Mark Wahlberg-backed F45 gym franchise going public
Deal will value combined companies at $845M, according to Bloomberg
Mark Wahlberg-backed fitness company F45 is going public.
Crescent Acquisition Corp will acquire the fitness company and take it public, the company announced.
Mark Wahlberg-backed fitness company F45 is going public.
The deal, slated to close in the third quarter, will bring both companies combined value to $845 million, including debt, according to Bloomberg.
F45 and Crescent Acquisition Corp. did not immediately return FOX Business' requests for comment.
The international fitness franchise, founded in Australia in 2012, has gained a cult-like following among members, including stars like Teri Hatcher, Hugh Jackman and Channing Tatum.
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The “F” in the workout stands for functional training and combines full-body strength training exercises like weight lifting and squatting with cardio intervals like rowing and biking. Each workout is 45 minutes.
HIP-HOP YOGA STUDIO APOLOGIZES FOR CULTURAL APPROPRIATION
Wahlberg, who has said he starts his first workout at a bright-and-early 4:30 a.m., invested a reported $450 million in F45, a minority stake, in 2019.
24 HOUR FITNESS FILES FOR BANKRUPTCY CLOSES OVER 130 GYMS AMID CORONAVIRUS PANDEMIC
The fitness franchise was on track to go public earlier this year, however, the coronavirus pandemic delayed F45’s IPO plans, resulting in nationwide closing of gym locations, Bloomberg reported.
The company's IPO plans come as a number of big-box gym franchises struggle to stay open. 24 Hour Fitness announced earlier this month it was filing for bankruptcy and shuttering more than 130 gyms across the country. And bodybuilding studio Gold's Gym filed for Chapter 11 bankruptcy protection in May.