vayafail
  • Home
  • Health & Fitness News
  • About Us
    • Advertise Here
    • Privacy Policy
    • Contact Us
    • Sitemap
Select Page

iFIT Health & Fitness Announces $355 Million Capital Raise

Mar 4, 2022


Company to Invest Substantially in Core Brands, Innovation, and Member Engagement

LOGAN, Utah, February 28, 2022–(BUSINESS WIRE)–iFIT Health & Fitness (“iFIT” or “Company”), a global leader in connected fitness and interactive content with its extensive portfolio of iFIT® and Sweat® streaming platforms, and its highly innovative equipment brands NordicTrack® and Proform®, today announced a significant capital raise anchored by L Catterton, the largest global consumer-focused private equity firm.

iFIT today has an engaged community of over 7.3 million total members across more than 120 countries, with increasing member participation in workouts and events. The capital raise will enable more focus and investment in growing iFIT’s leading brands, content library, and product offerings, with the sole purpose of enhancing the member experience. At the same time, the Company will also invest in efficiency measures to increase profitability for reinvestment. As part of today’s announcement, the Company has also amicably resolved its outstanding litigation matter with one of its shareholders.

Related Posts:

  • Pathlight Capital Provides $355 Million Facility to iFIT Health & Fitness

As previously planned, after 45 years of service, iFIT Co-founder, Chairman, and CEO Scott Watterson will exclusively serve as Chairman of the Board of Directors. He will work with the advanced development team to focus on next generation product innovation. The Company has appointed Steve Barr, Chief Financial Officer, and Mark Watterson, Chief Experience Officer, co-Presidents of the organization.

“I am proud of what we have built at iFIT over four decades and our ability to successfully adapt in a rapidly evolving health and fitness landscape,” said Scott Watterson. “Today’s important updates strongly focus the business for continued growth in what has made us successful in the first place: technology, innovation, and the member experience. I look forward to lending my expertise in driving innovation as Chairman. I am personally investing alongside L Catterton, one of the world’s most successful health and wellness investors, in this capital raise. Moreover, I am excited to transition my executive responsibilities to Mark and Steve, who I am confident are well-suited to continue iFIT’s long history of success.”

“It has been a privilege to learn from Scott and we are excited about the next phase of iFIT’s journey,” said Mark Watterson and Steve Barr. “Following today’s news, the Company is on strong financial footing and stands ready to capture the enormous opportunity ahead of us. We remain focused on streamlining our overall business, while at the same time, investing in and enhancing the member experience and continuing to innovate across interactive software, content, and hardware. There is nothing more important to us than delivering an unmatched member experience with the most advanced equipment and engagement to drive superior results for our members.”

Marc Magliacano, a Managing Partner in L Catterton’s Flagship Fund, said, “We are honored to invest and to play a meaningful role in the advancement of iFIT’s future. The iFIT member proposition remains superior to competitive offerings and with the new capital raise combined with our partnership, we believe the best of iFIT is yet to come. The Company has the only integrated solution that offers leading product brands (NordicTrack, Proform) and content platforms (iFIT, Sweat) which transcend venues, channels, product categories, and geographies. iFIT is an integrated fitness platform that is positioned to win on a global scale, and we look forward to being a part of it.”

About iFIT
iFIT® is a global fitness and well-being subscription technology company that provides unmatched fitness experiences and solutions to its growing community of over 7.3 million members in over 120 countries. iFIT’s industry-leading brands – NordicTrack®, ProForm®, Sweat®, Freemotion®, Weider® and 29029® – are powered by the iFIT integrated health and fitness platform, which seamlessly connects the company’s proprietary software, experiential content and interactive hardware. Based in Logan, Utah, with offices in Paris, Shanghai, Sydney and Leeds, the company offers immersive, adaptive, personalized workout experiences for every fitness level and interest. iFIT delivers these patented interactive experiences through an extensive offering of live and on-demand content across the industry’s broadest range of connected fitness modalities. iFIT is a pioneer and leader in the health and fitness industry with more than 400 issued and pending patents.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220227005192/en/

Contacts

Media:
Colleen Logan: [email protected]



Source link

Tags

Apostrophe Health Brian Cobb Douglas Public Health Department Coronavirus Cpap Health Market Cvs Affordable Health Insurance Delegation In Public Health Envoy Health Denton Autumn Lake Greenville Rancheria Tribal Health Center Health And Safety Conferences 2019 Health Benefit Exchange Coi Health Benefits Feta Olive Oil Health Benefits Pawpaw Health Canada Processed Food Health Insurance Cheaper Single Health Net Login 2018 Health Net Therapist Los Angeles Health Problems From Uranium Health Professional Licensing Board Hi Health Hearing Aids Reviews Horton Valley Behavioral Health How Intergrity Investigate Health Care Jay Williamson United Health Kernersville Health Care Center Jobs La Canada Health Care Lee Health New Ceo Lsd Health Effects Edu Mental Health Dissertation Pdf Mental Health Retraints Mental Health Utilization Racial Groups Most Common Crime Health Nys Health Insurance License Physician Assistant Health Professional Organizations Plant And Health Quotes Rex Health Care Login Richmond Times Dispatch Health Reporters Smokeless Tobacco Health Risks Definition Soliant Health Houston Stress Test S Health Sunrise Health Care Moultrie Ga Unified Life Insurance Health In United Health Care Medcare United Health Cincinnati Dentist Rating United Hospital Mental Health Inpatient Vive Health Coupon Codes Wild Mosa Health Regen
Intellifluence Trusted Blogger

Visit Now

joy of cooking

TL

BL

Archives

May 2022
M T W T F S S
 1
2345678
9101112131415
16171819202122
23242526272829
3031  
« Apr    

Recent Posts

  • Tips for PHFF Grocery Shopping
  • Small Business Health Insurance: A 2022 Guide
  • Oprah’s new documentary covers racism in healthcare
  • UF/IFAS food scientists create baked good with health benefits
  • When you’re coping with food cravings, is resistance futile?

TL

LP

  • Facebook
  • Twitter
  • Instagram
  • RSS
vayafail.com
This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Cookie settingsACCEPT
Privacy & Cookies Policy

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Non-necessary
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.
SAVE & ACCEPT