iFIT Health & Fitness, the leading American fitness equipment supplier formerly called Icon Health & Fitness, has acquired Sweat, an Australian-based online fitness training platform for women. According to the Wall Street Journal, which cites “people familiar with the matter,” the acquisition is preparatory to plans for an initial public offering by the group in the autumn of this year.
According to the company’s own statement, Sweat “expands iFIT’s presence in the global digital fitness market, and accelerates the company’s delivery of best-in-class interactive fitness experiences for consumers worldwide.” The company has not disclosed the terms of the deal, but the Wall Street Journal’s sources place the purchase price at about $300 million. Sweat will retain its identity as a separate brand.
The platform was co-founded in 2015 by a fitness trainer, Kayla Itsines, and its current CEO, Tobi Pearce, both of whom will remain aboard at their present posts, continuing to work at Sweat’s Australian headquarters in Adelaide.
Sweat’s app boasts about 5,000 unique workouts in 26 exercise programs, delivered by 13 trainers in high-intensity interval training, strength training, yoga, barre classes and Pilates. It is available in eight languages and distributed in 155 countries. Training can be on-demand or one-on-one. What Sweat calls its “social channel” base consists of about 50 million women.
iFIT plans to “strengthen the Sweat member experience, build brand presence in key international markets, and grow and diversify content offerings” by, among other things, introducing “cardio-based and equipment workouts in the coming months.” It plans also to “support job growth” at Sweat over “the near- and long-term” in the product, engineering, marketing and content divisions. According to iFit’s CEO and founder, Scott Watterson, “the addition of Sweat will allow iFIT to further expand our membership base as well as add new fitness genres and modalities.”
Besides offering fitness equipment under its own NordicTrack, ProForm and Freemotion brands, iFIT itself offers live and on-demand training programs to members in 120 countries. It is headquartered in Logan, Utah, and maintains offices in Paris, Shanghai, Melbourne and Manchester.