29 Jul 2019
Echelon Fitness secures North Castle investment
BY Tom Walker
Private equity firm North Castle Partners has taken a stake in at-home fitness and indoor cycling specialist Echelon Fitness.
The undisclosed investment will be used to expand the company's reach on the US and Canadian markets.
Echelon is looking to muscle in on the lucrative at-home indoor cycling market. It offers personalised workouts and an online community "at a reasonable cost".
By linking the Echelon Connect Bike and Fit App, members can use their own screens — from mobile phones to tablets to smart TVs — to join a variety of live and on-demand classes and special events led by instructors.
Echelon also operates a 4,300 sq ft indoor cycling studio at its HQ in Chattanooga, Tennessee.
According to Lou Lentine, president of Echelon Fitness, the North Castle deal will "bring Echelon’s total valuation to over US$100m".
"With North Castle’s investment and strategic partnership, Echelon will continue to become a leader in connected fitness products," Lentine said.
“Having North Castle on board provides many years of industry knowledge and successful relationships to help further our mission to offer connected fitness for everyone.”
North Castle's existing fitness and wellness investments include stakes in Equinox, Barry’s Bootcamp, Curves International, Octane Fitness, weight loss programme Jenny Craig and CR Fitness – a leading franchisee group in the Crunch Fitness network.
• To read an interview with Jon Canarick, North Castle's fitness lead, click here for the May 2019 issue of HCM magazine.
The investment comes one year after the launch of Echelon’s first Connect bike, which resulted in a 737 per cent increase in sales for the company.
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