Who Owns F45 Training Company?

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Who Owns F45 Training?

Understanding F45 Training's ownership is key to grasping its strategic direction and stakeholder accountability. Key events like its 2021 IPO, 2023 NYSE delisting, and the March 2025 launch of FIT House of Brands mark significant control shifts.

F45 Training, founded in 2011, operates a global franchise model with approximately 1,500 studios in over 55 countries as of March 2025. This exploration will detail its ownership evolution, from founders to institutional investors, and examine board composition and recent trends.

The ownership landscape of F45 Training has seen considerable transformation. Initially, founders Rob Deutsch and Adam Gilchrist held significant stakes. Following its IPO in July 2021, ownership broadened to include public shareholders and institutional investors. However, the company's delisting from the NYSE in August 2023 and the subsequent formation of FIT House of Brands in March 2025 indicate a restructuring of control. A comprehensive F45 Training PESTEL Analysis can provide further context on external factors influencing its business strategy and, by extension, its ownership dynamics.

F45 Training was co-founded by Rob Deutsch and Adam Gilchrist in Australia in 2011. Their initial strategy involved using technology to standardize the training experience and facilitate rapid franchising. Early growth was rapid, with nearly 200 studios established within 30 months, primarily through franchise sales to existing members, which fueled organic expansion.

Founding Vision Rob Deutsch and Adam Gilchrist envisioned a standardized, technology-driven fitness franchise. Their goal was to create a scalable model for rapid global expansion. Early Expansion Strategy The company experienced swift growth, opening approximately 200 studios in just 30 months. This expansion was largely driven by franchising to existing members, fostering strong word-of-mouth marketing. Strategic Investment In March 2019, a significant minority investment was made by Mark Wahlberg Investment Group (MWIG LLC) and FOD Capital LLC. This investment valued the company at US$450 million. Investment Rationale The investment aimed to leverage MWIG's branding and marketing expertise to accelerate global growth, particularly in the United States. This partnership complemented the existing management team's capabilities. Key Investor Structure Mark Wahlberg Investment Group (MWIG LLC) is co-owned by Mark Wahlberg (26%) and FOD Capital (65%). This structure provided significant strategic backing. Co-Founder's Stake As of April 2024, co-founder Adam Gilchrist maintained a substantial ownership stake, holding approximately 24% of the company's shares. This equates to roughly 23 million shares.

While initial equity splits at the company's inception are not publicly disclosed, the founders were instrumental in its early trajectory. The strategic investment in March 2019 marked a pivotal moment for F45 Training's ownership structure, injecting capital and strategic partnerships to fuel international expansion. Rob Deutsch, the original creator, was not among the top 20 shareholders by April 2024, indicating a potential shift in his ownership stake over time. This period of growth and investment is detailed further in the Brief History of F45 Training.

Early Ownership Dynamics

The early ownership of F45 Training was primarily driven by its co-founders, Rob Deutsch and Adam Gilchrist. Their vision laid the groundwork for the company's rapid expansion and franchise model.

• Co-founders: Rob Deutsch and Adam Gilchrist
• Initial concept launch: 2011 in Australia
• Early expansion: Nearly 200 studios in 30 months
• Key investment: March 2019 by Mark Wahlberg Investment Group and FOD Capital
• Company valuation at investment: US$450 million
• Adam Gilchrist's stake (April 2024): Approximately 24%

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F45 Training Holdings Inc. (FXLV) transitioned from its NYSE debut in July 2021 to a delisting in August 2023, significantly altering its ownership landscape. The company's initial public offering raised substantial capital, but subsequent financial performance led to a dramatic shift in its market valuation and trading status.

Following its delisting from the NYSE, F45 Training's ownership structure has become heavily concentrated with the general public holding the vast majority of shares. Institutional investment is minimal, with only a few entities holding small stakes. Co-founder Adam Gilchrist remains a significant shareholder, while Mark Wahlberg's influence has diminished due to the company's financial performance.

F45 Training: Ownership Breakdown

As of late 2025, the F45 Training company structure indicates a significant shift in its F45 Training financial ownership. The general public is the F45 Training majority shareholder, reflecting the impact of market events on F45 Training corporate ownership.

• General Public: 99.9% (98,856,976 shares)
• Institutional Ownership: 0.05% (50,286 shares)
• Co-founder Adam Gilchrist: Approx. 24% (23 million shares) as of April 2024
• Mark Wahlberg (MWIG LLC): Approx. 2.32% (2,194,871 shares) as of April 2024

The company's journey from a public offering to trading on the OTC Markets has reshaped its F45 Training investor base. The Growth Strategy of F45 Training is now focused on a broader wellness ecosystem under the FIT House of Brands umbrella, indicating a new phase for F45 Training company management and its overall F45 Training company history ownership.

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The Board of Directors for F45 Training Holdings Inc. saw an expansion in 2023, growing from 11 to 13 members. This change included the addition of Tom Dowd, the current CEO, and Richard Monje, a key figure from Kennedy Lewis Investment Management LLC, to the board in July 2023.

Co-founder Adam Gilchrist stepped down from the board in April 2023. The company's voting structure operates on a one-share-one-vote principle for common stock. Director nominees are approved by a plurality of votes cast, and the company's charter does not permit cumulative voting, meaning a majority of shares can elect all directors. While the company has navigated financial challenges, including delisting from the NYSE, there are no prominent reports of recent proxy battles or significant activist investor campaigns impacting its corporate ownership structure.

Understanding F45 Training's Governance

F45 Training's board composition reflects a mix of executive leadership and investor representation. The voting power is concentrated with common shareholders, with no special classes of stock granting disproportionate control.

• Board size increased to 13 directors in July 2023.
• CEO Tom Dowd and Richard Monje from Kennedy Lewis Investment Management joined the board.
• Co-founder Adam Gilchrist resigned in April 2023.
• Voting is based on a one-share-one-vote system.
• No cumulative voting rights are provided.

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Over the last few years, F45 Training has undergone significant transformations in its ownership and strategic direction. A pivotal moment was its delisting from the New York Stock Exchange in August 2023, a move that followed a substantial drop in its share price and failure to meet listing requirements. This shift has placed its trading on the over-the-counter (OTC) markets.

In March 2023, F45 Training appointed Tom Dowd as its new CEO and Mark Wahlberg as Chief Brand Officer, initiating a leadership overhaul intended to foster stability and growth. Simultaneously, the company secured $90 million in new financing to bolster its financial standing. A significant strategic maneuver occurred in March 2025 with the introduction of FIT House of Brands, a new parent entity designed to integrate F45 Training with its recently acquired brands, FS8 and Vaura Pilates. This initiative aligns with CEO Tom Dowd's vision of transforming the company into a comprehensive wellness ecosystem, facilitating expansion into new fitness modalities through acquisitions or internal development.

Leadership Restructure

Tom Dowd became CEO in March 2023, with Mark Wahlberg joining as Chief Brand Officer. This leadership change aimed to guide the company through a period of transition and growth.

Financial Strengthening

The company secured $90 million in new financing in March 2023. This infusion of capital was intended to strengthen its balance sheet and support future operations.

Brand Portfolio Expansion

The launch of FIT House of Brands in March 2025 consolidates F45 Training with FS8 and Vaura Pilates. This move positions the company as a multi-brand wellness provider.

Performance Growth

In 2024, F45 Training saw 75 new studios open and 87 franchises sold. The company also reported significant Average Unit Volume growth across its brands, with VAURA Pilates leading at 51.1%.

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