F45 started from one gym in Australia in 2013 and its franchises offer 45-minute functional high-intensity interval and circuit training classes based on a motto of “no mirrors,no microphones,no egos”.
The fitness chain now has 1555 outlets around the world and was expected to list on the US Nasdaq exchange via aspecial purpose acquisition company (SPAC) last year but then quietly shelved the plans after the coronavirus pandemic hit.
Investors who were big beneficiaries from the listing include Australian chief executive and co-founder Adam Gilchrist (not the cricketer),whose 25.4 per cent stake is now worth an estimated $US357 million.
Mr Gilchrist said the listing was an “incredible milestone” with F45 one of just five Australian companies to be listed on the New York Stock Exchange.
“We are excited about our future as a public company and the many opportunities ahead of us as we continue our mission to bring life changing fitness experiences to help people transform their lives physically and mentally in a community-supported environment,” he said.
Another local beneficiary is Melbourne based funds manager L1 Capital,which has a 7.1 per cent stake in F45 worth an estimated $US103 million post-listing. L1 Capital declined to comment.
However F45’s best known backer is Hollywood actor and producer Mark Wahlberg,who made his name in bands New Kids On The Block and Marky Mark and The Funky Bunch before starring in Hollywood movies like Boogie Nights and The Fighter.