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ClassPass owner plans to go public again

Kimberly Chin
Apr 11, 2022
One ClassPass location is Bonza Bodies Fitness in downtown Denver. Photo by Cyrus McCrimmon/The Denver Post via Getty Images
Photo by Cyrus McCrimmon/The Denver Post via Getty Images

ClassPass owner Mindbody is eyeing a return to the public markets, CEO Josh McCarter told the Financial Times.

Why it's the BFD: As the pandemic eases, the fitness tech platform is hoping that pent-up demand for in-person classes will bolster its business.

Between the lines: McCarter sees the IPO, with 2023 "a great target," as a way to help the company pursue M&A that would improve its technology, extend its global ambitions and branch out into other wellness areas, such as mental health.

Flashback: In October, Mindbody acquired fitness-class subscription service ClassPass in an all-stock deal.

  • Investors include Sixth Street, Apax Digital, L Catterton and General Catalyst.
  • Mindbody was taken private by Vista Equity Partners in 2019 for $1.9 billion.

Quick take: As connected fitness companies like Peloton lose speed, being a bridge between in-person gyms and digital screens might be the right mix people need to indulge in self-care during this pandemic and to help them move beyond it.

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