The Beachbody Co. (BODi) secured $35 million in turnaround financing from Tiger Capital Group’s lending platform, Tiger Finance, in partnership with SG Credit Partners.
The funding included an immediate $25 million term loan, as well as a $10 million uncommitted accordion.
The three-year loan facility enabled the El Segundo, CA-based fitness and nutrition company to retire $17.3 million of outstanding debt while increasing its capital balance by approximately $5 million.
“We’re very excited to partner with Beachbody to support their expansion in the digital fitness and nutrition space,” said Andy Babcock, managing director at Tiger Finance. “Our team believes that this and other strategic moves by management should position Beachbody for greater profitability and long-term growth.”
Carl Daikeler, Beachbody co-founder and chief executive officer, added, “Tiger’s belief in our business plan and flexible approach to lending gave us the liquidity to execute on our efforts to open new and more profitable channels of distribution. We are thrilled to partner with them and SG Credit Partners on our turnaround strategy.”
Known initially as Beachbody, BODi was founded in 1999 as a home fitness and nutrition brand. Brands in its portfolio include P90X, Insanity, 21-Day Fix, and the nutrition supplement brand Shakeology.
Image courtesy BODi
