TRX has been acquired by its founder, Randy Hetrick and Jack Daly of private equity firm JFXD Capital, who has become CEO. Hetrick will act as chair.

The company registered for Chapter 11 protection in June, at the US Bankruptcy Court for the Central District of California and had been actively seeking a new owner.

Hetrick invented the TRX following a career as a Navy Seal and founded the company in 2004. After holding the position of CEO for 15 years, he sold a controlling interest and went on to launch OutFit, an outdoor mobile fitness venture.

Despite achieving a record-breaking year in 2020 (approximately US$85m in revenue) as the pandemic boosted demand for at-home fitness, TRX said it then began to 'encounter unsurmountable headwinds, due to increased competition and macroeconomic challenges'.

The acquisition has allowed TRX to reduce its debt and puts Hetrick back in control of the company's future.

“It’s gratifying to be back at the helm of TRX at a time when the world is emerging from COVID-19 and the company needs inspired innovative leadership," he said. “TRX remains one of the fitness industry’s most recognisable and influential global brands, and under a new, experienced management team – powered by passion and renewed vision – our brand will build on its position as one of the most trusted names in fitness.

“I couldn't be happier to be back and to have the opportunity to bring several of my best long-time teammates back with me.”

Hetrick, who had felt excited at the prospect of reacquiring and breathing new life into TRX, had approached friend and private equity veteran Daly about the partnership. A fitness enthusiast, with a 25-year investment history, and also the treasurer of the Navy Seal Foundation, Daly is confident TRX has a bright future.

“It's a rare opportunity to acquire a brand that remains as well respected and revered as an innovator within its industry as TRX," said Daly

"The ability to leverage the incredible brand equity of TRX is what makes this such a compelling and worthwhile venture.”

“Everyone loves a comeback story," he continued. "Powered by Randy's knowledge of the brand, the industry, and his personal passion for this brand, coupled with new world-class management, there's little doubt about the success that lies ahead for TRX.”