L Catterton close to acquiring controlling stake in Hyrox at €600m valuation

L Catterton is nearing a deal to acquire a controlling interest in fitness competition brand Hyrox in a transaction that could value the business at approximately €600m ($697m), according to a report by Bloomberg citing unnamed people familiar with the matter.

The US private equity firm is also considering bringing in co-investors from across its global network, including potential partners in Asia, as it looks to capitalise on Hyrox’s rapid expansion across markets including mainland China, Hong Kong, Singapore and Tokyo.

An agreement could be reached in the near term, although discussions remain private and terms could still change.

Hyrox is currently owned by Switzerland-based sports marketing and media business Infront Sports & Media, which is backed by Chinese conglomerate Dalian Wanda Group.

Founded in Hamburg in 2017, Hyrox has rapidly developed into a global mass-participation fitness competition. Its format combines running with a series of functional fitness stations, attracting participants ranging from recreational athletes to elite competitors.

The brand’s international expansion is gaining momentum. Hong Kong is scheduled to host the 2027 Hyrox World Championships, marking the first time the event will take place outside Europe or North America.

L Catterton’s potential investment would add another consumer and sports-related asset to the firm’s portfolio. The firm has existing exposure to the fitness and sporting goods sectors through investments including Equinox fitness clubs, rowing machine manufacturer Hydrow and high-tech golf putter maker LAB Golf, which it backed last year.