LOS ANGELES, United States — Quick-growing boutique health franchise F45 has been acquired by Crescent Acquisition Corp forward of going public.
The deal follows earlier information of founder Rob Deutsch’s determination to step down as CEO. In a submit on his private Instagram web page in April, he defined that regardless of transitioning out of his hands-on function, he would stay an organization shareholder, earlier than hinting of a return to the wellness house in a brand new capability.
In accordance with a joint assertion by each companies, the merger is estimated to worth the mixed corporations at $845 million together with debt. The aim of the transaction is to speed up F45’s continued world growth.
“F45’s mission is to enhance folks’s lives and wellbeing, and the corporate was based to make distinctive, efficient and high-quality coaching accessible to everybody whereas empowering franchisees to run profitable companies,” commented F45 CEO Adam Gilchrist.
“As a public firm, I’m assured that we will speed up our mission whereas creating worth for our shareholders. We look ahead to persevering with to disrupt our business and to encourage much more folks to attain their well being and health targets via F45’s revolutionary exercises mixed with our diet program.”
As one of many fastest-growing health franchisors on this planet, F45 presently boasts greater than 1,900 franchises in over 50 nations throughout the US, UK, Australia, Canada, Asia and the Center East.
2019 was a monumental yr for the corporate, which noticed an funding group led by actor Mark Wahlberg and FOD Capital change into a strategic investor via a minority stake, the quantity of which stays undisclosed. Growth into markets together with South Korea, Russia and Afghanistan, additionally helped so as to add additional gasoline to its unprecedented development — a trajectory Crescent Acquisition Corp is trying to preserve.
Learn Extra: Health Behemoth F45 Is Increasing Into Russia, South Korea & Afghanistan
“We’re wanting ahead to deepening our relationship with Adam and your entire F45 crew as they proceed to construct what’s undoubtedly probably the most thrilling development tales in well being and health, mentioned Robert Beyer, Government Chairman and Todd Purdy, CEO, each of Crescent Acquisition Corp.
“F45’s high-profit margins, distinctive franchisee economics and repeatable enterprise mannequin place it for continued speedy growth. We’re assured that F45’s robust member loyalty and persistently revolutionary and differentiated exercises will proceed to prevail in lots of new and present markets around the globe.”
In accordance with Mark Attanasio and Jean-Marc Chapus, Co-Managing Companions of Crescent Capital Group LP, the aim now could be to assist F45 increase its spectacular development and efficiency as a public firm.