NEWS
F45 Training valued at US$1.4bn after IPO
POSTED 20 Jul 2021 . BY Tom Walker
F45 is part-owned by actor Mark Wahlberg and currently has nearly 1,500 studios in 63 countries Credit: F45 Training
HIIT chain F45 Training was valued at around US$1.4bn by IPO
The Australia-based franchised operator listed on the New York Stock Exchange
The company sold 18.75 million shares priced at US$16 each, raising around $300m
Shares have fallen to US$13.75 since trading began, with the NYSE also seeing an overall fall
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."
RELATED STORIES
F45 Training heading to the stock market - plans 23,000 studios globally


Australian HIIT chain F45 Training has filed a notification to list on the New York Stock Exchange.
Body Fit Training and F45 locked in legal battle over patents


Two functional fitness franchises are continuing their legal battle over a dispute relating to patents.
F45 reveals plans to list on NASDAQ – valued at US$845m


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.
 


CONTACT US

Leisure Media
Tel: +44 (0)1462 431385

©Cybertrek 2021

ABOUT LEISURE MEDIA
LEISURE MEDIA MAGAZINES
LEISURE MEDIA HANDBOOKS
LEISURE MEDIA WEBSITES
LEISURE MEDIA PRODUCT SEARCH
PRINT SUBSCRIPTIONS
FREE DIGITAL SUBSCRIPTIONS
 
Leisure Management - F45 Training valued at US$1.4bn after IPO...
02 Aug 2021 Leisure Management: daily news and jobs
 
 
HOME
JOBS
NEWS
FEATURES
PRODUCTS
FREE DIGITAL SUBSCRIPTION
PRINT SUBSCRIPTION
ADVERTISE
CONTACT US
Sign up for FREE ezine
Latest news

20 Jul 2021

F45 Training valued at US$1.4bn after IPO
BY Tom Walker

F45 is part-owned by actor Mark Wahlberg and currently has nearly 1,500 studios in 63 countries

F45 is part-owned by actor Mark Wahlberg and currently has nearly 1,500 studios in 63 countries
photo: 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."



Connect with
Leisure Management
Magazine:
View issue contents
Sign up:
Instant Alerts/zines

Print edition
 

News headlines
ukactive: government’s Disability Strategy "falls short"
ukactive: government’s Disability Strategy   30 Jul 2021

Industry body ukactive has joined the chorus of organisations across a number of sectors calling the government's new National Disability Strategy a .... more>>
BestFit continues on the acquisition trail – buys EuroFit
BestFit continues on the acquisition trail – buys EuroFit   30 Jul 2021

German fitness operator BestFit Group has acquired regional gym chain EuroFit for an undisclosed sum. The deal will see BestFit add all five .... more>>
Preidlhof celebrates the healing power of silence with five new journeys
Preidlhof celebrates the healing power of silence with five new journeys   30 Jul 2021

Italian destination spa Preidlhof in South Tyrol has been certified as a “Quiet Stay” by Quiet Parks International, a non-profit organisation .... more>>
Jorvik's global art project will connect 14 cities
Jorvik's global art project will connect 14 cities   29 Jul 2021

The Jorvik Group has launched a major global art project which will connect 14 cities around the world. Working in partnership with the York Guild .... more>>
Waldorf Astoria Maldives’ spa launches new Aqua Wellness Centre and hydrotherapy programming
Waldorf Astoria Maldives’ spa launches new Aqua Wellness Centre and hydrotherapy programming   29 Jul 2021

Waldorf Astoria Maldives Ithaafushi has upgraded its spa with a new Aqua Wellness Centre to enhance guests’ wellness journey. The 7,735sq ft Aqua .... more>>
Pandemic’s impact on US spa industry highlighted in ISPA’s 2021 Industry Study
Pandemic’s impact on US spa industry highlighted in ISPA’s 2021 Industry Study   29 Jul 2021

The International Spa Association (ISPA) has released the full findings of the 2021 ISPA US Spa Industry Study, marking the 22nd anniversary of this .... more>>
Company profile


Red Light Rising Ltd

Company is owned by the founders James Strong and Bryan Gohl. We launched in late 2017 and continue to grow.

View full profile>>

Catalogue gallery


Featured Supplier

HydraFacial: more than just a device

HydraFacial: more than just a device

HydraFacial works in harmony with topical skincare lines and treatment services already carried in the spa, naturally increasing post-treatment retail sales for your chosen brand partners. More>>




in this issue

• Virgin gets right to wipe out rent arrears
• Fitness industry mourns passing of Jan Spaticchia
• STA offers mindfulness resources



Latest jobs

Jobs Search



Sports Facilities Officer
Salary: £27,741 - £32,234
Location: Brighton, UK
Company: Brighton & Hove City Council
Duty Manager
Salary: Competitive
Location: Buckingham
Company: Everyone Active
General Manager
Salary: Competitive
Location: Stockton-on-Tees, UK
Company: truGym
Diary dates
Powered by leisurediary.com

02-03 Aug 2021

Spa Life International (UK)

The Woodlands Conference Centre, Wyboston, United Kingdom



Leisure Management magazine 2018 issue 1
Leisure Management
2018 issue 1

View issue contents
View on turning pages
Download PDF
  Fitness: Hybrid fitness
ESPA Life at Corinthia's 'revolutionary' new fitness service, BodySPace More>>
  Social good: Spice of life
Oomph! founder Ben Allen is bringing variety to residential homes More>>


Leisure Management magazine 2016 issue 1

Leisure Management
2016 issue 1

View issue contents
View turning pages
Download PDF
  Last word: Nature’s bounty
FairWild is setting standards in the harvesting of wild ingredients More>>
  Editor’s letter: Failing the elderly
Liz Terry shares her thoughts More>>


Published by Leisure Media Tel: +44 (0)1462 431385 | Contact us | About us | © Cybertrek Ltd