21 Jul 2017
Equinox to expand after winning backing from private equity firm
BY Ben Coxon
L Catterton, the world’s largest consumer-focused private equity firm, has bought a minority stake in luxury gym chain Equinox.
New York-based Equinox operates 89 clubs in major cities around the US, as well as sites in Canada and London.
Funding from the investment will see the chain attempt to grow its global footprint with further clubs.
It becomes the latest health, fitness and wellness investment made by L Catterton, which has made more than 150 investments in consumer brands and allocates more than US$14bn (£10.8bn, €12bn) in equity capital toward growing “middle-market companies and emerging high-growth enterprises”.
SweatyBetty, the high-end female sportswear company, Pure Barre and Bodytech are among the organisations to have sold equity to L Catterton in exchange for investment.
The former two have rapidly expanded their number of health clubs in the US and Latin America since they partnered with L Catterton.
Equinox is also growing, with two new clubs in London and one in Connecticut scheduled for 2019.
Harvey Spevak, executive chair and managing partner of Equinox, said the boutique gym chain “has never been in greater demand” and will use the investment to “expand globally”.
"The fitness sector continues to see unprecedented growth as consumers prioritise health and wellness" Explains Michael Chu, Global Co-CEO of L Catterton.
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