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


Support our industry news service
We hope that you value the news that we publish so while you're here can we ask for your support?

As an independent publisher, we need reader support for our industry news gathering so ask that - if you don't already do so - you back us by subscribing to the printed Australasian Leisure Management magazine and/or our online news.

 

supplier directory

The Complete Guide to Leisure Industry Products & Services.

See the directory see all

Ticketworx Pty Ltd

Ticketworx (formerly House of Tickets) is Australia and New Zealand’s foremost ticket specialist servicing some 2,700 clients and producing in excess of 30 million per tickets per annum.…

read more

Entertainment / Events / Technology / Ticketing / Venues

 
 

GEOFF NINNES FONG AND PARTNERS

Geoff Ninnes Fong & Partners (GNFP) is a structural, aquatic and civil engineering consultancy with broad experience in the design of new municipal and institutional swimming pools, hydrotherapy…

read more

Aquatics / Consultants / Design / Venues

 
 

The Pool Enclosure Company

Now TPEC Pool Enclosures - see www.ausleisure.com.au/suppliers/tpec-pool-enclosures

read more

Aquatics / Design / Recreation / Venues

 
 

BioLab Australia Pty Ltd

BioGuard is Australia and New Zealand’s most trusted supplier of premium, innovative and affordable commercial water treatment systems and chemicals. BioGuard offers a comprehensive range of…

read more

Aquatics / Technology / Waterparks

 
 

AIS Water

AIS Water, the trading name of Australian Innovative Systems, is a multi-award winning, Australian owned leader in the design, production and supply of commercial and residential chlorine generators…

read more

Aquatics / Safety / Technology

 
 

State Wide Pool Services

Known as Hydrilla since September 2020 - see www.ausleisure.com.au/suppliers/hydrilla-pty-ltd

read more

Aquatics

 
 

Spill Station Australia

Compliant chemical storage and decanting solutions. Includes spill kits, spill containment pallets, chemical decanting decks and safety shower and eyewash equipment. See our full range of solutions

read more

Aquatics / Safety / Security / Venues

 
 

DAE Global

DAE Global is one of the world’s leading international creative and production practitioners, creating award-winning sport, culture and entertainment experiences for over 30 years.  It was…

read more

Culture / Entertainment / Events / 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