IFIT, owned by NordicTrack, was recently valued at over $ 7 billion in its final funding round in late 2020.
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if it
IFIT Health & Fitness Inc. will acquire Sweat, an online fitness training platform, ahead of its expected IPO in the fall, the experts said.
IFIT is buying Sweat, which was co-founded in 2015 by trainer Kayla Itsines and CEO Tobi Pearce, for around $ 300 million, some of the people said. IFIT plans to keep Australia-based Sweat as a separate brand and Ms. Itsines and Mr. Pearce as executives.
The sweat app
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Sweat
IFIT strengthens its content offering ahead of the expected IPO. The company, which owns NordicTrack, was recently valued at over $ 7 billion in its final round of funding in late 2020 and is expected to achieve a higher valuation when it goes public.
If the company launches later this year as planned, it is expected to enter a market that is hungry for fast-growing companies in the busiest year for IPOs ever. IFIT’s closest competitor, Peloton Interactive Inc.,
debuted in late 2019, and while its stock price has fallen this year after a recall of its treadmills, investors had run into the stock. Despite the pullback, Peloton stock has more than quadrupled its IPO price.
IFIT, formerly known as Icon Health & Fitness Inc., recently pushed ahead with its IPO plans and confidential filings with the Securities and Exchange Commission, according to those familiar with the offering.
Write to Maureen Farrell at maureen.farrell@wsj.com
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