Hyrox co-founders Christian Toetzke and Moritz Fürste took to Instagram on Tuesday, September 8 to tell their fanbase and customer that not only were the rumors of their intent to sell the business false, but the reality was “quite the opposite.”
Hyrox, which stages indoor hybrid-racing competitions in some of the largest cities in the world, was founded in 2017 in Hamburg, Germany. See bottom for a link to the race format.
“When we put on that first race in Hamburg, we had a pretty simple belief: that hybrid racing could become something big. We believed it could stand alongside the biggest sports in the world,” Fürste shared.
“Christian and I have reinvested in Hyrox to go back to owning a majority stake in what started as our baby – and what we intend to keep building for decades to come,” started Mo Fürste in a joint sit-down with his co-founder and friend to announce that the duo is partnering with L Catterton, the world’s largest consumer-focused investment firm, and WNDR, the venture capital firm founded by Jeffrey Katzenberg and Sujay Jaswa.
Other reports about the transaction set L Catterton as the new majority owner of the business, while Toetzke and Fürste maintain that they are the new majority partners of Hyrox, which has been majority owned by Infront Sports & Media since October 2022. The 2022 deal expanded upon an initial strategic investment upfront made by the mass-participation brand in 2019.
Talk of the firm’s interest in Hyrox started earlier this year. Bloomberg has previously reported that L Catterton was valuing Hyrox at around €600 million (~$700 million).
Switzerland-based L Catterton, which is backed by the luxury fashion giant LVMH and LVMH’s founder Bernard Arnault, has made a number of investments in the active lifestyle space, including Birkenstock, Peloton, Solidcore, and Egym.
The brand is also gathering steam as a marketing darling for retailers, brands and other fitness companies that want a piece of the golden goose. The company has recently agreed to partnerships with Amazfit, Amazon, EoS Fitness, Puma and others that want a piece of that action.
What is the attraction of a race series that would draw the attention of two of the largest global investment firms? People committed to the cause. And Hyroxers are famously committed to this particular cause.
“Race after race, city after city, the community around Hyrox grew,” Fürste continued. “The volunteers, the coaches, the gyms, the friends who started racing together, the athletes chasing a personal best, and those stepping onto the race floor for the very first time. You took something that started with us and made it your own. And this – this, is what makes this moment so special to us.”
He went on to say they always believed Hyrox should be built for the long term, suggesting that the founders are now back in a position where they can help shape that future as majority owners.
Image courtesy Hyrox
For additional information on race format and other details go here.
