F45, whose name is a mash-up of “functional training” and the 45-minute duration of its classes, had confidentially filed paperwork to go public, Bloomberg News reported in January.
Los Angeles-based Crescent raised $250 million in an IPO in March 2019, which it will invest in the deal, along with another $50 million. The blank-check company is backed by Crescent Capital, a private lender and asset manager with more than $28 billion under management.
Before the pandemic, Wahlberg regularly posted from F45 on social media and has introduced it to celebrities including Mario Lopez, as well as basketball stars Dwyane Wade and Jimmy Butler, former National Football League player Calvin Johnson and the National Hockey League’s Max Domi.
Classes are offered in at least 40 countries, including in the U.S. at colleges such as Stanford University and the University of Southern California. The sessions also feature wireless heart rate monitors, which the company calls LionHeart, that are linked to in-studio television displays.
Credit Suisse Group AG and Bank of America Corp. advised Crescent Acquisition, while Goldman Sachs Group Inc. and JPMorgan Chase & Co. advised F45.
This article was provided by Bloomberg News.