iFIT Health & Fitness Announces 5 Million Capital Raise

iFIT Health & Fitness Announces $355 Million Capital Raise

LOGAN, Utah–(Organization WIRE)–iFIT Health & Fitness (“iFIT” or “Company”), a worldwide leader in linked exercise

LOGAN, Utah–(Organization WIRE)–iFIT Health & Fitness (“iFIT” or “Company”), a worldwide leader in linked exercise and interactive information with its substantial portfolio of iFIT® and Sweat® streaming platforms, and its extremely progressive products manufacturers NordicTrack® and Proform®, nowadays introduced a significant cash increase anchored by L Catterton, the most significant world wide purchaser-focused non-public equity business.

iFIT today has an engaged community of more than 7.3 million complete customers throughout a lot more than 120 nations around the world, with rising member participation in workouts and occasions. The cash raise will allow a lot more focus and expenditure in increasing iFIT’s main makes, material library, and solution offerings, with the sole function of enhancing the member practical experience. At the similar time, the Enterprise will also devote in efficiency steps to maximize profitability for reinvestment. As element of today’s announcement, the Business has also amicably resolved its exceptional litigation make any difference with a single of its shareholders.

As beforehand prepared, following 45 several years of support, iFIT Co-founder, Chairman, and CEO Scott Watterson will exclusively provide as Chairman of the Board of Directors. He will do the job with the sophisticated improvement staff to concentration on subsequent generation solution innovation. The Organization has appointed Steve Barr, Main Monetary Officer, and Mark Watterson, Main Knowledge Officer, co-Presidents of the corporation.

“I am happy of what we have created at iFIT around 4 a long time and our capability to efficiently adapt in a fast evolving health and exercise landscape,” mentioned Scott Watterson. “Today’s crucial updates strongly focus the small business for continued advancement in what has made us successful in the to start with place: technology, innovation, and the member knowledge. I glance ahead to lending my knowledge in driving innovation as Chairman. I am individually investing together with L Catterton, 1 of the world’s most productive overall health and wellness traders, in this money raise. In addition, I am enthusiastic to transition my government duties to Mark and Steve, who I am self-assured are properly-suited to continue iFIT’s extensive background of good results.”

“It has been a privilege to study from Scott and we are thrilled about the next period of iFIT’s journey,” stated Mark Watterson and Steve Barr. “Following today’s information, the Organization is on powerful financial footing and stands ready to seize the huge opportunity in advance of us. We continue to be centered on streamlining our total enterprise, although at the similar time, investing in and maximizing the member encounter and continuing to innovate throughout interactive program, content, and hardware. There is practically nothing far more essential to us than delivering an unmatched member knowledge with the most innovative tools and engagement to generate superior outcomes for our associates.”

Marc Magliacano, a Taking care of Lover in L Catterton’s Flagship Fund, stated, “We are honored to invest and to play a meaningful position in the development of iFIT’s potential. The iFIT member proposition remains excellent to competitive choices and with the new capital raise blended with our partnership, we believe the best of iFIT is yet to come. The Company has the only built-in resolution that offers top product or service brands (NordicTrack, Proform) and content material platforms (iFIT, Sweat) which transcend venues, channels, merchandise types, and geographies. iFIT is an built-in conditioning system that is positioned to gain on a world wide scale, and we look forward to getting a part of it.”

About iFIT

iFIT® is a world-wide fitness and very well-becoming membership technological innovation enterprise that offers unmatched conditioning experiences and solutions to its rising group of around 7.3 million customers in in excess of 120 countries. iFIT’s sector-foremost brand names – NordicTrack®, ProForm®, Sweat®, Freemotion®, Weider® and 29029® – are run by the iFIT integrated wellbeing and health platform, which seamlessly connects the company’s proprietary application, experiential material and interactive hardware. Dependent in Logan, Utah, with workplaces in Paris, Shanghai, Sydney and Leeds, the firm provides immersive, adaptive, personalised exercise session encounters for just about every fitness amount and curiosity. iFIT provides these patented interactive encounters by means of an extensive providing of reside and on-need content throughout the industry’s broadest selection of connected physical fitness modalities. iFIT is a pioneer and chief in the health and fitness and health market with more than 400 issued and pending patents.