Wednesday, August 4, 2021
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IFIT to Buy Fitness Platform Sweat for $300 Million Ahead of IPO – News


IFIT Well being & Health Inc. will purchase Sweat, a web based health coaching platform, forward of an preliminary public providing that’s anticipated within the fall, in accordance with folks acquainted with the matter.

IFIT is shopping for Sweat, which was co-founded by coach

Kayla Itsines

and CEO

Tobi Pearce

in 2015, for round $300 million, among the folks mentioned. IFIT plans to maintain Sweat, which relies in Australia, as a stand-alone model and Ms. Itsines and Mr. Pearce as executives.

The Sweat app



Photograph:

Sweat

IFIT is beefing up its content material choices forward of its anticipated IPO. The corporate, which owns NordicTrack, was lately valued in extra of $7 billion in its most up-to-date spherical of funding in late 2020 and is predicted to achieve a valuation in extra of that in its IPO.

Ought to the corporate debut as deliberate later this 12 months, it’s anticipated to faucet a market hungry for fast-growing corporations within the busiest 12 months for public choices on file. IFIT’s closest competitor,

Peloton Interactive Inc.,

made its debut in late 2019, and whereas its inventory value has tumbled this 12 months after a recall of its treadmills, buyers had raced into the inventory. Even with the pullback, Peloton shares have greater than quadrupled from their IPO value.

IFIT, previously often called Icon Well being & Health Inc., has been shifting swiftly with its IPO plans and confidentially filed papers lately with the Securities and Trade Fee, in accordance with folks acquainted with the providing.

Write to Maureen Farrell at [email protected]

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