BOSTON, April 14, 2022 /PRNewswire/ — Pathlight Capital LP (“Pathlight”) announced it is serving as the Administrative Agent on the recently funded $355,000,000 Senior Secured Credit Facility for iFIT Health & Fitness Inc. (“iFIT” or the “Company”), a global leader in connected fitness and interactive content with its extensive portfolio of iFIT® and Sweat® streaming platforms, and its highly innovative equipment brands NordicTrack® and Proform®.
Proceeds from the facility will be used to invest in focused growth initiatives, efficiency measures to enhance profitable growth, as well as elevate the iFIT member experience by continuing to innovate across interactive software, content, and hardware.
“We are grateful to the team at Pathlight for supporting us as we enter our next chapter of growth at iFIT. As fitness routines normalize coming out of the pandemic, we strive to deliver the most outsized fitness experience regardless of where our member wants to workout. The support from Pathlight will allow us to continue our leadership position in delivering the most innovative hardware and immersive experience,” stated Steve Barr and Mark Watterson, iFIT co-Presidents.
Mark Twomey, Partner of Pathlight Capital commented, “Pathlight was proud to partner with L Catterton and the management team in providing liquidity to support the innovation iFIT delivers to the health and fitness market. The content and interactive nature of their diverse product offerings continues to revolutionize the in-home workout experience. We are pleased to be a part of this capital raise and look forward to the continued growth of the business.”
About Pathlight Capital
Pathlight Capital is a private credit investment manager dedicated to meeting the needs of companies that operate across a broad range of industries by providing asset-based loans secured on a first or second lien basis against tangible and intangible assets. Pathlight aims to provide creative financing solutions to allow management teams to access incremental liquidity for the purposes of funding working capital, debt refinancings, growth, acquisitions, dividends and turnaround strategies. For more information, please visit www.pathlightcapital.com.
About iFIT Health & Fitness Inc.
iFIT® is a global fitness and well-being subscription technology company that provides unmatched fitness experiences and solutions to its growing community of over 7.3 million members in over 120 countries. iFIT’s industry-leading brands – NordicTrack®, ProForm®, Sweat®, Freemotion®, Weider® and 29029® – are powered by the iFIT integrated health and fitness platform, which seamlessly connects the company’s proprietary software, experiential content and interactive hardware. Based in Logan, Utah, with offices in Paris, Shanghai, Sydney and Leeds, the company offers immersive, adaptive, personalized workout experiences for every fitness level and interest. iFIT delivers these patented interactive experiences through an extensive offering of live and on-demand content across the industry’s broadest range of connected fitness modalities. iFIT is a pioneer and leader in the health and fitness industry with more than 400 issued and pending patents.
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SOURCE Pathlight Capital