Will the gym company merge with Ares Acquisition?
Equinox, which operates SoulCycle, Rumble, and Blink Fitness, is reportedly in talks for IPO via a merger with Ares Acquisition Corporation. While representatives declined to comment on the speculation, Bloomberg reports that discussions are ongoing.
Earlier this year, Equinox was discussing a deal with Chamath Palihapitiya-backed SPAC, a special purpose acquisition company, that would have potentially valued Equinox at $7.5 billion. A report from Sportico ventured that the luxury gym company was in talks with 12 other SPACs. The talk of a potential deal fizzled out, but sources say Equinox is still entertaining the idea of IPO.
Like many fitness facilities, the company faced some serious struggles during the pandemic. Gym facilities were forced to close all locations in New York, which hurt the local Equinox market. With memberships frozen and revenue lost, there were reports of locations owing back rent, and landlord-led legal disputes were filed.
The first Equinox location opened on the Upper West Side of Manhattan in 1991. The Equinox brand has grown to more than 300 locations in the United States and in London, Toronto, Vancouver, and includes hotels. Back in July, the company also launched the Equinox+ app, which offers seamless access to physical and digital programming with unlimited in-club and on-demand access, personalized scheduling, live classes, activity tracking, and more.
Courtney Rehfeldt has worked in the broadcasting media industry since 2007 and has freelanced since 2012. Her work has been featured in Age of Awareness, Times Beacon Record, The New York Times, and she has an upcoming piece in Slate. She studied yoga & meditation under Beryl Bender Birch at The Hard & The Soft Yoga Institute. She enjoys hiking, being outdoors, and is an avid reader. Courtney has a BA in Media & Communications studies.