Update: F45 made its public debut Thursday. Shares opened at $17 and closed at $16.20, giving F45 a market value of $1.46 billion.
F45 (PRIVATE:F45TRAINING) is going public. On Wednesday, the fitness chain, which counts Mark Wahlberg among its investors, rolled out information about its upcoming IPO. The Australian fitness chain, whose name comes from its “functional 45-minute” workouts, is setting its sights on a $15-$17 share price range, which would value the company at up to $1.5 billion.
Wahlberg’s stake could be worth up to $15 million, depending on the offering price and how many shares end up being listed. The actor first joined as an investor, when the Mark Wahlberg Investment Group (MWIG) bought a minority stake, and has served on the board of directors for the past two years. Wahlberg has his own F45 franchise on the Marine Corps Air Station (MCAS) Miramar in San Diego.
In addition to Wahlberg, F45’s S-1 boasts “relationships” with other celebrities and athletes like David Beckham, Magic Johnson, and Cindy Crawford.
F45 was founded in 2011 by Rob Deutsch as a personalized approach to the gym, featuring at-home workout programs as well as a series of franchised locations. Deutsch opened the first F45 location in Sydney in 2012, but stepped down as CEO and left the company in 2020 amid stalled IPO plans.
As gyms shuttered their doors during the pandemic, companies specializing in at-home workouts took off. F45 saw decreased revenue and net losses in both 2020 and Q1 2021, according to their revised S-1.
Here’s a look at F45’s studios around the world. According to our data, the franchiser has over 1,500 studios spread across 58 countries:
Some of F45’s main competitors, Crossfit gyms, appeal to consumers looking for weight training. Our data shows which F45 locations are near Crossfit gyms: Each bubble represents the number of Crossfit studios near an F45 franchise. The three states where F45 is facing the most competition from Crossfit are California, Texas, and Florida.
About the Data:
Thinknum tracks companies using the information they post online, jobs, social and web traffic, product sales, and app ratings, and creates data sets that measure factors like hiring, revenue, and foot traffic. Data sets may not be fully comprehensive (they only account for what is available on the web), but they can be used to gauge performance factors like staffing and sales.
