iEDM integrate Design, Engineering and Delivery Management services to convert existing spaces into exciting new entertainment venues. Our team consists of highly qualified professionals with diverse…read more
F45 ends listing plans but keeps up legal action against competitor Body Fit Training
Global fitness group F45 Training is reported to be maintaining its legal dispute against competitor Body Fit Training after ending its plans for a listing on the USA’s NASDAQ exchange.
Founded in Sydney, F45’s functional high-intensity interval and circuit training studio’s have expanded around the world with the group entering into a deal in June to merge with Crescent Acquisition, a special purpose acquisition company backed by investment firm Crescent Capital, which would prompt its listing.
While the combined company was valued at $US845 million, the agreement was terminated in October.
In a joint statement, Crescent Capital Executive Chairman Robert Beyer and Chief Executive Todd Purdy subsequently advised “while we remain optimistic about the current performance and long-term growth prospects of F45, the prolonged uncertainty around the pandemic has challenged our ability to successfully complete the business combination.”
Founded in 2013 by Rob Deutsch, Luke Istomin and Chief Executive Adam Gilchrist, F45 currently has 1900 franchises sold across 40 countries including 500 in Australia. Hollywood actor Mark Wahlberg is among its investors.
Its ongoing patent infringement dispute with rival fitness chain Body Fit Training, due to be heard in a US Federal Court, alleges innovation patent infringements relating to the management of its franchises through a central computer system.
F45 Training alleges it had suffered financial loss as a result of franchisees who would otherwise have bought a franchise from F45 Training but bought one from Body Fit Training instead.
In its defence Body Fit Training denied it operated open studio environments like F45 Training and instead pointed to fixed equipment, including rigs, astro turf tracks and ski machines in each studio.
Body Fit Training was started by former AFL strength and conditioning coach Cameron Falloon in 2017 and the business is expected to turn over more than $11 million next year.
F45 received extensive media coverage last week when Wahlberg visited F45 Woolloomooloo during a group workout session last Tuesday.
Wahlberg joined exercises and celebrities including Australian cricketer, David Warner and former ironwoman Candice Warner while reportedly in Australia to shoot a television commercial.
While reported to have completed two weeks of mandatory quarantine at a luxury retreat in Byron Bay, other reports suggest Wahlberg may have been allowed a quarantine exemption.
Images: Mark Wahlberg poses with exercisers at F45 Woolloomooloo (top) and with David and Candice Warner (below). Credit: F45.
9th November 2020 - F45 recognised again for delivering highest level of customer satisfaction
9th October 2020 - Body Fit Training and F45 ramp up legal battle over patents
26th June 2020 - F45 reveals plans for listing on US NASDAQ exchange
1st June 2020 - F45 Studios in New Zealand anticipate member surge
30th January 2020 - MINDBODY and F45 Training finalise new global agreement
21st January 2020 - F45 looks at US stock market listing
28th October 2019 - F45 Jimboomba helps members reach goals with EVOLT 360 technology
5th July 2019 - F45 to open studios in Afghanistan and Iraq
7th June 2019 - F45 Training takes on direct operations of Gold Coast facility
6th June 2019 - F45 tops Canstar Blue gym ratings for a second year
24th May 2019 - Uncertainty surrounds closure of F45 Helensvale gym
19th March 2019 - Hollywood star Mark Wahlberg buys stake in F45 fitness franchise
8th November 2018 - F45 launches new model for youth and over sixties
21st August 2018 - F45 opens London base to drive European expansion
28th July 2017 - F45 becomes Australia’s fastest growing fitness studio network
25th June 2017 - F45 expands UK presence with 50 franchises sold
17th February 2017 - F45 Training nears 100 sites in the USA
28th September 2016 - F45 founder launches ‘Netflix’ of fitness
20th July 2016 - F45 Training set to reach 700 franchises worldwide
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