Skip to main content
//empty //empty

People work out at an F45 facility in Austin, Texas, on Feb. 8, 2020.

RICK KERN/Getty Images

Crescent Acquisition Corp, a special purpose acquisition firm, said it would buy Australian fitness chain F45 Training in a deal that values the combined company at $845 million, including debt.

F45, which counts actor Mark Wahlberg as one of its shareholders, has more than 1,900 franchises in 50 countries and is known for promoting group workouts without heavy equipment.

The combined company will trade on the Nasdaq following the closure of the deal, which is expected in the third quarter of 2020, and will retain the F45 name, Crescent said in a statement on Wednesday.

Story continues below advertisement

“F45′s high profit margins, exceptional franchisee economics and repeatable business model position it for continued rapid expansion,” Crescent executives said.

F45′s top management will stay on in their current positions, including Chief Executive Officer Adam Gilchrist, and Crescent will appoint two directors to the existing board, the statement said.

Credit Suisse is serving as financial and capital markets adviser, BofA Securities is serving as capital markets adviser and Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal adviser to Crescent.

Goldman Sachs & Co. LLC and J.P. Morgan are serving as financial advisers and Gibson Dunn & Crutcher LLP is serving as legal adviser to F45.

Crescent shares fell 7.3 per cent overnight, amid a broader market drop.

Be smart with your money. Get the latest investing insights delivered right to your inbox three times a week, with the Globe Investor newsletter. Sign up today.

Report an error
Tickers mentioned in this story
Due to technical reasons, we have temporarily removed commenting from our articles. We hope to have this fixed soon. Thank you for your patience. If you are looking to give feedback on our new site, please send it along to feedback@globeandmail.com. If you want to write a letter to the editor, please forward to letters@globeandmail.com.

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff.

We aim to create a safe and valuable space for discussion and debate. That means:

  • Treat others as you wish to be treated
  • Criticize ideas, not people
  • Stay on topic
  • Avoid the use of toxic and offensive language
  • Flag bad behaviour

Comments that violate our community guidelines will be removed.

Read our community guidelines here

Discussion loading ...

To view this site properly, enable cookies in your browser. Read our privacy policy to learn more.
How to enable cookies