Sweat Founders Buy App Back From iFit Just 2 Years After Sale
One of the most popular fitness apps for women, Sweat is back in the hands of its co-founders after iFit purchased the brand in 2021
Fitpreneur Kayla Itsines, who became the fitness social media maven of the late 2000s with her female-focused workout guides, meal-planning and fitness app, has just pulled off another coup, reclaiming the throne of global fitness platform Sweat along with former co-founder and ex-partner Tobi Pearce.
Itsines and Pearce had sold the Sweat app to Utah-based iFit for a reported $150 million in July 2021 (although reports vary on how much iFit actually paid for Sweat). Shortly after the deal, the fitness and tech company, which owns brands such as NordicTrack, ProForm and Freemotion Fitness, filed an intent to go public before officially postponing its IPO plans in early October 2021, citing adverse market conditions.
Despite the sale to iFit, Itsines remained the face of the Sweat brand and lead trainer. However, like many home-based apps and fitness solutions that saw a boom during the pandemic, Sweat experienced challenges once COVID restrictions eased and gyms reopened and by November 2022, both Sweat and iFit employees were experiencing layoffs.
“The founders of Sweat have reacquired the business from iFit,” iFit said in a statement provided to Athletech News. “We wish the Sweat team continued success and look forward to watching where they take the brand.”
CXT Legal, a private market mergers and acquisitions law firm, represented Itsines on the repurchase. Although terms of the deal weren’t disclosed, reports indicate that Sweat’s founders paid significantly less than iFit in 2021. Itsines is said to remain as head trainer while Pearce will oversee strategy of the fitness app platform.
The legal firm announced the news on LinkedIn, posting a remark by director Christos Tsonis, who led the transaction deal team. In his statement, Tsonis acknowledged the “incredible brand” and “global community of fitness enthusiasts” that Itsines, Pearce and the Sweat team have built.
The Sweat app, $19.99/month after a free 7-day trial, offers countless workout programs for users, spanning HIIT, strength-training, low-impact, boxing, core, mind and body, mobility, yoga, barre, Pilates, pregnancy and post-pregnancy workouts, and more. The app is integrated with Apple Watch, so subscribers can view training videos and preview workouts with a glance on the wrist.
According to a case study by Kadence International, the Sweat app has been downloaded more than 30 million times and generated nearly $100 million in 2020.
This story has been updated to include a statement from iFit
