Xponential reportedly had been considering an initial public offering (IPO) in early 2020 but put that on hold due to the COVID-19 pandemic and mandated shutdowns of businesses to stop the spread of the virus. But Bloomberg reports that sources say CEO Anthony Geisler and the company’s other investors Snapdragon Capital and L Catterton are again considering an IPO, which sources told Bloomberg could list the value of the company at $1.3 billion. Geisler told Bloomberg that despite the 2020 studio shutdowns, outdoor and digital workouts allowed the company to post $435 million in revenue from franchisees last year.
Xponential Fitness declined Club Industry’s request to comment on the report.
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Equinox’s guarantee originally required it to buy back at least part of SoulCycle’s obligations if the spin studios’ debt relative to earnings exceeded certain thresholds. The new agreement releases Equinox Holdings from certain debt requirements, though another unit of the company still guarantees the obligations, said the people, who declined to provide further details of the arrangement.
Bloomberg last month reported that Equinox was seeking another amendment to the deadline. Representatives for Equinox and SoulCylce declined to comment. Reorg Research earlier reported details of the agreement.
In a note last June, S&P Global Ratings said another Related Cos. affiliate had agreed to contribute $125 million to help cover Equinox’s guarantee, but said the sum might not be enough.
Jan. 13, 2021 7:00 am ET Vivendi SE ’s Universal Music Group has licensed the world’s largest music catalog to Equinox Media LLC’s Variis digital fitness app, allowing users to work out at home to hits by Taylor Swift, Lady Gaga, Ariana Grande, Billie Eilish and the Weeknd.
The agreement comes as the music industry increasingly looks to new partners across social media, videogames and fitness for revenue beyond streaming. The pandemic has accelerated the growth of at-home fitness apps, which have relied on music as a draw to live-streamed and on-demand classes led by remote instructors who have become much like influencers and DJs in their own right.
Sports And Fitness Goods Market Rising Trends and New Technologies Research 2020 to 2025
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