Lowenstein Sandler represented Pamplona Capital Management, lead investor, in the $200 million growth capital equity investment in iFit, the connected fitness streaming platform owned by ICON Health & Fitness. ICON is also the parent company of fitness market leaders NordicTrack, ProForm, and Freemotion.
iFit’s proprietary streaming technology allows a multi-faceted interaction between the user, their iFit trainer and their smart machine. iFit seamlessly adjusts the speed, incline, decline, and resistance of iFit-enabled machines in sync with interactive trainer-led streaming workouts shot on location around the world. Content on all machines includes interactive Studio Classes, Global Workouts, Cross Training Workouts and Google Map Workouts.
Pamplona’s investment will allow iFit to further accelerate its rapidly growing interactive fitness platform in the connected home and club fitness industries by expanding consumer awareness, broadening its already expansive library of interactive fitness content, and fuel further innovation to enhance customers' fitness experience.
Pamplona Capital Management is a specialist investment manager established in 2005 that provides an alternative investment platform across private equity and other diversified strategies. With offices in New York, London, Madrid, and Malta, Pamplona manages over $12 billion in assets for a variety of clients including public pension funds, international wealth managers, multinational corporations, family offices, and funds of hedge funds. Pamplona invests long-term capital across the capital structure of its portfolio companies in both public and private market situations.
The Lowenstein deal team included Michael A. Brosse, Eric Swartz, Mitchell McDonald, and Michael T. Melchiorre (Corporate); Michael Walutes (Tax); Lowell A. Citron (Debt Financing); and Nicholas G. Mehler (IP).