LOGAN – Over the last 6 months, major investment firms have been dumping hundreds of millions of dollars into digital fitness companies. According to Fitt Insider, over $1 billion in capital has been raised for multiple fitness brands. One of the most recent of those investments came to Logan-based ICON Health & Fitness, to the tune of $200 million. The growth investment was led by private equity firm L Catterton and existing investor Pamploma Capital Management (who invested $200 million into iFit last December).
According to ICON officials, the investment will help accelerate the company’s growth by expanding its delivery of interactive fitness products connected by iFit, the company’s patented content technology and media platform.
“Health and fitness have never been more important to consumers globally, and we are seeing explosive growth across our subscription software and fitness equipment businesses,” said Scott Watterson, Founder, Chairman and CEO of ICON in a statement. “We saw this fast-growing demand going into 2020, and this has accelerated sharply as people’s desire to stay healthy has intensified.”
“This funding will further strengthen our leading position in connected fitness,” Watterson added, “and deliver on our mission to help consumers of every demographic and fitness level pursue and achieve their health and fitness goals.”
With revenue exceeding $1 billion in the last 12 months, ICON creates connected fitness experiences with a variety of different brands, including NordicTrack, ProForm, Freemotion and iFit. The company boasts of having approximately 700,000 paid subscribers around the globe (a number which has nearly doubled since December 2019).
“We have long admired ICON as a pioneering health and fitness giant, with a core focus on technology, longstanding track record of innovation, and a proven, profitable growth model,” said Scott Dahnke, Global Co-CEO of L Catterton in a statement. “As people around the world increasingly seek out new, immersive ways to exercise and stay healthy, ICON’s heritage, offerings, and scale are true differentiators.
“The company’s broad range of products across price points has democratized fitness, making it more accessible to everyone, everywhere. Their established and iconic brands such as NordicTrack and now increasingly iFit, with its significant subscriber growth, set ICON apart. We are excited to partner with Scott and his exceptional management team in this next phase of their exciting growth journey.”
ICON was founded over 43 years ago and has a history of innovation. It is one of Cache Valley’s largest employers and holds more than 330 technology patents, with 80 pending, and its products are present in 116 countries.