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Australian fitness giant’s late $2B sprint into Wall Street

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Australian founded F45 Training will have their hearts racing after a huge listing on the New York Stock Exchange on Thursday (US time)

US actor Mark Wahlberg who will reduce a 38.3 per cent stake to 28.6 per cent through his private investment vehicle MWIG

The group rose as much as 11 per cent and then lost most of those gains in its trading debut after a $US325 million ($438 million) initial public offering.

The company is now valued at $US1.46 billion (AUD$2 billion)

Mark Whalberg with F45 CEO & founder Adam Gilchrist at the NYSE. AP

F45 and an investor that includes Mark Wahlberg sold more than 20 million shares for $US16 each Wednesday after marketing them for $US15 to $US17.

The company had an uneven debut, opening at $US17 before falling below $US16. However, in a late sprint, it closed the day at $US16.20, a gain of 1.3 per cent on the offer price.

The listing was delayed by the coronavirus pandemic and then sidetracked by a blank-check merger deal that fell apart.

Adam Gilchrist, F45’s chief executive officer, said in a joint statement at the time that the “prolonged uncertainty around the pandemic” kept the combination from being completed.

Wahlberg invested in F45 through a private investment vehicle called MWIG LLC, which sold almost 1.6 million shares in the IPO.

 Wahlberg owns about 26% of the membership interest in MWIG, according to F45’s filings.

The fitness chain also lists Earvin ‘Magic’ Johnson, Jr, David Beckham, Greg Norman and Cindy Crawford as backers.

What is F45?

F45 Training has jumped six spots to #13 on Entrepreneur’s list of Fastest Growing Franchises for 2020. 

F45 started from one gym in Australia in 2013 and its franchises offer 45-minute functional high-intensity interval and circuit training classes based on a motto of “no mirrors, no microphones, no egos”.

 In the past several years, F45 has opened studios in over 48 countries, spreading its wings into untapped markets throughout the world. The fitness chain now has 1555 outlets around the world.

Franchisees are given a turnkey model, as well as support from F45 Training Headquarters in Los Angeles, CA.

Australian low-cost online brokerage firm Stake has seen a surge of interest from local investors wanting to buy shares in F45 upon its listing. “[F45] started around the corner from our offices in Paddington, it’s a great Australian story,” Stake co-founder Matt Leibowitz told The Age.

“A lot of people go to F45 and have probably used it. It is one of the more popular listings and it is one that people understand as they have touched and felt it.”

F45’s revenue fell by 11 per cent in 2020 to $82.3 million, but the fitness chain did not take as big a hit from the pandemic as expected.

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Rolls Royce CEO slams aviation for failing on climate targets

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Aviation needs to act on net-zero targets, that’s according to the CEO of Rolls Royce

Warren East says the sector needs to move towards bio-fuels like hydrogen and electric aircraft.

Travellers can even look forward to flying on planes that has a gas turbine that’s burning hydrogen.

Speaking at a conference in London, East says transitional technology is the answer that plane-makers are searching for.

Some companies are already looking at sustainable fuels that can offer 80 per cent off carbon emissions across their lifetime.

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Amazon halts hiring on all corporate roles

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E-commerce giant is the latest of many to close all corporate job openings due to economic concern

Amazon is pressing pause on corporate hiring for the rest of the year, as economic concerns continue to grow.

The tech giant has instructed all recruiters to close all current corporate job openings… worldwide.

This means more that ten thousand openings will be closed as of Monday evening.

The job postings that will affected include technology positions, in store and online retail businesses, and logistics operations.

However, Amazon spokesman, Brad Glasser, says the company will still continue to have a significant number of other roles open.

He says, “we have many different businesses at various stages of evolution, and we expect to keep adjusting our hiring strategies in each of these businesses at various junctures.”

The freeze sees Amazon joining Meta, Apple, and Google, who have also announced a reduction or temporary pause on hiring.

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What is Elon Musk’s “everything app”?

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elon musk twitter

Elon Musk’s Twitter deal is back on, and he says it’s the key to creating his much-anticipated ‘everything app’.

The billionaire entrepreneur had been in talks to take the social media platform private, but the deal fell through. However, after news of its reinstatement, Mr Musk said that buying Twitter is an essential part of his plans for X.

The idea behind X is a sort of super app, combining messaging, social media, payments-and lack of reliance on ad revenue, similar to the Chinese WeChat. That already has more than one billion users, but so far no equivalent exists in the West.

With Twitter under his belt, Musk believes he can make X a reality much sooner than originally planned. “It’s brought forward our X project by three to five years, but I could be wrong,” he said.

There are no further details on the X project at this time, but with Musk’s track record of visionary innovation, it’s sure to be something we’re all talking about in the near future.

Why does Elon Musk want to buy Twitter?

Elon Musk is known for his ambitious plans and big ideas, so it’s no surprise that he sees Twitter as a key piece of the puzzle for his next project, X.

The details of the deal have not been made public, but it is thought that Musk is paying a premium for Twitter.

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