Echelon Fitness 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.
The at-home, connected fitness platform offers a line of connected products and an app experience that allows its members to participate in both live and on-demand fitness classes. Echelon’s products are available online and through its retail partners, including Walmart, Dick’s Sporting Goods, Costco, and Amazon.
“Since our inception, we have seen astounding growth in member community, retail partners and product offerings,” said 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 partnered with Echelon. North Castle Partners portfolio of prior and current companies includes brands such as Equinox, Barry’s, SmartyPants Vitamins, Full Swing Golf, Octane Fitness, Atkins, Naked Juice, and more.
“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,” said Jon Canarick, managing partner of North Castle Partners.
“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 over a dozen connected products including its fitness apps, Echelon United Membership and Fit App. The company’s portfolio includes Echelon connected bikes, rowers, fitness mirrors and a treadmill, as well as limited edition products for retail partners like the Echelon Connect Sports Indoor Cycling Exercise Bike. Echelon produces over 30 live classes daily and offers a library of nearly 5,000 on-demand, led by its team of trainers. Echelon has studios in Chattanooga, TN and Miami, FL.
Echelon has met an accelerated demand curve due to COVID-19 with “ready to ship” guarantees on products sitewide.
Photo courtesy Echelon Fitness
