Mark Wahlberg-backed F45 faces takeover bid

Embattled Australian fitness franchise F45 Training has declined to say whether celebrity Mark Wahlberg and company co-founder Adam Gilchrist are among the shareholders looking to take the group private at a fraction of the price it listed at last year.

F45 confirmed this week that it had received an unsolicited proposal from its largest shareholder and lender, Kennedy Lewis Investment Management (“KLIM”), to acquire all the shares not already owned by KLIM “or other stockholders participating in the proposed transaction”.

The tentative offer is worth $US4 ($6.16) a share, and vales the group at $US385 million. The company listed on the New York Stock Exchange in July last year at $US16 a share.

The stock had already rocketed 40 per cent before the announcement from a low of $US2.10, and F45 said its board “will evaluate KLIM’s proposal with its advisers and pursue the course of action it determines to be in the best interests of the company and its stockholders”.

F45’s business is built on ever-changing, high-intensity 45-minute workouts with a mantra of “no mirrors, no microphones, no egos”. While F45 is more expensive than a traditional full-service gym, its group exercise classes are cheaper than hiring your own personal trainer. Australia has more than 800 franchises.

KLIM co-founder Darren Richman serves on the F45 board, as does Gilchrist (not the cricketer) and Wahlberg.

The company would not say which other shareholders were involved in the bid and said there was no certainty a deal would be consummated.

“F45 does not intend to comment further until the board has concluded its review,” said a company spokeswoman.

F45 shares plunged in July following an update that revealed the company was in financial peril following the withdrawal of the loans needed to fund its ambitious global expansion plans.