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Gym management firm Glofox scores in multi-million dollar takeover by US companies

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Glofox, the Irish gym management platform co-founded by former Connacht rugby player Conor O’Loughlin, is to be acquired by US-based ABC Fitness Solutions in a multi-million euro deal.

lofox has raised more than $23 million in funding since its inception in 2014. Earlier this year, the company had planned to raise an additional $30 million from investors and increase its workforce from 200 to 350.

The company now has customers in more than 80 countries and serves the boutique gym sector. The other co-founders are Finn Hegarty and Anthony Kelly. All three executives will remain in senior positions with the expanded group.

The Irish company has a number of shareholders.

It raised nearly €8 million from backers in 2019, including UK-based Octopus Titan, which invested €4.4 million. Other supporters of this fundraising were Partech Ventures and Notion Capital. They had previously invested 2 million euros in the Irish company.

Enterprise Ireland is also a backer, while Silicon Valley Bank has also backed the company.

Italian angel investor Giovanni Matera is also an investor in Glofox through a Northern Ireland based firm.

The Irish company’s shareholders include New York-based Gympass. It paid just over €7 million for a stake in the company behind Glofox in 2020, having previously invested in the business

Gympass bills itself as a corporate wellbeing platform, and the company has raised hundreds of millions of dollars in funding, giving it a valuation of more than $2.2 billion last year.

ABC Fitness Solutions was acquired by US private equity firm Thoma Bravo in 2018 for an estimated $450 million. Since then it has made a number of acquisitions.

ABC Fitness Solutions CEO Bill Davis has welcomed the proposed acquisition of Glofox, which is expected to close later this year.

“The solution offering, focus on the boutique gym and studio sector, and impressive international reach are compelling and will help solidify ABC’s position as a truly global solution provider in the fitness industry,” he said.

“Combined with our existing strength in North and Latin America, as well as our market-leading personal trainer and commercial fitness club software solutions, we now have a combined offering that is greater than the sum of its parts and unmatched by any other company in the industry” , he added.

Mr O’Loughlin said ABC’s acquisition of Glofox offers the Irish company “an extremely exciting future”.

https://www.independent.ie/business/irish/gym-management-firm-glofox-scores-in-multimillion-euro-takeover-by-us-company-41885583.html Gym management firm Glofox scores in multi-million dollar takeover by US companies

Fry Electronics Team

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