F45 Training Holdings Inc., a provider of group fitness classes backed by actor Mark Wahlberg, has struck a deal to go public by merging with blank-check company Crescent Acquisition Corp.

The deal, which confirmed an earlier Bloomberg News report, is slated to value the combined companies at $845 million including debt, according to a statement Wednesday. The transaction is expected to close in the third quarter.

The valuation means Wahlberg has likely made money on his investment. When he first bought a minority stake last year, the company was valued at about $450 million, a person said at the time. A representative for Wahlberg couldn’t immediately be reached.

Wahlberg invested through a private investment vehicle called MWIG LLC that will keep its board representation.

Chief Executive Officer Adam Gilchrist said in the statement that the company would keep helping people reach their fitness goals through its workout and nutrition plans.

“As a public company, I am confident that we will be able to accelerate our mission, while creating value for our shareholders,” Gilchrist said.

Crescent Acquisition’s Executive Chairman Robert Beyer and CEO Todd Purdy said in a combined statement that they believe in the company’s growth trajectory. “F45’s high profit margins, franchisee economics and repeatable business model position it for continued rapid expansion,” they said.

Crescent Acquisition’s shares were trading 4.3% lower at $10.89 in New York trading Wednesday.

The deal comes after F45 paused initial public offering plans for this year after the pandemic forced it to shut locations.

F45 is going public while some traditional gyms, which couldn’t weather the lockdown closures and lost revenue, are in distress. Gold’s Gym International Inc. filed for bankruptcy in May, followed by 24 Hour Fitness Worldwide Inc. earlier this month.

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