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Goldman Sachs bets on further growth of at-home fitness with investment in Echelon Fitness
30 Dec 2020 . BY Tom Walker
Echelon currently offers a line of connected products – from bikes, rowers, fitness mirrors, to a treadmill / Echelon
Goldman Sachs is leading a US$65m financing round in Echelon Fitness – a sign it believes the at-home fitness market is set for further growth during 2021.

Echelon currently offers a line of connected products from bikes, rowers and fitness mirrors to a treadmill. These link to an app, allowing consumers to participate in both live and on-demand fitness classes.

Goldman Sachs' growth equity platform, GS Growth joins existing investor, North Castle Partners, for the latest round of funding, which will accelerate Echelon's plans to develop its omnichannel and multi-product offering.

US-based Echelon has secured a number of tie-ins with major retailers which now offer its products – including Walmart, Dick's Sporting Goods, Costco and Amazon.

"Since our inception, we've seen astounding growth in member community, retail partners and product offerings," says Lou Lentine, president and CEO of Echelon Fitness.

"We're a connected fitness brand, dedicated to changing the category through smart innovation at affordable prices and with an investment from Goldman Sachs, we can propel our business even further."

Stephen Kerns, a member of GS Growth, said: "We're incredibly impressed by what Echelon Fitness has been able to accomplish with a very small amount of capital raised to date.

"We're excited about its omnichannel and multi-product offering, that enables a broader reach to retailers and consumers."

Echelon's main investor North Castle's portfolio of companies, also includes other fitness and sport brands such as Equinox, Barry's, Full Swing Golf and Octane Fitness in its portfolio.

"North Castle was excited by the opportunity at Echelon to offer a great product at competitive prices before the global pandemic set-in," said Jon Canarick, managing partner of North Castle Partners.

"We've experienced explosive growth and we're very excited to have Goldman Sachs invest in the business alongside us.

"We have complementary experience and I'm looking forward to working with the Goldman team."

** For an inteview with North Castle MD, Jon Canarick in Fit Tech's sister magazine, HCM, click here.
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Jobs   News   Products   Magazine
PRODUCT NEWS
Goldman Sachs bets on further growth of at-home fitness with investment in Echelon Fitness
30 Dec 2020 . BY Tom Walker
Echelon currently offers a line of connected products – from bikes, rowers, fitness mirrors, to a treadmill / Echelon
Goldman Sachs is leading a US$65m financing round in Echelon Fitness – a sign it believes the at-home fitness market is set for further growth during 2021.

Echelon currently offers a line of connected products from bikes, rowers and fitness mirrors to a treadmill. These link to an app, allowing consumers to participate in both live and on-demand fitness classes.

Goldman Sachs' growth equity platform, GS Growth joins existing investor, North Castle Partners, for the latest round of funding, which will accelerate Echelon's plans to develop its omnichannel and multi-product offering.

US-based Echelon has secured a number of tie-ins with major retailers which now offer its products – including Walmart, Dick's Sporting Goods, Costco and Amazon.

"Since our inception, we've seen astounding growth in member community, retail partners and product offerings," says Lou Lentine, president and CEO of Echelon Fitness.

"We're a connected fitness brand, dedicated to changing the category through smart innovation at affordable prices and with an investment from Goldman Sachs, we can propel our business even further."

Stephen Kerns, a member of GS Growth, said: "We're incredibly impressed by what Echelon Fitness has been able to accomplish with a very small amount of capital raised to date.

"We're excited about its omnichannel and multi-product offering, that enables a broader reach to retailers and consumers."

Echelon's main investor North Castle's portfolio of companies, also includes other fitness and sport brands such as Equinox, Barry's, Full Swing Golf and Octane Fitness in its portfolio.

"North Castle was excited by the opportunity at Echelon to offer a great product at competitive prices before the global pandemic set-in," said Jon Canarick, managing partner of North Castle Partners.

"We've experienced explosive growth and we're very excited to have Goldman Sachs invest in the business alongside us.

"We have complementary experience and I'm looking forward to working with the Goldman team."

** For an inteview with North Castle MD, Jon Canarick in Fit Tech's sister magazine, HCM, click here.
PRODUCT NEWS
The Retention People unveil 2020 Member Experience Awards winners
Member engagement software provider The Retention People (TRP) has unveiled the winners of its annual 2020 Member Experience Awards (MEA).
Forget the ‘Netflix effect’ – it’s all about the ‘iFit effect’ to boost member retention
Addiction – a word laden with negativity. But isn’t that exactly what the fitness industry wants? For members to be addicted (in a healthy way) to exercise – not just to increase profits but, most importantly, so they can live happier, healthier and longer lives.
Pulse Fitness updates iGym London with state-of-the-art technology
Pulse Fitness has recently completed a refurbishment of the fitness facilities at iGym London.
Storytelling - the future of fitness content
Heading into 2021, storytelling will be a key trend among fitness content creators and connected fitness providers, as the industry recognises its potential to unlock ultra- engaging experiences that boost retention.
What does a socially distanced leisure centre and health club look like?
The world has had to get used to social distancing in 2020 and any business operating in the leisure and hospitality sectors has had to face this challenge more than most.
AskNicely helps empower businesses to improve customer experience and boost NPS
Maintaining a consistent member experience across a growing health and fitness brand can prove challenging.
Ariston’s range of water heaters can reduce running costs for gyms
Ariston’s electric water heaters create hot water cost-effectively, ensuring gym-goers can enjoy a post-workout shower, due to fast reheat times and large storage capacities.
A runner’s life, by Dame Kelly Holmes
I started running when I was 12 years old, a skinny girl with an afro. I knew I loved running, I felt free and seemed to glide easily rather than pound the pavements.
Uscreen announces first to market Apple Watch Fitness Tracker
At Uscreen, we pride ourselves on being proactive innovators in the industry. We're continually doing our research and predicting where the industry is going so we can ensure the state-of-the-art technology to back you up in your video business.
Xn Leisure’s five-step process to increasing member retention
While leisure operators can generate interest and build an audience fairly easily, the challenge is converting an audience into a paying, engaged community – and keeping them there.
Copper clothing can keep staff and members safe
Snap Fitness franchisee, Kunal Patel, is kitting out all staff – from personal trainers to cleaners – with copper-infused masks and gloves from medtech company, Copper Clothing.
Playfinder launches Bookteq to increase revenue for independent facility operators
Playfinder has launched Bookteq, a booking system aimed at increasing revenue for operators of independent physical activity venues.
+ More products   
 
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Hedgehog Concept Ltd

[more...]
+ More profiles  
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+ More catalogues  

VIDEO GALLERY

FreeMotion Fitness - Freemotion FUSION Team Training
The High-Intensity Cardio-Strength Training. Find out more...
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+ More directory  
DIARY

 

22 Jan 2021

Spa Leadership Symposium

Online (Zoom),
02-04 Feb 2021

Beauty West Africa

Landmark Centre, Lagos, Nigeria
+ More diary  
 


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

©Cybertrek 2021

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