Icon Health & Fitness, a Logan, Utah-based provider of connected fitness equipment and software, received a $200m growth investment.
The round was led by L Catterton, joined by existing investor Pamplona Capital Management.
The company intends to use the funds to further accelerate its growth strategy of delivering its expansive range of interactive fitness products connected by iFit, the company’s patented content technology and media platform. With approximately 700,000 paid subscribers, iFit is used at home, at the gym and on-the-go across Icon’s diverse range of products and partnerships.
Led by Scott Watterson, Founder, Chairman and CEO, Icon creates connected fitness experiences across multiple brands, multiple product categories and all consumer fitness segments. The company owns established fitness brands NordicTrack®, ProForm® and Freemotion®, which offer connected fitness membership services powered by iFit, the live and on-demand streaming fitness and wellness media platform.
ICON and iFit currently hold more than 330 technology patents, with 80 pending, and its products are present in 116 countries. iFit workouts are streamed in English, Spanish, French and Mandarin Chinese, with more languages planned for 2021.
The company has revenue exceeding $1 billion in the last 12 months (ending September 30, 2020).