F45 Training Holdings Inc. (F45), a fitness franchisor, has been acquired by Crescent Acquisition Corp., a publicly traded special purpose acquisition company, to create a publicly traded global fitness training and lifestyle brand.
Currently, there are more than 1900 F45 franchises across the world in 50 countries.
The transaction will accelerate F45’s continued global expansion, driven by its franchise model, technology-enabled platform, and optimized studio design. Upon closing of the transaction, which is expected in the third quarter of 2020, the combined company will retain the F45’s name and will trade on the NASDAQ exchange.
“F45’s mission is to improve people’s lives and well-being, and the company was founded to make unique, effective, and high-quality training accessible to everyone while empowering franchisees to run successful businesses,” said F45 CEO Adam Gilchrist. “As a public company, I am confident we will be able to accelerate our mission while creating value for our shareholders.”
Robert Beyer, executive chairman, and Todd Purdy, CEO, of Crescent Acquisition Corp, said jointly, “We are looking forward to deepening our relationship with the entire F45 team as they continue to build what is undoubtedly one of the most exciting growth stories in health and fitness. F45’s high profit margins, exceptional franchisee economics, and repeatable business model position it for continued rapid expansion. We are confident that F45’s strong member loyalty and consistently innovative and differentiated workouts will continue to prevail in many new and existing markets around the world.”
The combined company will continue to be led by Gilchrist, along with chief financial officer Chris Payne, chief operating officer Heather Christie, and its management team. Its board of directors will include the current members of the F45 board, and Crescent Acquisition Corp’s sponsor will name two individuals to serve as directors.