Echelon Fitness, a specialist in indoor cycling technology, received an investment from North Castle Partners.
North Castle Partners is a top private equity firm that works with businesses promoting healthy, active and sustainable living.
The investment comes approximately one year after the launch of Echelon’s first Connect bike, which resulted in a 737 percent increase in sales for the company. The growth capital infusion from North Castle Partners will bring Echelon’s total valuation to over $100 million.
“With North Castle’s investment and strategic partnership, Echelon will continue to become a leader in connected fitness products,” said Lou Lentine, president of Echelon Fitness. “Having North Castle on board provides many years of industry knowledge and successful relationships to help further our mission to offer connected fitness for everyone.”
North Castle Partners and Echelon are teaming up to deliver fitness options to the estimated 71.5 million Americans who access health clubs or studios, according to data from the International Health, Racquet and Sportsclub Association. Echelon will also reach millions more fitness enthusiasts who cycle outdoors or are looking to start an active lifestyle in the comfort of his or her own home.
“Until connecting with Echelon Fit I hadn’t met any business that was able to offer such a high-quality connected spin bike at an affordable price,” said Jon Canarick, managing director of North Castle Partners. “We are thrilled to join forces with Echelon Fitness to increase their success in the digital-fitness space and build on their suite of services and products. Echelon is able to track each rider’s cycling statistics, including resistance and RPMs, to get a power score ranked against other riders all over the country. This creates an exciting community that loves to train together, but from home.”
Echelon’s cycling classes and workouts are part of a growing at-home fitness trend. The global digital fitness market is expected to reach $20.5 billion by 2023 based on a Statista report.
“Echelon Fitness is proud to offer an experience that engages our online members and our in-person guests who are working out at the studio,” said Lentine. “We are a rapidly growing community of more than 100,000 fitness enthusiasts who are working together to achieve happy, healthy lives.”
In partnering with Echelon, North Castle Partners brings decades of experience in the fitness and health industry. The company’s extensive portfolio of prior and current companies includes recognizable and established brands such as Equinox, Barry’s Bootcamp, Curves International, Octane Fitness, Atkins, Jenny Craig, Naked Juice and more.
“North Castle Partners is driven by a mission to partner with entrepreneurs like Lou to build great companies that advance healthy, active and sustainable living,” said Canarick.
Echelon Fitness distributes the Echelon Connect EX1 and EX3 Max, which retail starting at $799.99 and connect to the Echelon Fit App. With subscriptions starting at $39.99 per month, users receive access through the app to cycling and fitness classes that are streamed live or on-demand from the Echelon Studio in Chattanooga, Tenn. The Connect bikes and Echelon Reflect Fitness Mirror are available in the U.S., U.K. and Canada at many accessible retailers including Sam’s Club, Academy Sports, Johnson Fitness, Amazon, QVC, Best Buy (Canada) and online at www.echelonfit.com. Many additional retailers are expected to carry Echelon products later this year.
Echelon recently launched Echelon Reflect. Reflect is a Smart Mirror display, with built-in interactive fitness technology that operates with the Echelon “Heart-track” heart rate tracking system to track output and progress after each workout. Additional at-home fitness equipment will be announced in the coming weeks.
Click on picture to see why so many people are choosing the Echelon over the Peleton