Echelon raises $65 million, furthering goal to put innovative connected fitness within reach for more consumers
Investment by Goldman Sachs Growth and North Castle Partners
Echelon Fitness, the innovative connected fitness brand, has completed a $65 million financing led by Goldman Sachs Growth, along with participation from existing investor, North Castle Partners; Piper Sandler acted as exclusive financial advisor to Echelon Fitness, all helmed by the dynamic serial entrepreneur Lou Lentine.
Echelon is dedicated to innovation that makes at-home, connected fitness more accessible. It offers a line of connected products - including bikes and rowers – and an app experience that allows its members to participate in both live and on-demand fitness classes. Coupled with its range of product offerings at various prices, Echelon is able to reach a broader customer base and more significant number of households than competitors in the industry.
“Since our inception we have seen astounding growth in member community, retail partners and product offerings,” says Lou Lentine, President and CEO of Echelon Fitness. “We are a connected fitness brand dedicated to changing the category through smart innovation at affordable prices, and with an investment from Goldman Sachs, we can propel our business even further.”
In 2019, North Castle Partners, a top private equity firm that works with businesses promoting healthy, active and sustainable living, partnered with Echelon, bringing investment capital and decades of experience in the fitness and health industry.
Jon Canarick, Managing Partner of North Castle Partners comments: “North Castle was excited by the opportunity at Echelon to offer a great product at competitive prices before the global pandemic set-in. We have experienced explosive growth and we are very excited to have Goldman Sachs invest in the business alongside us. We have complementary experience and I’m looking forward to working with the Goldman team.”
“We are incredibly impressed by what Echelon Fitness was able to accomplish with a very small amount of capital raised to date,” said Stephen Kerns, a member of Goldman Sachs’ growth equity platform, GS Growth, “and we are excited about their omnichannel and multi-product offering that enables a broader reach to retailers and consumers alike.”
Since 2017, Echelon Fitness has brought to market a range of innovative connected products, including their fitness apps, Echelon United Membership and Fit App. Their current UK portfolio includes Echelon connected bikes and rowers, and in the US this extends to fitness mirrors and a treadmill.
Echelon produces a full schedule of daily live classes from its studios in Chattanooga, TN and Miami, FL, with a growing library of nearly 5,000 on-demand classes led by their team of Echelon trainers streamed to a rapidly growing global community. They have met an accelerated demand curve due to the COVID-19 pandemic with “ready to ship” guarantees on products sitewide.
This was posted in Bdaily's Members' News section by Peter Callahan .