F45 gets financing to improve its balance sheet. The American chain of gyms specialized in training hiit (High Intensity Interval Training) has signed a loan for 90 million dollars (83.7 million euros) with some of its shareholders, among which is the fund manager Kennedy Lewis Management. The objective of this operation is to improve the company’s balance sheet and increase its liquidity.
“The financing transaction, combined with our recent operational realignment and cost reduction initiative, allows us to further support our network of franchisees and continue to deliver on our mission of delivering the best training in the world,” said Ben Coates. , interim CEO of F45. The company is in a moment of transition after the departure of its founder and former CEO, Adam J. Gilchrist.
In fact, the company has renewed its board of directors with the appointment of director Gene Davis as president of the highest executive and advisory body of the company. Four new independent directors have also been appointed: Timothy Bernlohr, Lisa Gavales, Steven Scheiwe and Ray Wallander.
These new directors replace Angelo Demasi, Vanessa Douglas and Lee Wallace, who resigned at the end of last year. Remaining on the Board with Davis are Ben Coates, Adam Gilchrist, Elizabeth Josefsberg and Michael Raymond, as well as F45 shareholder, actor and brand ambassador Mark Wahlberg. On the other hand, F45 has appointed Bob Madore interim chief financial officerhaving passed through companies such as Ralph Lauren, American Eagle Outfitters and, more recently, The Cronos Group.
This announcement comes after the investment firm Klim, the chain’s third largest shareholder, offered 385 million dollars (392 million euros) to gain control of 100% of the listed company. Specific, offers the rest of the shareholders 4 dollars for each of the outstanding titles. Another of the announcements that have affected the company has been the lawsuit by former soccer player David Beckham and golfer Greg Norman, ambassadors of the company, for breach of contract.
