Mindbody Announces Acquisition Of ClassPass Plus $500M Investment To “Power A New Era Of Wellness”
Mindbody and ClassPass, leading providers of technology to fitness, beauty, spa and salon businesses around the globe, today announced they will be joining forces to “lead the industry out of Covid”.
In one of the most seismic deals to hit the wellness industry since the coronavirus pandemic struck, the acquisition will bring two of the sector’s most prominent leaders together, creating a one-stop-shop for both business owners and consumers.
Rumours of a merger had first circulated in May this year and, according to Mindbody CEO Josh McCarter, the deal has been years in the making. However, it is only today that California-based Mindbody could confirm it has entered into a definitive agreement to acquire New York City-headquartered ClassPass.
The acquisition – an all-stock deal at a non-disclosed price – will integrate both teams, with ClassPass continuing to operate its app and website. Upon closing of the deal, ClassPass CEO Fritz Lanman will serve as President of ClassPass and Mindbody Marketplace, working alongside McCarter and Mindbody’s executive team.
“Powering a new era of wellness”
“This is a ‘better together’ story,” McCarter told Welltodo ahead of the announcement. “It’s really about how we can accelerate our mutual mission, which is about connecting the world to wellness and democratising access to wellness and making it available to more people.
“We’re bringing together the number one player in B2B and number one player in B2C and really helping the industry get back on its feet after months of closures and restrictions. Together we’ll be leading the industry out of Covid and really powering this new era of wellness.”Read More