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F45 Training valued at US$1.4bn after IPO
20 Jul 2021 . BY Tom Walker
F45 is part-owned by actor Mark Wahlberg and currently has nearly 1,500 studios in 63 countries / F45 Training
F45's IPO on the New York Stock Exchange (NYSE) has revealed a strong appetite from investors, with 18.75 million shares sold, priced at US$16 each, raising around US$300m and giving a market value of around US$1.5bn at float.

IPO statements suggest the company – F45 Training Holdings Inc – released 20 per cent of its shares.

These are now trading at US$13.75 (at 20 July 2021), indicating a company value of US$1.29bn – a 15 per cent drop.

The franchise studio operator said the funds will be used to repay debt and fuel growth, as well as paying the purchase price for its acquisition of assets of the Flywheel indoor cycling studio business.

F45, which currently has nearly 1,500 studios in 63 countries, plans to open up to 7,000 studios in the US and 23,000 globally.

Founded in 2012, F45 is part-owned by actor Mark Wahlberg.

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

F45 announced its plans to list on the NASDAQ in June 2020, after securing a deal with Crescent Acquisition Corporation (CAC), a special purpose acquisition company.

The two companies then terminated their agreement in October, with F45 CEO Adam Gilchrist saying that approaching the public markets at the time "was not the right option for F45".

"We believe there is a significant opportunity to meaningfully expand our franchise studio footprint in the United States," F45 Training said at the time.

"As of March 31, 2021, we had 941 franchises sold and 518 total studios in the US.

"Prior to the COVID-19 pandemic, we had seen the pace of our US growth accelerate, with average net franchises sold per month increasing from 12 in 2017 to 18 in 2018 to 32 in 2019.

"Due to COVID-19, the average net franchises sold per month decreased in 2020 to 10.

"Based on current franchises sold in Australia per capita as of March 31, 2021, we believe there is long-term studio potential for us to open over 7,000 studios in the US.

"As of March 31, 2021, we had 630 franchises sold outside of our core markets of the United States and Australia. Based on an extrapolation of current franchises sold in Australia per capita as of March 31, 2021, we believe there is a long-term global opportunity for over 23,000 studios, with a potential for approximately 16,000 studios outside of the US market.

"We believe we can continue to grow our international presence through our existing franchising strategy and by opportunistically pursuing master franchising agreements to sell select territories to experienced, local partners."
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Jobs   News   Products   Magazine
PRODUCT NEWS
F45 Training valued at US$1.4bn after IPO
20 Jul 2021 . BY Tom Walker
F45 is part-owned by actor Mark Wahlberg and currently has nearly 1,500 studios in 63 countries / F45 Training
F45's IPO on the New York Stock Exchange (NYSE) has revealed a strong appetite from investors, with 18.75 million shares sold, priced at US$16 each, raising around US$300m and giving a market value of around US$1.5bn at float.

IPO statements suggest the company – F45 Training Holdings Inc – released 20 per cent of its shares.

These are now trading at US$13.75 (at 20 July 2021), indicating a company value of US$1.29bn – a 15 per cent drop.

The franchise studio operator said the funds will be used to repay debt and fuel growth, as well as paying the purchase price for its acquisition of assets of the Flywheel indoor cycling studio business.

F45, which currently has nearly 1,500 studios in 63 countries, plans to open up to 7,000 studios in the US and 23,000 globally.

Founded in 2012, F45 is part-owned by actor Mark Wahlberg.

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

F45 announced its plans to list on the NASDAQ in June 2020, after securing a deal with Crescent Acquisition Corporation (CAC), a special purpose acquisition company.

The two companies then terminated their agreement in October, with F45 CEO Adam Gilchrist saying that approaching the public markets at the time "was not the right option for F45".

"We believe there is a significant opportunity to meaningfully expand our franchise studio footprint in the United States," F45 Training said at the time.

"As of March 31, 2021, we had 941 franchises sold and 518 total studios in the US.

"Prior to the COVID-19 pandemic, we had seen the pace of our US growth accelerate, with average net franchises sold per month increasing from 12 in 2017 to 18 in 2018 to 32 in 2019.

"Due to COVID-19, the average net franchises sold per month decreased in 2020 to 10.

"Based on current franchises sold in Australia per capita as of March 31, 2021, we believe there is long-term studio potential for us to open over 7,000 studios in the US.

"As of March 31, 2021, we had 630 franchises sold outside of our core markets of the United States and Australia. Based on an extrapolation of current franchises sold in Australia per capita as of March 31, 2021, we believe there is a long-term global opportunity for over 23,000 studios, with a potential for approximately 16,000 studios outside of the US market.

"We believe we can continue to grow our international presence through our existing franchising strategy and by opportunistically pursuing master franchising agreements to sell select territories to experienced, local partners."
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How are hundreds of gym operators suddenly saving a lot of money for doing a lot less work?
Let’s talk about Orbit4 – the secret behind successful gyms.
Ineos Hygienics on hand as fans return to Silverstone for the British Grand Prix
Ineos Hygienics will be on hand at the Formula 1 Pirelli British Grand Prix this weekend as fans return to the iconic Silverstone Circuit for the first time since 2019.
miha bodytec EMS-PT: an irresistible way to boost your in-club offer
Post pandemic, technology continues to shape the way consumers access fitness. Apps and wearables are helping people reach their goals while digital offerings – which grew exponentially during lockdowns – continue to thrive.
Ojmar's new OCS SMART allows for a truly hands-free locker system
Ojmar has launched OCS SMART, a next-generation smart lock that can be controlled via a mobile phone, tablet, or smart watch using Bluetooth technology. It pairs with the OCS SMART app, to increase the ease of installation and usage.
A new world for memberships
During lockdown clients have had more time to self-reflect than ever before. As a result, many are prioritising mental health and incorporating activity into their day to improve overall wellbeing.
New Eleiko Öppen Collars secure barbell weights in seconds
Eleiko’s Öppen Collars have been designed to easily secure barbell weights, for improved performance and safety.
INEOS: The future of hand-sanitising
As gyms begin to reopen, cleanliness and hygiene remain an essential part of ensuring staff and members are confident to return.
Leisure centres open their doors for free in aid of Armed Forces Day
Service men and women across the country are being invited to get active for free at Everyone Active centres in celebration of Armed Forces Day.
More digital for the restart of fitness clubs
After months of lockdown, people all over the world are returning to the gym with great enthusiasm. They are doing it rapidly and with an unprecedented digital awareness, gained over the past year.
FunXtion enhance interactive workouts with the launch of Virtual Player
Digital meets personal with the new Virtual Player from FunXtion, experts in interactive fitness, which allows clubs to stream and schedule world class virtual classes anytime, providing an interactive workout experience on the gym floor, functional area or directly to members at home via an app.
Introducing the Official Hammer Strength Box: a complete small group training solution
With gyms reopening as the fitness industry recovers from the impact of the pandemic, members are seeking social interaction and engaging training experiences in a small group setting.
Eleiko to build state-of-the-art logistics centre in Halmstad
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COMPANY PROFILES
Physical Company

Physical Company’s mission statement is ‘First for Fitness Solutions’ – a statement that reflects th [more...]
+ More profiles  
CATALOGUE GALLERY
+ More catalogues  

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Les Mills: The Future of Fitness
Les Mills: The Future of Fitness Find out more...
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DIARY

 

02-03 Aug 2021

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The Woodlands Conference Centre, Wyboston, United Kingdom
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Tel: +44 (0)1462 431385

©Cybertrek 2021

ABOUT LEISURE MEDIA
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