The Beachbody Company Group, LLC announced its completion of a three-way business combination with Myx Fitness Holdings, LLC and Forest Road Acquisition Corp. effective June 25, 2021.
The combined company is named The Beachbody Company, Inc., and its shares of Class A common stock and warrants started trading on the New York Stock Exchange on June 28 under the ticker symbols “BODY” and “BODY WS,” respectively.
“This marks an important milestone in Beachbody’s mission to help more people achieve their goals and lead healthy, fulfilling lives,” said Carl Daikeler, co-founder, chairman and chief executive officer, Beachbody. “As a public company, we aim to accelerate our growth and introduce many more people to our proven fitness and nutrition solutions. With this transaction, we will deploy capital to grow our platform, add connected fitness hardware through the acquisition of Myx and continue to create the most exciting and innovative in-home fitness content.”
Daikeler will continue to head the company and the Beachbody On Demand platform. Jon Congdon, Beachbody’s co-founder and Openfit’s CEO, will lead the Openfit digital platform. Heberto Calves will remain in his role as president of Myx, reporting to Daikeler. Forest Road’s Strategic Advisor Kevin Mayer, who previously served as CEO of TikTok and chief strategy officer for Disney, will join the company’s Board of Directors.
“Beachbody is a company that has been on the leading edge of content creation since its inception 22 years ago and has built a complete solution that brings together fitness and nutrition subscriptions and delivers results for customers as well as value for the company,” said Mayer. “With a subscription base that is the largest in connected fitness, supported by a founder-led management team that has proven its ability to innovate, I could not be more thrilled to join the Board and help guide this company in its next chapter of growth.”
The combined business will “add significant cash to its balance sheet, positioning the company to deliver meaningful growth as it accelerates customer acquisition, scales the Myx business, expands internationally, and engages in opportunistic M&A,” read a company statement.
Forest Road’s stockholders approved the business combination at a stockholders’ meeting on June 24, 2021.
The Raine Group LLC (Raine) acted as an exclusive financial advisor to Beachbody. Credit Suisse (USA) LLC (“Credit Suisse”) acted as lead capital markets advisor to Beachbody. BofA Securities, Inc. acted as an additional capital markets advisor to Beachbody. Latham & Watkins LLP and Cozen O’Connor C.P. acted as legal advisors to Beachbody.
Credit Suisse acted as lead placement agent and Raine and Cantor Fitzgerald & Co. acted as placement agents on the private placement. Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as legal advisors to Credit Suisse on the private placement. Guggenheim Securities, LLC acted as lead financial and capital markets advisor to Forest Road. Greenhill & Co, LLC acted as financial advisor to Forest Road. Robert W. Baird & Co. Incorporated acted as an additional capital markets advisor to Forest Road. Kirkland & Ellis LLP and Ellenoff Grossman & Schole LLP acted as legal advisors to Forest Road. Greenberg Traurig, LLP, acted as legal advisor to Myx Fitness.
Photo courtesy Beachbody Company Group