F45 Training

Last updated

F45 Training
Industry Health club, fitness, gym
Founded Epping, Australia (2011 (2011))
Founders
  • Adam Gilchrist
  • Rob Deutsch
Headquarters
Austin, Texas
Number of locations
60 countries
547 (Australia)
81 (New Zealand)
740 (United States)
10 (Europe)
6 (South Africa)
200 (Canada)
22 (Middle East)
60 (United Kingdom)
105 (Asia)
Key people
Website f45training.com

F45 Training is an Australian franchiser and operator of fitness centers based in Austin, Texas. It has over 2,000 studios in over 60 countries across Australia/Oceania, North America, South America, Asia, Europe and Africa. [1] It was ranked the fastest growing fitness franchise in the US in 2021, [2] one of the fastest globally, [3] and has approximately 2,000 studios worldwide, including approximately 500 studios in Australia and around 1,000 studios in the United States as of 2023. [4] The fitness franchise was launched in 2011 by Adam Gilchrist and Rob Deutsche.

Contents

History

In 2012, the first F45 studio was launched in Paddington, Sydney. [5] It was here that Rob Deutsche took the time to work on the fitness model within the studio each day. After the success of its first studio, Deutsche enlisted the help of franchisee expert, Adam Gilchrist, who quickly became his business partner when they decided to franchise the F45 business. [6] In 2013, Gilchrist and Deutsche sold their first F45, and in 2014 they began a franchise roll-out in Sydney with 15 franchises bought by members of the original F45 studio in Paddington. [6]

Off-shore expansion

In 2015, the duo sold their first off-shore franchise in New Zealand. This marked a two-year milestone of 250 franchises in the Oceania region. In 2015, Gilchrist and Deutsche sold their first F45 studio in the United States, [6] sparking a rapid US expansion. That same year, F45 also launched in India, with the help of Australian cricketer Brett Lee and Indian cricket legend VVS Laxman. [7] The first store opened in Hyderabad — the capital and largest city of the Indian state of Telangana. This triggered an expansion with many more studios opening in major Indian cities, such as Bangalore, Chennai, Raipur and Gurgaon. [8]

In 2017, Gilchrist and Deutsch entered the United Kingdom with 50 franchises sold—35 of which opened in London, and 15 across Brighton, Bournemouth, Birmingham and Manchester. [9]

Between 2017 and 2018, F45 launched the beginning of its European growth strategy, opening studios in Finland, Switzerland, Czech Republic and Germany. F45 simultaneously increased its US presence through its Collegiate Program, which entailed a partnership between F45 and U.S. colleges in an effort to permeate the young influential group of individuals. [10]

In the first half of 2019, the fitness franchise secured a deal to open studios in Afghanistan and Iraq, as well as in Kenya and Mauritius in Africa – taking their presence to over 40 countries. [11] In 2019, Mark Wahlberg Investment Group and FOD Capital announced that they were buying a minority stake in the F45 business, the deal valued the company at US$450 million (AU$672 million). [12]

F45 Training went public in July 2021 with the company being valued at US$1.4 billion (AU$2.1 billion). [13] F45, however, has since experienced a number of problems, with gym closures, falling stock prices, employees layoffs as part of its restructuring, and threats of lawsuits from investors. [14] [15] [16] It later revealed that it lost $193.5M in 2021 and $178.8M in 2022, making a total of $372M loss over the two years. [17] Gilchrist stood down as CEO in July 2022, and later replaced by Tom Dowd as CEO, while Mark Wahlberg was named as chief brand officer. [18]

On August 15, 2023, F45 Training Holdings announced they have delisted from the NYSE after its share price fell by 75% and warnings were issued over its non-compliance on listing standards. [19] [20] In 2024, David Beckham sued F45 for breach of contract, alleging that he was not paid for his role as a global brand ambassador. [21]

Workouts

The name F45 refers to the 45-minute "functional" exercises offered in F45 gyms. The workouts in F45 gyms are a form of high-intensity interval training (HIIT) combined with circuit training and functional training. [22] All F45 workouts are given a name, and each one consists of a number of different exercises that are variations on the HIIT format, and the participants usually move through a series of stations with different exercise equipment in every workout. [23] [24] On some days the workouts may be focused on cario exercises, on others they may be focused on strength and resistance. [25] A number of basic functional equipment are used within a relatively small space, and the equipment used varies from day to day depending on what type of session it is. Common equipment includes: mat, resistance band, bench, bosu balance trainer, exercise ball, kettlebell, dumbbell, medicine ball, sand bag, battle ropes, weights, barbell, exercise bike, indoor rower, sled, and pull-up bars. [23] [26] [27]

See also

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References

  1. ↑ Sorich, Sonya (31 January 2020). "Fast-growing fitness chain says it's coming to Midtown's Press Building". Sacramento Business Journal .
  2. ↑ Kufahl, Pamela (11 March 2021). "Fastest-Growing Franchises List Includes 2 Fitness Brands in Top 10". Club Industry.
  3. ↑ Bell, Lee. "Innovation And F45: How Technology Has Fueled The World's Fastest-Growing Fitness Studio". Forbes . Retrieved 2 February 2020.
  4. ↑ "Find a studio". F45 Training. Retrieved 2 February 2020.
  5. ↑ "Genius way $42m Aussie CEO made his millions". News.com.au . 17 October 2018. Retrieved 3 February 2020.
  6. 1 2 3 "About Time You Met: Rob Deutsch, Founder and CEO of F45". About Time Magazine. Retrieved 5 February 2020.
  7. ↑ "F45 expands with first Indian studio opening – Australasian Leisure Management". www.ausleisure.com.au. Retrieved 7 February 2020.
  8. ↑ ANI (16 February 2018). "F45 to open over 100 studios in India by 2020". Business Standard . Retrieved 7 February 2020.
  9. ↑ "F45 expands UK presence with 50 franchises sold – Australasian Leisure Management". www.ausleisure.com.au. Retrieved 5 February 2020.
  10. ↑ "1500 studios for F45 by the end of 2018". Inside Franchise Business. 22 August 2018. Retrieved 19 February 2020.
  11. ↑ "F45 to open studios in Afghanistan and Iraq – Australasian Leisure Management". www.ausleisure.com.au. Retrieved 10 February 2020.
  12. ↑ "Mark Wahlberg Backs Australian Fitness Franchise F45 Training". Bloomberg News . 18 March 2019. Retrieved 10 February 2020.
  13. ↑ Saharan, Shubham; Platt, Eric (15 July 2021). "Mark Wahlberg-backed fitness chain F45 goes public". Financial Times.
  14. ↑ Whitson, Rhiana (26 March 2023). "Multiple F45 gyms have collapsed around Australia as the US-listed parent faces possible legal battles with celebrities and investors". ABC News.
  15. ↑ Kufahl, Pamela (25 May 2023). "F45 Training Receives Second Notice of Non-Compliance from NYSE". Club Industry.
  16. ↑ Brazier, Tori (20 October 2022). "David Beckham and Greg Norman sue fitness chain F45 Training for $20,000,000". Metro.
  17. ↑ "F45 Files "Restated" Financials, Reports $372M Loss". Fiit Insider. 26 October 2023.
  18. ↑ Kufahl, Pamela (30 March 2023). "Mark Wahlberg Takes Larger Role in F45 Training, New CEO Named". Club Industry.
  19. ↑ "F45 Training to be delisted from the NYSE". Fitt Insider. 15 August 2023. Retrieved 15 August 2023.
  20. ↑ "Shares in F45 plummet after it delists from NY Stock Exchange and 'goes dark'". Health Club Management. August 2023.
  21. ↑ Kaplan, Anna. "Why is David Beckham suing F45, the fitness company Mark Wahlberg partly owns? The lawsuit explained". Today.com. Today. Retrieved 24 April 2024.
  22. ↑ Sisson, Patrick (14 February 2019). "F45 is the most popular workout you've never heard of". Vox.
  23. 1 2 Frey, M.A., ACE-CHC, CPT, Malia (14 November 2022). "F45 Training Review: Costs, Comparisons, Pros and Cons". Very well fit.{{cite web}}: CS1 maint: multiple names: authors list (link)
  24. ↑ Melero, Angela (29 September 2019). "The Trendy Workout That Made Me Realize I've Been Sabotaging My Workouts For Years". The Zoe Report.
  25. ↑ "F45 cost: why it's worth paying, according to an F45 tragic". coach.nine.com.au. Retrieved 20 February 2020.
  26. ↑ Braverman, Jody. "F45 Training: The Newest Functional Fitness Class". Livestrong.com.
  27. ↑ Hooshmand, Dana (21 February 2024). "F45 vs CrossFit — F45 Review by a CrossFitter". Hooshmand.net.
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