F45 reveals plans to list on NASDAQ – valued at US$845m
Leisure Opportunities
Job search
Job Search
see all jobs
Latest job opportunities
Xercise4Less
Competitive
Newcastle-under-Lyme, UK
Everyone Active
Competitive hourly rate
Sutton-in-Ashfield , United Kingdom
énergie group
Self-employed
Southwark SE1, UK
truGym
Competitive
Nationwide, United Kingdom

F45 reveals plans to list on NASDAQ – valued at US$845m

Job opportunities
training opportunity
Les Mills
location: Nationwide, United Kingdom
more jobs
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.

Sign up for FREE ezines & magazines
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.
HAF,FIT,IND,PTS
2020/THUMB345781_208730_634775.jpg

More News

1 - 15 of 42,803
03 Jul 2020
Technogym has announced the launch of live streaming and on-demand classes. The new content will be delivered via the Technogym Mywellness app. The service will ... More
03 Jul 2020
A number of gym operators are concerned that local lockdowns could come into effect in some areas of the UK before gyms reopen, further delaying ... More
03 Jul 2020
Prime Minister Boris Johnson has announced that gyms may be able to reopen in a ‘couple of weeks’. Johnson made the comments during an interview ... More
03 Jul 2020
Polar has announced the launch of Polar Unite, its new fitness watch. The watch features personalised workouts, wellbeing guidance, connected GPS functionality and a toolbox ... More
02 Jul 2020
UK consumer confidence has improved significantly since the beginning of the lockdown, with a fifth of households now thinking they will be better off in ... More
02 Jul 2020
Tenzing Natural Energy, the drinks brand behind the Tenzing Clean Air Tracker, has recently added new functionality to its free mobile tool, now enabling its ... More
STA
STA
02 Jul 2020
The PGA Tour has recently bought 1,000 Whoop bands for its golfers, after PGA Tour golfer Nick Watney said he was alerted via his Whoop ... More
01 Jul 2020
ukactive has announced that Active Uprising and the National Summit are going digital as part of free events programme for 2020 The events will be ... More
01 Jul 2020
Kathryn Moore, founder of Spa Connectors, has announced the launch of the Hall of Wellness Awards (HOW Awards) to recognise those excelling in their fields ... More
01 Jul 2020
Industry body ukactive has today (1 July) hosted a delegation of government and public health officials on visits to a number of gyms and leisure ... More
01 Jul 2020
Health and fitness company Ingesport – which operates the GO fit chain of gyms in Spain and Portugal – has secured an official certification by ... More
01 Jul 2020
Mountainside Fitness in Arizona has filed a lawsuit against state's governor, Doug Ducey, after he ordered gyms to shut their doors again for at least ... More
Focus Training
Focus Training
30 Jun 2020
Physical activity levels in England have continued to fall from those recorded at the initial phase of lockdown – partly due to schools, shops and ... More
30 Jun 2020
Franchise operator Club Pilates has shown that there is growing confidence in the US fitness and wellness sector, by revealing details of an expansion push ... More
30 Jun 2020
Fitness and athletic apparel firm Lululemon will acquire at-home fitness tech firm Mirror in a deal worth around US$500m (€446m, £407m). Mirror is an interactive ... More
1 - 15 of 42,803
British Military Fitness
British Military Fitness