iFIT Health & Fitness Announces $355 Million Capital Raise
LOGAN, Utah–(Business enterprise WIRE)–iFIT Wellness & Conditioning (“iFIT” or “Company”), a international chief in related health and interactive articles with its substantial portfolio of iFIT® and Sweat® streaming platforms, and its very progressive gear brand names NordicTrack® and Proform®, currently declared a major money elevate anchored by L Catterton, the largest worldwide shopper-centered personal equity agency.
iFIT right now has an engaged neighborhood of more than 7.3 million complete users throughout far more than 120 nations, with escalating member participation in workout routines and events. The capital elevate will permit far more target and financial commitment in rising iFIT’s primary manufacturers, content library, and item offerings, with the sole objective of improving the member working experience. At the identical time, the Organization will also make investments in performance actions to raise profitability for reinvestment. As section of today’s announcement, the Business has also amicably fixed its fantastic litigation make any difference with one particular of its shareholders.
As formerly planned, following 45 yrs of service, iFIT Co-founder, Chairman, and CEO Scott Watterson will solely serve as Chairman of the Board of Directors. He will do the job with the superior improvement crew to focus on subsequent technology solution innovation. The Company has appointed Steve Barr, Main Fiscal Officer, and Mark Watterson, Main Working experience Officer, co-Presidents of the firm.
“I am proud of what we have built at iFIT above four many years and our skill to properly adapt in a swiftly evolving health and fitness and health landscape,” stated Scott Watterson. “Today’s crucial updates strongly concentrate the small business for ongoing expansion in what has created us prosperous in the initial put: technological know-how, innovation, and the member encounter. I appear forward to lending my knowledge in driving innovation as Chairman. I am personally investing along with L Catterton, one of the world’s most prosperous wellbeing and wellness buyers, in this funds increase. Moreover, I am fired up to transition my govt tasks to Mark and Steve, who I am confident are effectively-suited to proceed iFIT’s extended heritage of accomplishment.”
“It has been a privilege to discover from Scott and we are energized about the future stage of iFIT’s journey,” mentioned Mark Watterson and Steve Barr. “Following today’s news, the Organization is on powerful monetary footing and stands prepared to capture the massive chance ahead of us. We stay targeted on streamlining our over-all business, when at the similar time, investing in and improving the member experience and continuing to innovate across interactive program, material, and components. There is very little extra crucial to us than offering an unmatched member expertise with the most advanced products and engagement to generate superior final results for our members.”
Marc Magliacano, a Running Companion in L Catterton’s Flagship Fund, mentioned, “We are honored to make investments and to engage in a significant role in the advancement of iFIT’s upcoming. The iFIT member proposition continues to be top-quality to competitive offerings and with the new funds elevate blended with our partnership, we imagine the most effective of iFIT is nonetheless to occur. The Organization has the only built-in option that presents foremost solution brand names (NordicTrack, Proform) and written content platforms (iFIT, Sweat) which transcend venues, channels, solution groups, and geographies. iFIT is an built-in health system that is positioned to earn on a world scale, and we look ahead to being a element of it.”
About iFIT
iFIT® is a world-wide health and well-becoming membership technologies firm that delivers unmatched exercise experiences and alternatives to its developing community of more than 7.3 million customers in more than 120 nations. iFIT’s field-main brand names – NordicTrack®, ProForm®, Sweat®, Freemotion®, Weider® and 29029® – are powered by the iFIT built-in wellness and conditioning platform, which seamlessly connects the company’s proprietary software program, experiential information and interactive hardware. Dependent in Logan, Utah, with offices in Paris, Shanghai, Sydney and Leeds, the business presents immersive, adaptive, personalized exercise session encounters for every single health and fitness degree and curiosity. iFIT provides these patented interactive activities through an extensive giving of live and on-demand from customers information throughout the industry’s broadest array of connected health modalities. iFIT is a pioneer and chief in the wellness and health market with more than 400 issued and pending patents.
