled platform and optimized studio design.

"Upon closing of the transaction, which is expected in the third quarter of 2020, the combined company will retain the F45 Training Holdings Inc. name and will trade on the NASDAQ exchange."

Existing F45 shareholders are expected to be issued approximately 53.3 million shares in the combined company and paid up to US$204m in cash consideration.

Current F45 shareholders will hold approximately 60 per cent of the combined company at closing. The transaction is still subject to receipt of all requisite regulatory approvals, and approvals by CEC's and F45’s stockholders.

Commenting on the deal, F45 CEO Adam Gilchrist said: "As a public company, I am confident that we will be able to accelerate our mission, while creating value for our shareholders.

"We look forward to continuing to disrupt our industry and to inspire even more people to achieve their health and fitness goals through F45’s innovative workouts, combined with our nutrition programme.”

Robert Beyer, executive chairman of Crescent Acquisition Corp, added: “F45’s high-profit margins, exceptional franchisee economics and repeatable business model position it for continued rapid expansion.

"We are confident that F45’s strong member loyalty and consistently innovative and differentiated workouts will continue to prevail in many new and existing markets around the world.”

The combined company will continue to be led by the F45 top team led by CEO Adam Gilchrist, chief financial officer Chris Payne and chief operating officer Heather Christie.

Its board of directors will include the current members of the F45 board and Crescent Acquisition Corp’s sponsor will name two individuals to serve as directors.

In 2019, actor Mark Wahlberg and FOD Capital, a fund managed by Michael Raymond, led a private equity investment in F45 through MWIG, a private investment vehicle.

Since its launch in 2013, F45 has rapidly scaled its global footprint to more than 1,900 franchises sold in more than 50 countries. It currently has more than 1,200 studios open in 40 countries, including the US Australia, Canada and the UK.

F45 founder, Rob Deutsch, recently announced that he would be stepping down from the business and his role as CEO.
PRODUCT NEWS
New Halotherapy Solutions device delivers salt therapy in treatment rooms
There’s growing consumer interest in halo (salt) therapy since COVID-19 as people look to improve their respiratory health and boost their immune systems.
Bryte develops AI smart-bed to improve and optimise restorative sleep
Silicon Valley tech startup, Bryte, proposes that hotels need to commit to in-room wellness in every guest room – for Bryte, the true catalyst to in-room wellness is through improving restorative sleep.
The rise of the training pod
Belfast based gym equipment manufacturer BLK BOX designs, engineers and fabricates a range of rigs for the most elite, performance-driven organisations globally.
Digital education: TRX trains more than 14,000 professionals for free using live virtual training
In response to the pandemic, TRX, the global leader in functional training equipment, world- class training content, and app-based training technology, transformed its TRX Suspension Training Course into a free, live virtual edition via Zoom.
Gympass partners with F45 Training to bring functional team training to world's largest corporate fitness platform
Gympass, the world’s largest corporate fitness platform, has announced a partnership with F45 Training, one of the world’s fastest-growing fitness franchisors that will give its corporate members access to their global network of workout facilities.
Fisikal chosen as tech partner for ‘JP4’; new health app from fitness expert, Jessie Pavelka
Fitness expert and television host, Jessie Pavelka has collaborated with Fisikal, experts in digital management solutions, to create the new JP4 app, a premium 12-week personal health and fitness transformation programme that takes the user on a journey of change through four key elements of health.
Let's get restarted: Physical Company offers advice on keeping gym members safe
As countries around the world gear up to relax their lockdown rules, there remains a question mark over gyms and studios, which in many markets will be one of the last sectors to be given the green light.
myFitApp launches branded live-streaming as part of its COVID-19 support package
Innovatise, the company behind myFitApp, has announced the immediate availability of its customer- branded live-streaming solution.
EGYM presents Corona Gym Solution, for the successful re-opening of fitness studios
Finally, the time has come: fitness and health facilities around the globe are gradually resuming operations.
Bicester hotel opens purpose-built performance facilities to attract new target audience
The Bicester Hotel and Spa has launched purpose-built fitness and performance facilities to create a standalone, unique offering to attract a new demographic to the site.
EGYM launches digital functionality to help gyms adjust to a post lockdown world
As Governments turn attention to a lockdown exit strategy, the world is bracing itself for a ‘new norm’ where social distancing and heightened hygiene requirements become a part of daily life.
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COMPANY PROFILES
Healthcheck Services Ltd

Healthcheck Services supply and install leading health kiosks throughout the whole of the UK and a [more...]
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+ More catalogues  

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Improve your training experience. All your data in a single app. Find out more...
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DIRECTORY
+ More directory  
DIARY

 

16-19 Aug 2020

SPATEC Spring North America

Ritz-Carlton, Miami, United States
16-19 Aug 2020

The WELL Conference

Fairmont Scottsdale Princess, Scottsdale, United States
+ More diary  
 


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Leisure Media, Portmill House, Portmill Lane,
Hitchin, Hertfordshire SG5 1DJ Tel: +44 (0)1462 431385

©Cybertrek 2020

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