iFit Raises $200 Million to Accelerate Its Explosive Growth in the Connected Fitness CategoryDecember 16, 2019
iFit (“iFit”), the connected fitness streaming platform, today announced the completion of a $200m growth equity investment led by Pamplona Capital Management (“Pamplona”).
iFit is owned by ICON Health & Fitness (”ICON”), which is also the parent company of fitness market leaders NordicTrack, ProForm, and Freemotion.
iFit’s proprietary streaming technology allows a multi-faceted interaction between the user, their iFit trainer and their smart machine. iFit seamlessly adjusts the speed, incline, decline, and resistance of iFit-enabled machines in sync with interactive trainer-led streaming workouts shot on location around the world. Content on all machines includes interactive Studio Classes, Global Workouts, Cross Training Workouts and Google Map Workouts.
“This capital raise will allow iFit to further accelerate its rapidly growing interactive fitness platform in the connected home and club fitness industries. We will dramatically expand consumer awareness, broaden the most expansive library of interactive fitness content in the world, and continue to invest in innovation and technology that truly enhances our customers' fitness experience,” said Scott Watterson, Founder, Chairman and CEO of ICON.
“Our company is unique in the fitness industry. We have multiple brands including NordicTrack, ProForm and Freemotion, with multiple price points and multiple product lines of treadmills, bikes, elliptical machines, rowers and strength products,” Watterson said. “As a result, we enjoy a booming direct-to-consumer business and a successful retail distribution, with more than 1,500 locations where consumers can shop our connected equipment in person. These factors create a prime environment for sustainable membership growth.”
“Our current base of 330,000 paid memberships is growing rapidly. We added more than 77,000 new paid iFit subscribers in our last quarter alone. That uptake is indicative of a strong consumer affinity for the iFit experience across our product lines,” Watterson continued.
“As a company, we’re laser-focused on bringing iFit’s exceptional interactive fitness experience to as many consumers as possible, on as many products as possible, as fast as possible. This capital raise just accelerated our ability to achieve our mission,” Watterson concluded.
ICON Health & Fitness is a global fitness leader and the parent company of iFit, NordicTrack, ProForm, Freemotion and more. Based in Logan, Utah, the 42-year old company has a multi-decade heritage of innovation and quality. ICON and iFit currently hold more than 275 fitness patents, with 138 pending. iFit workouts are available in English, Mandarin Chinese, Spanish and French, with more languages planned for 2020.
About Pamplona Capital Management
Pamplona Capital Management is a specialist investment manager established in 2005 that provides an alternative investment platform across private equity and other diversified strategies.
Bank of America Merrill Lynch served as exclusive financial advisor to ICON. Barclays served as financial advisor to Pamplona.