Health IPO offers SPACs a piece over

Actor Mark Wahlberg poses at the premiere for the film “Spenser Confidential” in Los Angeles, February 27, 2020. REUTERS / Mario Anzuoni

NEW YORK, Jul 7 (Reuters Breakingviews) – Mark Wahlberg’s fitness firm has shown that the predictions made during SPAC mergers can sometimes be conservative. F45 Training, which guides workout-goers through 45-minute sessions, plans an IPO about a year after abandoning a merger with a special purpose vehicle. The delay has paid off: F45 is shooting at a value of $ 1.5 billion, 80% more than the SPAC deal.

F45 sales declined 11% to $ 82.3 million in 2020. That’s about half of what was predicted before Covid-19. But it’s a solid result considering the competition from at-home workouts like Peloton Interactive (PTON.O) read More In the past year, his studios, almost all franchises, have grown by a fifth, more than expected.

The market is also hotter now. In the year since F45 agreed to be acquired by Crescent Acquisition for $ 845 million, the corporate value of gym operator Planet Fitness (PLNT.N) has also doubled. That makes the F45’s $ 1.5 billion price tag seem fair. Sometimes it’s a marathon, not a sprint. (by Lauren Silva Laughlin)

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Editing by John Foley and Amanda Gomez

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