Mark Wahlberg-backed gym chain F45 plans to go public

F45, recently acquired by Crescent, was gearing up to go public when the coronavirus pandemic hit

New York Weekend Edition /
Jun.June 27, 2020 02:00 PM
Mark Wahlberg and an F45 gym location (Getty, F45)

Mark Wahlberg and an F45 gym location (Getty, F45)

Crescent Acquisition Corp has agreed to acquire fitness company F45 Training Holdings and take the company public.

The deal values the combined companies at $845 million including debt and is expected to close in the third quarter, according to Bloomberg.
The post-acquisition public company will retain the F45 Training name and operations aren’t expected to significantly change.

As of last August, F45 had around 1,750 gyms across the globe, including several hundred in the U.S., its business is built around its suite of 45-minute workout classes.

F45 is popular with celebrities and last year sold a minority stake in the company to actor Mark Wahlberg.

Crescent Acquisition Corp is a special purpose acquisition company, often called a “blank check company” controlled by Crescent Capital Group. Public blank check companies are investment vehicles specifically designed to acquire and bring companies public.

Crescent Acquisition raised $250 million in its IPO last year and some of that money will go toward the F45 acquisition.

F45 was preparing to go public on its own earlier this year but the coronavirus pandemic threw a wrench in its IPO plans and forced the company to shutter some locations, according to Bloomberg. [Bloomberg] — Dennis Lynch 


Related Articles

arrow_forward_ios
(Image by Wolfgang & Hite via Dezeen)

Hudson Yards megadevelopment inspires a new line of sex toys

Hudson Yards megadevelopment inspires a new line of sex toys
Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Wendy Silverstein (Credit: Getty Images)

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
55-15 Grand Avenue, Queens; Phil A. Belling of LBA Realty; Jamie Dimon of JPMorgan Chase (Getty, RXR/BL Architects)

LBA lands $316M loan for Amazon warehouse in Maspeth

LBA lands $316M loan for Amazon warehouse in Maspeth
Gov. Andrew Cuomo (Getty, iStock)

Cuomo to ease requirements for rent relief

Cuomo to ease requirements for rent relief
From left: Compass CEO Robert Reffkin, 1 Wall Street and Macklowe Properties chairman Harry Macklowe (Getty; Macklowe Properties)

Macklowe taps Compass to sell 1 Wall Street

Macklowe taps Compass to sell 1 Wall Street
Gov. Andrew Cuomo (Getty)

Cuomo stops city’s tax lien sale again. Will it ever happen?

Cuomo stops city’s tax lien sale again. Will it ever happen?
Jonathan Kalikow and a rendering of 3 Sutton Place

Court overturns ruling that would have upended “the whole land development industry”

Court overturns ruling that would have upended “the whole land development industry”
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...