Image courtesy of Sweat
LOGAN – Logan-based iFIT Health & Fitness announced it is purchasing Sweat, an online platform for women’s health and fitness. The Wall Street Journal reports the deal was made for approximately $300 million. Sweat was founded in 2015 by personal trainer Kayla Itsines and CEO Tobi Pearce in Adelaide, Australia and has grown to include a global community of more than 50 million women seeking affordable, on-demand access to fitness advice and workouts created specifically by women, for women.
“Kayla, Tobi and the team at Sweat have built an incredible brand and community of fitness enthusiasts,” said Scott Watterson, CEO and Founder of iFIT in a press release. “We are delighted to welcome Kayla’s authentic fitness training and charismatic personality—along with all of Sweat’s other star trainers—to the iFIT family.”
Watterson also added that the two companies have a shared vision of helping people achieve their goals of health and well-being, and the acquisition helps both reach even larger global audiences.
Itsines and Pearce will continue to lead Sweat in their existing roles with the company still headquartered in Australia, operating as a stand alone company.
“We have long admired iFIT as a fitness industry leader and are proud to join the iFIT family,” said Sweat CEO and Co-Founder Tobi Pearce in a release. “We look forward to working with Scott and his leadership team to accelerate our global expansion and further enhance the consumer experience for Sweat as part of the iFIT ecosystem.”
Sweat Co-Founder Kayla Itsines said the acquisition represented a new chapter in the company’s history.
“Sweat has had an incredible journey from our humble beginnings training women one-on-one in my Adelaide backyard to launching the Sweat App in 2015 to now joining the iFIT family,” Itsines added in the release. “Sweat was founded on our simple belief that fitness can genuinely help women improve their confidence, health and quality of life. Through iFIT’s strategic leadership, we will be able to create new world class fitness content and product experiences to support more women on their fitness path forward.”
iFIT, formerly known as ICON Health and Fitness, also owns fitness brands NordicTrack, ProForm and Freemotion. The company has been aggressive over the last 12-18 months acquiring investment capitol and the Wall Street Journal reports that the company is headed to an Initial Public Offering perhaps as early as this fall.