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By Gillian Tan
(Bloomberg) — Barry’s Bootcamp, known for its high-intensity workouts, has renewed its efforts to sell itself.
The company, which has made it a point to combine treadmill sessions with strength training, is working with an adviser to explore strategic options and add a sale, other people familiar with the matter said. This is a repeat of a pre-pandemic effort. in which a sale could have valued the company at $700 million, Bloomberg News reported in 2019. Valuation expectations for the company are now higher, one of the sources said.
Led by co-CEOs Joey Gonzalez and Jonathan “JJ” Gantt, Barry’s has more than 50 studios across the U. S. and Canada. U. S. , open, or developing, as shown on their website. It also operates studios around the world, Australia, Singapore, and the United Kingdom. and Norway.
A spokeswoman for Barry said the company is looking at strategic aspects and declined to comment further. The studio’s profits were up 27% last year compared to 2022, he said, without elaborating.
Since the pandemic, Barry’s has added an elegance that combines weightlifting and indoor cycling, allowing it to compete with rivals like SoulCycle and CycleBar, and has opened 26 new studios around the world.
“We’re really excited about the price we’ve created since the beginning of 2020 with a fully recovered global business, continued successful expansion into new types of markets, and evidence of concept with our modes of transportation and lifting,” Gonzales said in a statement provided. to Bloomberg.
All of the company’s U. S. studios are profitable, Barry’s spokeswoman said. Globally, attendance at the company’s studios topped 7. 4 million last year, he said.
The corporation counts North Castle Partners and LightBay Capital among its investors, with the latter backing Barry’s in 2020 after the company faced Covid-19 lockdowns.
Alternative asset managers have long been drawn to fitness and wellness betting. Last month, Sixth Street led an investment organization that Equinox Holdings Ltd. It had Equinox Holdings Ltd. in financing worth $1. 8 billion. Silver Lake, Ares Management Corp. , HPS Investment Partners and L Catterton also participated. Separately, Orangetheory Fitness and Self Esteem Brands, both subsidized through Roark Capital, merged earlier this month.
(Updates with additional transactions in the last paragraph. An earlier edition of this story corrected Gonzalez’s spelling in the third paragraph. )
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