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NEWS
F45 targets military veterans as franchisees and launches $300m loan financing deal with Fortress
POSTED 19 May 2022 . BY Frances Marcellin
F45 has joined forces with investment group Fortress to provide loans to franchisees Credit: F45
F45 After programme launches: offers US military and veterans financing for F45 franchises
F45 is also collaborating with investment group Fortress to provide loans to franchisees
The initial allocation is US$150m and can increase to US$300m
Mindbody and Glofox have also joined forces with third-party financiers to support client growth
Following a history of supporting US military and service members, F45 has announced a new initiative called F45 After, which offers US military personnel exclusive financing to become franchisees. While the programme has only just launched, the company has already received 2,500 inquiries from potential candidates to open new franchises.

“F45 is proud to be the first fitness company in the world authorised by the US Department of Defense to work with active-duty service members,” said F45's Michael Nichols. “Through F45 After, we're thrilled to bring on board some of the best trained, most loyal and hardest working people – our military men and women – to become studio owners and operators.”

F45 has also announced a new collaboration with investment group Fortress to provide franchisees with loan financing in the US.

The facility will be funded with an initial tranche of US$150m but demand could push this to US$300m. The capital will support signups from eligible franchisees and grow the F45 studio network.

“Coming out of the pandemic, access to attractive growth capital has become more challenging for small- and medium-sized businesses, especially in the boutique fitness space'" said Adam Gilchrist, CEO of F45. "By establishing a financing solution tailored to the specific needs of our franchisees, we've taken measures to assist them in executing on their growth ambitions while creating greater visibility in our own business.”

Last year F45 revealed ambitions to open up 7,000 studios in the US and pitched it sights on 23,000 worldwide.

The economic resilience of F45’s franchise model during the pandemic was commended by Brian Stewart, MD at Fortress Investment Group. “F45 is a clear category leader in the fitness industry,” he said. “It has proven its resilient franchise economic model during tough economic conditions, as shown by the extremely low closure rates across the US system during the COVID-19 pandemic.”

F45 is the latest company in the fitness industry to join forces with a third-party financier. Mindbody – which provides F45 with its cloud-based software solutions – recently launched Mindbody Capital, a non-traditional loan service designed to fund the growth of their customers’ businesses.

In collaboration with fintech startup Parafin, Mindbody Capital funds clients through their software service, cutting out the need for banks and traditional loan application procedures.

Currently available in the US only, over US$2m has been borrowed by clients so far. Mindbody Capital’s financing model differs from a bank’s because it provides non-recourse financing, a secured loan that isn’t dependent on credit history and for which the borrower isn’t personally liable.

“Almost a third of Mindbody customers plan to expand their business into more locations in the next 12 months,” said Josh McCarter, CEO of Mindbody and Class Pass. “Supporting these businesses in funding their growth is just one of the many ways Mindbody Capital can help the wellness industry rebuild.”

Last year, software company Glofox struck a deal with Stripe Capital to provide health clubs, gyms and fitness studios with instant access to financing. The club management software provider aimed to help clients bounce back from the pandemic.

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NEWS
F45 targets military veterans as franchisees and launches $300m loan financing deal with Fortress
POSTED 19 May 2022 . BY Frances Marcellin
F45 has joined forces with investment group Fortress to provide loans to franchisees Credit: F45
F45 After programme launches: offers US military and veterans financing for F45 franchises
F45 is also collaborating with investment group Fortress to provide loans to franchisees
The initial allocation is US$150m and can increase to US$300m
Mindbody and Glofox have also joined forces with third-party financiers to support client growth
Following a history of supporting US military and service members, F45 has announced a new initiative called F45 After, which offers US military personnel exclusive financing to become franchisees. While the programme has only just launched, the company has already received 2,500 inquiries from potential candidates to open new franchises.

“F45 is proud to be the first fitness company in the world authorised by the US Department of Defense to work with active-duty service members,” said F45's Michael Nichols. “Through F45 After, we're thrilled to bring on board some of the best trained, most loyal and hardest working people – our military men and women – to become studio owners and operators.”

F45 has also announced a new collaboration with investment group Fortress to provide franchisees with loan financing in the US.

The facility will be funded with an initial tranche of US$150m but demand could push this to US$300m. The capital will support signups from eligible franchisees and grow the F45 studio network.

“Coming out of the pandemic, access to attractive growth capital has become more challenging for small- and medium-sized businesses, especially in the boutique fitness space'" said Adam Gilchrist, CEO of F45. "By establishing a financing solution tailored to the specific needs of our franchisees, we've taken measures to assist them in executing on their growth ambitions while creating greater visibility in our own business.”

Last year F45 revealed ambitions to open up 7,000 studios in the US and pitched it sights on 23,000 worldwide.

The economic resilience of F45’s franchise model during the pandemic was commended by Brian Stewart, MD at Fortress Investment Group. “F45 is a clear category leader in the fitness industry,” he said. “It has proven its resilient franchise economic model during tough economic conditions, as shown by the extremely low closure rates across the US system during the COVID-19 pandemic.”

F45 is the latest company in the fitness industry to join forces with a third-party financier. Mindbody – which provides F45 with its cloud-based software solutions – recently launched Mindbody Capital, a non-traditional loan service designed to fund the growth of their customers’ businesses.

In collaboration with fintech startup Parafin, Mindbody Capital funds clients through their software service, cutting out the need for banks and traditional loan application procedures.

Currently available in the US only, over US$2m has been borrowed by clients so far. Mindbody Capital’s financing model differs from a bank’s because it provides non-recourse financing, a secured loan that isn’t dependent on credit history and for which the borrower isn’t personally liable.

“Almost a third of Mindbody customers plan to expand their business into more locations in the next 12 months,” said Josh McCarter, CEO of Mindbody and Class Pass. “Supporting these businesses in funding their growth is just one of the many ways Mindbody Capital can help the wellness industry rebuild.”

Last year, software company Glofox struck a deal with Stripe Capital to provide health clubs, gyms and fitness studios with instant access to financing. The club management software provider aimed to help clients bounce back from the pandemic.

RELATED STORIES
FEATURE: HCM People: Gunnar Peterson


F45’s new chief of athletics on developing exclusive new workouts for the brand
David Beckham announced as partner in new London gym


David Beckham has opened an F45 studio in London, as part of the franchised fitness operator's plans to highlight its UK expansion push.
F45 takes fitness to the seas with OneSpaWorld partnership


F45 Training will begin offering its functional fitness classes on board cruise ships, after securing a partnership with OneSpaWorld.
MORE NEWS
Open water swimming venue launched in London's Canary Wharf
A new open water swimming venue will has been launched in the heart of Canary Wharf, London, UK – one of Europe's most prestigious office and commercial districts.
Record-breaking 140 countries to celebrate World Wellness Weekend 2022
This year’s World Wellness Weekend (WWW) will be the largest to date, reaching over 140 countries and involving over 4,000 venues, including spas, gyms and a range of other wellness, tourism and hospitality destinations.
Voya releases Cancer Wellness Training for spa therapists
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i-Tech Industries’ i-Boost treatment concept aligns body and mind
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+ More featured suppliers  
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Booker by MINDBODY

Our cloud-based platform gives owners and managers back-office access from anywhere. The system enab [more...]
+ More profiles  
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+ More catalogues  

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Sommerhuber GmbH - Ceramic heated LOUNGER ONE PLUS - ultimate relaxation
Lounger One Plus is characterized by an organic aesthetic, delicate contours and an ideal lying comfort. Comfortable ergonomically shaped Heat Storing Ceramics nestle the skin and provide for perfect relaxation – touchless enjoyment meeting the highest hygiene standards. Find out more...
+ More videos  

DIRECTORY
+ More directory  
DIARY

 

12-13 Sep 2022

2022 Salt Therapy Association Conference

Wyndham Lake Buena Vista Disney Springs® Resort, Lake Buena Vista, United States
12-14 Sep 2022

Spa Life Ireland

Galgorm Spa & Golf Resort , Ballymena, Ireland
+ More diary  
 


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Tel: +44 (0)1462 431385

©Cybertrek 2022

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