ClassPass owner targets listing as in-person fitness rebounds
Mindbody, the fitness and wellbeing tech platform that owns exercise subscription service ClassPass, plans to go public as demand for in-person workouts grows following pandemic shutdowns.
A flotation would mark a return to the public markets after just four years away from the Nasdaq for California-based Mindbody, which was taken private by Vista Equity Partners in 2019 in a deal that valued the company at $1.9bn.
The platform, which provides software for gyms and spas enabling users to book sessions online, acquired ClassPass in an all-stock transaction last October. Investment firm Sixth Street also invested $500mn in the combined companies at the time of the acquisition.
In an interview with the Financial Times, Mindbody chief executive Josh McCarter said an initial public offering would allow the company to pursue further mergers and acquisitions to improve its technology, expand internationally and move into other fields of wellness such as mental health.Read More