Equinox is Raising Capital, Plans Renewed IPO Bid


Equinox hopes to raise $300–500M in new capital ahead of going public.

After a SPAC merger failed to materialize last year, a cash injection could help the company find its footing before making another run at the public markets, according to a WSJ report.

Shaping Up

As gyms begin to rebound, Equinox is plotting its next move.

  • Equinox has 100 luxury health clubs globally and owns SoulCycle, Blink Fitness, and Equinox Hotels.
  • Accelerating its omnichannel strategy, including Equinox+ and the SoulCycle at-home bike, Equinox landed an investment from private equity firm Silver Lake in early 2020.
  • Last fall, the company secured $255M in new financing commitments from some of its lenders and owners to bolster its liquidity.

To date, its premium price point and urban locations have slowed recovery. According to S&P Global Ratings, Equinox ended the third quarter of 2021 with 232K members, down nearly 30% from year-end 2019.

Complicating matters, the company has been hit with a number of lawsuits for unpaid rent.

Across the Industry

Brick-and-mortar gyms are touting gains as at-home fitness brands stumble.

Last year, Xponential Fitness, F45 Training, and Life Time all IPO’d. More recently, these in-person fitness brands posted promising results when reporting quarterly and annual earnings.

On the flip side, Peloton, iFIT, and Beachbody have been forced to restructure amid slowing sales.

Looking ahead: With strong brand affinity and backing from Stephen Ross’s Related Companies as well as private equity firm L Catterton, Equinox is counting on a combination of new capital and the continued rally of gyms to cash in.

Get the latest health and fitness industry news

Keep up with industry news, trends, investment activity, and job openings — in one weekly newsletter.

    No thanks.