F45 Training’s Initial Public Offering

Akin Gump Strauss Hauer & Feld advised Kennedy Lewis Investment Management on the deal.

Kennedy Lewis Investment Management, a leading opportunistic credit manager, acted as an investor in—and lender to—F45 Training Holdings, a global fitness community, in connection with its initial public offering (IPO).

The Texas-based fitness franchise, backed by actor Mark Wahlberg, said it is offering 18.75 million shares, and 1.6 million are being offered by a selling stockholder. The company and the selling stockholder have granted the underwriters a 30-day option to purchase up to an additional three million shares.

F45 Training intends to use the proceeds from the offering to repay indebtedness, to pay the purchase price for the company’s acquisition of certain assets of the Flywheel indoor cycling studio business, to pay cash bonuses to certain employees, to pay expenses incurred in connection with the offering and for working capital and general corporate purposes.

F45 Training is a global fitness training community specializing in innovative, high-intensity group workouts that are fast, fun and proven to get rapid results for members.

The Akin Gump team advising Kennedy Lewis was led by Dan Fisher (Picture), head of the firm’s integrated special situations group, corporate partner Zachary Wittenberg and finance partner Ryan Kim. They were joined by finance associates John Hill and Joseph Lumley, and by securities regulatory partner Jason Daniel and senior counsel William Wetmore.

Involved fees earner: Jason Daniel – Akin Gump Strauss Hauer & Feld LLP; Daniel Fisher – Akin Gump Strauss Hauer & Feld LLP; John Hill – Akin Gump Strauss Hauer & Feld LLP; Ryan Kim – Akin Gump Strauss Hauer & Feld LLP; William Wetmore – Akin Gump Strauss Hauer & Feld LLP; Zachary Wittenberg – Akin Gump Strauss Hauer & Feld LLP;

Law Firms: Akin Gump Strauss Hauer & Feld LLP;

Clients: Kennedy Lewis Investment Management LLC;

Author: Martina Bellini