L Catterton, backed by the family office of LVMH chief executive Bernard Arnault, is in exclusive talks to buy a large stake in HYROX from Swiss sports media group Infront Sports & Media. An announcement is expected within weeks, Sky News reported June 13.
An announcement is expected within weeks, according to industry sources cited by Sky News. No transaction value has been disclosed publicly, though sources familiar with the matter say it is expected to reflect HYROX’s growth trajectory.
The numbers behind the deal
HYROX’s commercial scale has grown quickly. Estimates put 2025 revenue in the €130 million – €140 million range, with 2026 projections above €200 million.
Revenue is understood to come mainly from event entry fees and related merchandise, plus coaching and training offerings, gym licensing, digital subscriptions, and sponsorship. Estimated 2025 EBITDA is around €30 million, implying a margin of roughly 20 percent.
When HYROX held its first race in Hamburg in 2018, it drew roughly 650 participants. Eight years later, the same event format – eight one kilometer runs alternating with eight functional workout stations – attracted between 425,000 and 550,000 athletes across more than 80 events in 30 countries during the 2024/25 season. The organization has publicly stated a target of one million annual participants by 2026.
What L Catterton is buying into
HYROX stages indoor races combining running with functional workout stations. Infront initially invested in 2019 and acquired a majority stake in 2022. Whether Infront will retain a minority position following the transaction remains unclear. Infront itself has been the subject of takeover speculation, but confirmed earlier this year that its Chinese parent, Wanda Group, would retain control after a strategic review.
L Catterton – backed by the family office of LVMH chief executive Bernard Arnault – is an established investor in consumer fitness and wellness. The firm took a stake in Peloton in 2015. It does not have an extensive track record in sport specifically, but the HYROX deal fits a pattern of private equity capital flowing into mass-participation fitness formats – a category that has drawn sustained investor interest as gym memberships and structured fitness events have outpaced broader consumer spending trends.
