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ClassPass acquires rival Asian sharing platform GuavaPass
ClassPass has announced the acquisition of rival platform GuavaPass, with the takeover now seeing the US-based fitness aggregator having a presence in more than 80 markets across 15 countries.
With GuavaPass operating in Asia and the Middle East, the acquisition will see ClassPass take over operations in 11 cities across the two regions, including Abu Dhabi, Bangkok, Beijing, Dubai, Hong Kong, Mumbai and Singapore.
GuavaPass founders Jeffrey Liu and Rob Pachter will join the ClassPass team, along with some of the GuavaPass top team.
The move is part of ClassPass’ strategy to expand its international presence and comes after the company secured US$85 million worth of series D financing from private equity giant L Catterton and Singapore-based investment company Temasek in July last year.
Following the deal, GuavaPass will cease operations in markets where ClassPass is already available. In markets where ClassPass hasn't got an active presence, GuavaPass brand will continue to operate under the ClassPass umbrella "until further notice".
ClassPass Chief Executive Fritz Lanman advised “the GuavaPass deal will continue our strategy to build the biggest fitness membership for our customers, and the largest global network for our partners.
"This transaction will accelerate our robust growth trajectory as we continue expanding throughout Asia and the Middle East."
With its backing, ClassPass is already planning further expansion and has announced plans to launch "in at least 50 new markets" in 2019.
Chloe Ross, ClassPass’ International Vice President added “ClassPass is already the leading fitness aggregator in the US.
“We’re doubling-down on our international expansion efforts with no intentions of slowing down in 2019."
24th December 2018 - Mindbody accepts US$1.9 billion private equity firm buyout
3rd August 2018 - ClassPass looks for Asian expansion with Singapore launch
1st June 2018 - ClassPass announces plans for aggressive global expansion
1st November 2016 - ClassPass records incremental growth on one year Australian anniversary
7th April 2016 - AirActive sharing technology launched for exercise consumers
18th September 2015 - ClassPass set to launch in Australia
19th August 2015 - Online fitness passes aid Hong Kong exercisers
29th October 2015 - ClassPass launches monthly fitness membership service in Australia
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