L Catterton Is Said to Near Acquisition of Fitness Brand Hyrox
(Bloomberg) — Private equity firm L Catterton is close to buying a controlling stake in Hyrox in a deal that may value the fitness competition brand at about €600 million ($697 million), according to people familiar with the situation.
Greenwich, Connecticut-based L Catterton is also considering bringing in global partners including from Asia to co-invest, the people said, as Hyrox quickly gains popularity in places such as mainland China, Hong Kong, Singapore and Tokyo. An agreement may be reached soon, they added, asking not to be identified because the information isn’t public.
A representative for L Catterton didn’t respond to request for comment.
Hyrox is owned by Switzerland-based marketing firm Infront Sports & Media AG, which counts Chinese conglomerate Dalian Wanda Group Co. as a backer. A consortium led by Boyu Capital was in talks to acquire Infront last year, Bloomberg News reported in October.
A representative for Dalian Wanda declined to comment. Hyrox and Infront didn’t respond to requests for comment.
Launched in 2017 in Hamburg, Germany, Hyrox has become one of the fastest-growing mass-participation sports, featuring competitors alternating between runs and workout stations. Hong Kong is hosting the 2027 World Championships, the first time it will be held outside of Europe or North America.
Sky News reported in June that L Catterton, was in talks to buy a Hyrox stake.
L Catterton last year invested in L.A.B. Golf, a maker of high-tech putters, while other consumer and sports-related assets include Equinox fitness clubs and Hydrow, which makes rowing machines.
–With assistance from Vinicy Chan, Loni Prinsloo and Venus Feng.
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