After buying TRX out of bankruptcy, its founder Randy Hetrick is back at the helm.
For context: Founded in 2004, TRX is known for suspension training straps, selling in 30+ countries and certifying 300K trainers based on its patented equipment.
In 2018, TRX was acquired by private equity, and in 2020 had its best financial year to date, posting $20M EBITDA.
Flash-forward. This June, citing increased competition and macroeconomic challenges, the debt-ridden company entered Chapter 11 bankruptcy and sought a new buyer. That buyer turned out to be Randy Hetrick.
Purchasing TRX at auction with partner Jack Daly of JFXD Capital, Hetrick believes he can engineer a turnaround.
“TRX remains one of the fitness industry’s most recognizable and influential global brands, and under a new, experienced management team – powered by passion and renewed vision – our brand will build on its position as the most trusted name in fitness.”
Between the lines: In conversations with top industry executives, nearly everyone said brands must meet exercisers wherever they are… which has been TRX’s mission from the beginning.
Leveraging its equipment’s versatility, and Hetrick’s spinoff mobile fitness company OutFit, TRX will look to revive that pursuit quickly.
Takeaway: Even as consumers ditch expensive at-home hardware, they’re still working out — in the gym, at home, and at the park.
In addition to tapping its existing network of trainers and gyms while strengthening its content and direct-to-consumer offerings, TRX could also team with digital-only workout platforms to reach even more fitness seekers.