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

The P.A. People

The P.A. People is a specialist integrator and contractor in sound reinforcement, audio visual systems, performance lighting and production communications. Over its almost 50 year history the company…

read more

Entertainment / Events / Sport / Technology / Venues

 
 

revolutioniseSPORT

revolutioniseSPORT is the emerging market leader in online club management in Australia. Whether it is memberships, registrations, events, online sales or governance tools - revolutioniseSPORT is the…

read more

Recreation / Sport / Technology

 
 

HRMWEB

At easyemployer we've come up with a software solution that manages one of your most important, and often most costly, business resources - your staff. We are helping 100s of clients to…

read more

Finance / Fitness / Technology

 
 

PRIAVA

About Priava's Technology -  Priava is a cloud-based and centralised venue and event management system aimed at venues of all sizes. With its familiar and easy-to-use web interface, the…

read more

Attractions / Billing / Entertainment / Events / Technology

 
 

Humanforce

Humanforce is a global provider of workforce management solutions for companies who need flexibility to manage complex workforces. Companies use Humanforce to manage everything from time and…

read more

Hospitality / Retail / Technology / Venues

 
 

Smart Connection Consultancy

Smart Connection Consultancy is a boutique sport and recreation consultancy who has become one of Australia’s leading advocates for the use of synthetic sports surfaces as a vehicle to grow…

read more

Consultants / Recreation / Sport / Surfaces

 
 

BODY BIKE AUSTRALIA

BODY BIKE® International is a leading manufacturer of indoor bikes with a 20-year track record of creating the best indoor bikes. Stay connected with Body Bike Australia…

read more

Fitness / Recreation / Sport / Technology / Wellness

 
 

PlayRope

Playrope Aqua-Fun, are the Australian & New Zealand exclusive distributors for Vortex Aquatic Structures International, the world leader in aquatic playgrounds and urban water landscapes.…

read more

Aquatics / Attractions / Parks / Play / Recreation

 
 
 
 

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