SGB Update Sports & Fitness
Adidas’ Debt Rating Outlook Upgraded as H1 Performance Exceeds Targets
S&P Global Ratings raised its debt ratings outlook on Adidas AG to stable from negative due to the company’s stronger-than-expected operating performance and its expectation that the brand’s growth momentum will continue.
On Opens Flaghips in NYC and Chicago
Swiss-running brand On opened flagship stores in Chicago and New York City, bringing its store count in North America to eight. In 2020, the company opened its first global store in SoHo, a neighborhood in Lower Manhattan.
Crunch Franchisee to Open Fitness Facility in Omaha, NE
Crunch Maplewood will be Fitness Ventures’ 59th gym nationwide and the second location for the franchise in Nebraska. The company plans to open at least 10 more locations this year.
PickUp USA to Open First Basketball Gym in Des Moines
The new franchise location, owned by Kerby Louis, will open before the end of the year, in Urbanville, IA. The 3,000-square-foot space offers weight and cardio center and three full basketball courts.
Yoga Joint Raises $12M to Continue Florida Expansion
Since announcing its expansion with the Joint Venture Program, the company has added 8 studios and is looking to continue establishing a foothold in South Florida, Orlando, Tampa, and Jacksonville.
PickUp USA Basketball to Open in Charlotte Metro
The Concord, NC gym is a franchised location owned by Kim and Peter Betz, with a targeted a mid-November soft opening.
Craft Sportswear to Open Pop-Up in SoHo During NYC Marathon
The retail space will serve as Craft’s “basecamp” during the New York City Marathon (November 3, 2024), where it will host events and feature the Kype Pro, the brand’s latest shoe designed for elite runners.
Concert Golf Partners Acquires Golf Club of the Everglades
Rees Jones-designed golf club in Naples, FL is the 35th private facility nationwide to join Concert Golf’s portfolio. The Club is private, members-only that is one of the most exclusive and respected in the Naples community.
Life Time Posts Double-Digit Revenue Gain in Q3 as Dues and In-Center Sales Grow
The 18.5 percent revenue increase for Q3 was reportedly driven by an increase in average dues, membership growth in new and ramping centers, and higher member utilization of in-center offerings.
Escalade Posts Q3 Sales Decline on Weak Consumer Demand, But Profits Up
While sales declined across most of the company’s channels during the third quarter, ESCA generated more than 13 percent year-over-year growth in international sales and 29 percent in owned e-commerce sales.
Blue Tees Golf Welcomes New Director of Product
Emmanuel Millot Millot brings over 20 years of global experience in product management and marketing as a leader working with teams in diverse markets to the role.
Ken Hicks Takes the Reins at PetSmart LLC
The former Foot Locker, Inc., Academy Sports + Outdoor, Inc. and JC Penney Chief Executive has been named President and CEO, effective October 31. Hicks will also serve on the company’s Board of Directors.
Life Time Prices Upsized Private Offering of $500 Million of Senior Secured Notes
The Offering was upsized from $400 million to $500 million in aggregate principal amount. The Notes will pay interest on a semi-annual basis. The Offering is expected to close on November 5, 2024, subject to customary closing conditions.
StretchLab Exceeds 500 Studios in North America and Hawaii
Assisted stretching franchise surpasses reach with new studio in Honolulu and 1,000 Licenses worldwide. StretchLab is backed by Xponential Fitness, a global franchisor of boutique health and wellness brands.
TruGolf Forecasting Return to Profitability on Solid Sales Growth for 2024
Total sales are expected to grow by 8 percent to 12 percent year-over-year by the end of 2024 and EBITDA for the second half should be greater than $500,000 showing a return to profitability.
