LOGAN, Utah–(COMMERCIAL 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 pro forma®today announced a significant capital increase backed by L Catterton, the world’s largest consumer-focused private equity firm.
iFIT today has an engaged community of more than 7.3 million total members in more than 120 countries, with increasing member participation in trainings and events. The capital increase will allow for greater 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 pending litigation with one of its shareholders.
As previously planned, after 45 years of service, iFIT Co-Founder, President and CEO Scott Watterson will serve exclusively 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, as co-chairs 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 major updates sharply focus the business for continued growth on what has made us successful in the first place: technology, innovation and the member experience. I look forward to bringing my experience to bear on innovation as president. I am personally investing together L Catterton, one of the world’s most successful health and wellness investors, in this capital increase. Additionally, I am excited to transfer 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 the iFIT journey,” said Mark Watterson and Steve Barr. “Following today’s news, the Company is on solid financial footing and ready to take advantage of the tremendous opportunity that lies ahead. We remain focused on optimizing our business overall, while also investing in and improving the member experience and continuing to innovate interactive software, content and hardware. Nothing is more important to us than delivering an unparalleled member experience with the most advanced equipment and commitment to deliver superior results for our members.”
Marc Magliacano, managing partner of L Catterton’s Flagship Fund said, “We are honored to invest in and play a significant role in advancing the future of iFIT. iFIT’s member offering continues to be superior to competitive offerings and with the new capital increase 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) that transcend locations, 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.”
whether® is a global fitness and wellness subscription technology company that delivers unmatched fitness experiences and solutions to its growing community of more than 7.3 million members in more than 120 countries. iFIT Industry Leading Brands: NordicTrack®Pro forma®Sweat®free movement®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. Headquartered in Logan, Utah, with offices in Paris, Shanghai, Sydney, and Leeds, the company offers immersive, customizable, and personalized training experiences for every fitness level and interest. iFIT delivers these proprietary interactive experiences through a broad offering of live and on-demand content across the broadest range of connected fitness modalities in the industry. iFIT is a pioneer and leader in the health and fitness industry with over 400 issued and pending patents.