ClassPass owner plans to go public again
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.