TSL Express Daily News
The Secured Lender
SFNet's The 81st Annual Convention Issue
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March 7, 2024
Source: PR Newswire
Financing Supports Acquisition of Cutting Edge Fitness Equipment Manufacturer
HOUSTON, March 6, 2024 /PRNewswire/ -- Atlas Credit Partners, an asset management firm specializing in investing and partnering with medium-sized businesses, today announced a $65 Million Strategic Financing Facility to FitLab, a multi-brand fitness company whose fully integrated platform solves the siloed nature of the industry, with approximately $35 million funded at closing and $30 million of remaining availability.
This strategic facility from Atlas Credit Partners marks a significant step forward for FitLab. With this financing, FitLab acquired a cutting-edge fitness equipment manufacturer, further empowering FitLab to seamlessly integrate every aspect of its customers' fitness journey, delivering immersive experiences anytime, anywhere, and however its members train.
"Our pursuit of excellence extends beyond fitness and wellness innovation, encompassing strategic partnerships that elevate our company," said Mike Melby, Co-Founder and Co-CEO of FitLab. "We're thrilled to secure the financing from Atlas to allow us to accelerate our expansion and offer our integrated platform to a broader audience seeking unparalleled fitness experiences."
Atlas Credit Partners has a history of successful value-oriented credit investments, having invested a combined $950+ million to-date, leveraging the company's 80+ years of combined business experience at top-tier institutions to assist portfolio companies in executing their business plans and broadening their market presence.
"FitLab uniquely integrates every channel of the fitness ecosystem into a single, differentiated platform," said Andrew Sung, Head of Research at Atlas Credit Partners. "With this acquisition, combined with the company's ramp of boutique fitness studios and partnership with a best-in-class global brand, we believe that our investment will help accelerate the pace at which the company continues to innovate the fitness experience."
Billings & Company and Compass Point acted as financial advisors to FitLab in connection with this strategic acquisition financing.
To learn more, visit https://www.atlascreditpartners.com or https://www.fitlab.com/.
About Atlas Credit Partners
Atlas Credit Partners is a Houston, TX based asset management firm specializing in value-oriented investing and partnering directly with medium-sized companies, and other businesses in transition. The company has invested more than $950 million on behalf of its partners and stakeholders and is currently investing through multiple private credit vehicles. To learn more, visit https://www.atlascreditpartners.com, or follow the company on LinkedIn.
About FitLab
FitLab Inc. powers the modern fitness journey by seamlessly integrating fitness studios, mass-participation events, and premium equipment. FitLab's fully integrated platform solves the siloed nature of fitness and leverages the power of iconic athletes and truly connected experiences to keep you training – wherever, whenever and however you desire. Through proprietary development, partnerships, and a series of acquisitions, FitLab has established a portfolio of brands that includes Assault Fitness, Electric, RPM, XPT, Sanctuary Fitness, Racked, Ragnar, Fitplan, McGregor FAST, and Yoga Vida, with more on the way. FitLab Inc. is based in Newport Beach, CA, with offices in Portland, OR, San Clemente, CA, Carlsbad, CA, and Salt Lake City, UT, and was founded by former Nike and New Evolution Ventures executives Brian Kirkbride and Mike Melby in 2019.
Press Inquiries:
Erika Siemasko
JMG Public Relations
212-206-1645
Erika@jmgpr.com
