Irvine-Based Xponential Fitness Revives Its Bid to Go Public

Francesca Billington

Francesca Billington is a freelance reporter. Prior to that, she was a general assignment reporter for dot.LA and has also reported for KCRW, the Santa Monica Daily Press and local publications in New Jersey. She graduated from Princeton in 2019 with a degree in anthropology.

Irvine-Based Xponential Fitness Revives Its Bid to Go Public

Venture capitalists are banking on the return of group workout classes and personal training.

Xponential Fitness Inc., the boutique fitness brand behind workout studios like Rumble and Pure Barre, has filed paperwork for an IPO.

The Irvine-based company announced that it's going public on Monday and will trade on the New York Stock Exchange under the ticker symbol XPOF.

The company, which listed its placeholder offering at $100 million. had been making plans to offer an initial public offering a year ago. But it was reportedly forced to put off those plans as the COVID crisis struck, forcing gyms across the world to shut down.

Bank of America Corp., Jefferies and Morgan Stanley are leading the deal. Pricing terms were not disclosed, but a Bloomberg report from April, citing unnamed sources, said it will be valued at close to $1.3 billion.

The company declined to comment on the company's IPO or Bloomberg's previous report.

Xponential pitches itself as the country's "largest boutique fitness franchisor." Since its founding in 2017, the company has built and acquired nine studios in 48 states and 10 countries outside the U.S., according to a statement announcing the IPO. As of March 2021, it operated 1,775 storefront locations, according to SEC paperwork.

The company acquired its first two workout brands in September 2017 and has since nabbed franchise partners including CycleBar, Stride and most recently, the boxing brand Rumble. Those acquisitions gave it access to training studio instructors and enabled the company to provide brands with marketing and tech support.

As vaccination rates pick up — and states ease restrictions on gyms and other indoor venues — the company predicts consumers will return to boutique, in-person fitness classes in the second half of 2021.

The pandemic stunted indoor workout companies across the nation. But as consumers stayed home to exercise, home gym equipment sales soared, according to Pitchbook data. Most VC investment in 2020 was driven by these at-home fitness products and technology like cycling bikes and activity-tracking wearables also hit a stride.

Xponential followed the trend, launching a digital platform and streaming free workouts on Facebook and Instagram. The company lost revenue but continued to open new studios and sell franchise licenses.

The global physical activity economy — the market including fitness tech and equipment among other categories — is expected to hit $1.1 trillion by 2023, according to a recent report from Pitchbook.

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Genies Wants To Help Creators Build ‘Avatar Ecosystems’

Christian Hetrick

Christian Hetrick is dot.LA's Entertainment Tech Reporter. He was formerly a business reporter for the Philadelphia Inquirer and reported on New Jersey politics for the Observer and the Press of Atlantic City.

Genies Wants To Help Creators Build ‘Avatar Ecosystems’

When avatar startup Genies raised $150 million in April, the company released an unusual message to the public: “Farewell.”

The Marina del Rey-based unicorn, which makes cartoon-like avatars for celebrities and aims to “build an avatar for every single person on Earth,” didn’t go under. Rather, Genies announced it would stay quiet for a while to focus on building avatar-creation products.

Genies representatives told dot.LA that the firm is now seeking more creators to try its creation tools for 3D avatars, digital fashion items and virtual experiences. On Thursday, the startup launched a three-week program called DIY Collective, which will mentor and financially support up-and-coming creatives.

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Here's What To Expect At LA Tech Week

Christian Hetrick

Christian Hetrick is dot.LA's Entertainment Tech Reporter. He was formerly a business reporter for the Philadelphia Inquirer and reported on New Jersey politics for the Observer and the Press of Atlantic City.

Here's What To Expect At LA Tech Week

LA Tech Week—a weeklong showcase of the region’s growing startup ecosystem—is coming this August.

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From fireside chats with prominent founders to a panel on aerospace, here are some highlights from the roughly 30 events happening during LA Tech Week, including one hosted by dot.LA.

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Aavrani Co-founder Rooshy Roy On Creating Your Own Success ‘Timeline’

Yasmin Nouri

Yasmin is the host of the "Behind Her Empire" podcast, focused on highlighting self-made women leaders and entrepreneurs and how they tackle their career, money, family and life.

Each episode covers their unique hero's journey and what it really takes to build an empire with key lessons learned along the way. The goal of the series is to empower you to see what's possible & inspire you to create financial freedom in your own life.

AAVRANI Co-Founder Rooshy Roy
Photo courtesy of AAVRANI

Growing up in the suburbs of Detroit, Rooshy Roy said, as the only Indian girl in school, she spent a lot of time feeling like an outsider and like she wasn’t meeting others’ expectations of “how an Indian girl should behave.”

Flash forward 20 years, and the differences Roy was once ashamed of are now the inspiration for her skincare company.

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