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.
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."
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.
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