Crescent Acquisition Corp has agreed to acquire fitness company F45 Training Holdings and take the company public.
The deal values the combined companies at $845 million including debt and is expected to close in the third quarter, according to Bloomberg.
The post-acquisition public company will retain the F45 Training name and operations aren’t expected to significantly change.
As of last August, F45 had around 1,750 gyms across the globe, including several hundred in the U.S., its business is built around its suite of 45-minute workout classes.
F45 is popular with celebrities and last year sold a minority stake in the company to actor Mark Wahlberg.
Crescent Acquisition Corp is a special purpose acquisition company, often called a “blank check company” controlled by Crescent Capital Group. Public blank check companies are investment vehicles specifically designed to acquire and bring companies public.
Crescent Acquisition raised $250 million in its IPO last year and some of that money will go toward the F45 acquisition.
F45 was preparing to go public on its own earlier this year but the coronavirus pandemic threw a wrench in its IPO plans and forced the company to shutter some locations, according to Bloomberg. [Bloomberg] — Dennis Lynch
The post Mark Wahlberg-backed gym chain F45 plans to go public appeared first on The Real Deal Los Angeles.
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