Latest News

Back to Latest News back

 

Mindbody announces management changes as company hit by higher loan costs

Mindbody announces management changes as company hit by higher loan costs
August 19, 2020

Fitness industry technology platform Mindbody has named its current President Josh McCarter as its new Chief Executive, replacing co-founder Rick Stollmeyer who is transitioning to the role of Executive Chair.

Effective from 1st August, the appointment of McCarter, who joined Mindbody as Chief Strategy Officer following the acquisition of Booker Software in 2018, was approved unanimously by the Board.

Sunil Rajasekar, current Chief Technology Officer, will step into McCarter’s shoes as President in addition to his current responsibilities and Aaron Stead, current Senior Vice President of North America sales will assume the role of Chief Revenue Officer.

Explaining the change, Stollmeyer (pictured below), who will continue to serve on the Board and participate in the company’s strategic planning, advised “Mindbody has been my career and singular passion for more than two decades, and I am most proud of the entrepreneurs we have helped and the jobs we have created.

“It has been an exciting 20 years, but these are still the early innings for Mindbody and the wellness industry. Enormous growth opportunities lie ahead and those are made even more important and compelling by COVID-19 (and) Mindbody is well positioned to expand our leadership in the years ahead.”

Impacted by global closures during the Coronavirus crisis of the clubs, gyms, spas and other facilities that use its cloud-based business management solution, lenders to the business have raised the interest rate on Mindbody’s US$475 million loan.

According to a Securities and Exchange Commission filing, pricing on the secured term loan which is due in February 2025 has rise to 8.5 percentage points over the London interbank offered rate from 7 percentage points previously.

Some of the interest on the loan, about 1.5 percentage points, will be paid with more debt, a so-called payment-in-kind arrangement that can provide relief to borrowers under financial strain by allowing them to skip cash payments. However, such debt has been described as coming with more risk to lenders.

The US$475 million loan helped finance the US$1.9 billion buyout of the company by Vista Equity Partners in February 2019, and was provided by lenders led by Owl Rock Capital.

Click here to contact MINDBODY via their entry in the Australasian Leisure Management Supplier Directory.

Related Articles

14th August 2020 - ISPO identifies health orientation as key fitness trend in post Coronavirus-world

13th August 2020 - Les Mills plans to activate fitness industry’s COVID-19 recovery with global campaign

26th May 2020 - Call for fitness industry stakeholders around the world to unite on 1st June

27th April 2020 - Global Fitness Business Women’s Leaders Virtual Event launched

7th April 2020 - Two-thirds of the world’s fitness clubs are currently closed

4th April 2020 - MINDBODY launches virtual wellness platform

31st March 2020 - With clubs closed fitness providers go online

18th February 2020 - Mindbody opens new office in India

30th January 2020 - MINDBODY and F45 Training finalise new global agreement

5th January 2020 - Pilates 100-year journey to be a global fitness phenomenon

4th December 2019 - MINDBODY’s inaugural Australia Wellness Index shows changing exercise behaviours of Australians

7th November 2019 - ACSM predicts top global fitness trends for 2020

18th October 2019 - MINDBODY part of investment group backing active living platform Fitt

8th October 2019 - Mindbody expands in Asia with Indian software company acquisition

10th August 2019 - MINDBODY co-founder shares experience of industry technology interfacing with the consumer

24th December 2018 - Mindbody accepts US$1.9 billion private equity firm buyout


Asking a small favour
We hope that you value the news that we publish so while you're here can we ask for your support?

The news we publish at www.ausleisure.com.au is independent, credible (we hope) and free for you to access, with no pay walls and no annoying pop-up ads.

However, as an independent publisher, can we ask for you to support us by subscribing to the printed Australasian Leisure Management magazine - if you don't already do so.

Published bi-monthly since 1997, the printed Australasian Leisure Management differs from this website in that it publishes longer, in-depth and analytical features covering aquatics, attractions, entertainment, events, fitness, parks, recreation, sport, tourism and venues management.

Subscriptions cost just $90 a year.

Click here to subscribe.

 

supplier directory

The Complete Guide to Leisure Industry Products & Services.

See the directory see all

WATERPLAY Solutions Corp

Whether your goal is increasing your centre's revenues or creating an engaging environment, why not add play to your project? If you're looking for stylish aquatic play features, kid-tested…

read more

Aquatics / Attractions / Play / Recreation / Waterparks

 
 

Fun Wheels Pty Ltd

Fun Wheels Pty Ltd are the premium dealer in Australasia for the Dutch company BERG’s commercial and domestic products. Our flagship product is their revolutionary pedal go-kart – the…

read more

Attractions / Tourism / Venues

 
 
 

DEBITSUCCESS

Over the past 10 years Debitsuccess has been providing expert billing services to businesses across Australia. Debitsuccess is now the largest full service direct debit provider in Australasia,…

read more

Billing / Finance / Fitness / Golf / Recreation

 
 

Aflex Inflatables

Aflex Inflatables are the leaders for obstacle courses, pool toys, waterparks and land-based watersides and fitness runs. They are industry leaders offering the widest range of pool, lake and beach…

read more

Aquatics / Play / Waterparks

 
 

IEDM

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

Consultants / Design

 
 

SLE WORLDWIDE AUSTRALIA PTY LTD

SLE Worldwide Australia is a Managing General Underwriter specialising in insuring risks in the world of Sports, Leisure and Entertainment. Be it relaxing, playing, organising or watching sports,…

read more

Insurance / Venues

 
 

SportEng

SPORTENG are experts in the planning, design and construction inspection of sport Fields of Play

read more

Consultants / Recreation / Sport / Surfaces / Venues

 
 
 
 

get listed with our suppliers directory

Get your business noticed in our targeted directory. Viewed by 10,000 industry professionals per week!

list your business