NEW YORK and GREENWICH, Conn., Dec. 2, 2015 /PRNewswire/ -- Peloton, the technology-enabled, vertically integrated, at-home fitness provider of live and on-demand instructor-led classes, announced today that it has received a $75 million growth capital investment from Catterton, the leading consumer-focused private equity firm. This brings the total capital raised by Peloton since inception to $120 million. Catterton's investment will allow Peloton to accelerate innovation in the at-home fitness category and rapidly expand awareness and market share.
"We are thrilled to partner with Catterton and build on the passion consumers have expressed for Peloton's incredibly immersive fitness experience and unique digital content," said John Foley, Founder and CEO of Peloton. "Catterton's outstanding track record of helping leading retail and consumer companies achieve their goals, as well as their deep understanding of the secular shifts taking place in the fitness space makes them an ideal partner for Peloton. Catterton's investment marks an exciting milestone in our growth and development."
Peloton is changing the way people get fit by delivering live-streaming, instructor-led, group fitness classes to homes around the world though their award winning, technologically advanced indoor fitness equipment and mobile apps. Peloton subscribers compete and share progress in classes taught by elite instructors and broadcast 12 times daily from Peloton's NYC studio. Peloton will use the proceeds to dramatically expand its software engineering team, to open more showrooms around the nation, and to increase awareness of its proven and coveted products. Peloton is already one of the fastest growing brands in fitness with domestic reach across all 50 states and significant international growth potential.
Marc Magliacano, a Partner at Catterton, said, "Peloton enjoys a loyal and rapidly growing rider base and is ideally positioned at the convergence of multiple fitness trends in the gym, studio fitness and home cardio markets. John and the Peloton team are pioneering the next evolution of fitness and changing the way people consume fitness at home, with a truly innovative business model and product that combines exceptional design with strong digital content that consumers love. We see a tremendous opportunity to build on these strengths and to expand Peloton's reach in both new and existing markets and offer consumers additional at-home fitness alternatives. We are excited to partner with the great people of Peloton to support their expansion."
Catterton has significant experience investing in the high-growth, specialty fitness space, including current investments in Pure Barre and CorePower Yoga.
Founded in 2012, Peloton represents the evolution of the at-home fitness market by merging high-design with modern technology to provide access to live and on-demand fitness group classes by the best instructors in the world. Peloton offers a completely immersive fitness experience, with the technology, performance metrics and social connectivity to make every workout both effective and addicting. Equipped with a 22-inch high-definition, sweat-proof touchscreen, this is the first and only fitness bike to fully integrate a home workout machine with live group cycling classes, allowing for interaction and competition with fellow riders across the country and real-time instructor feedback, while monitoring an array of output metrics. Peloton is sold online and in their growing number of showrooms currently including the following locations: Garden State Plaza and Short Hills Mall in New Jersey; The Westchester Mall in White Plains; Main Street in East Hampton and The Gate at Manhasset in New York; Corte Madera Mall, Fashion Island and Century City Mall in California; The Natick Mall in Massachusetts; Boston; Tysons Corner Center in Virginia; and Northpark Center in Texas. Peloton also operates a premium cycling studio with live performance production capabilities in New York City that offers riders the opportunity to experience their favorite class in-person. For more information, visit: www.pelotoncycle.com.
Catterton is the leading consumer-focused private equity firm with more than $4.0 billion currently under management and a twenty-six year track record of success in building high growth companies. Since its founding in 1989, Catterton has leveraged its category insight, strategic and operating skills, and network of industry contacts to establish one of the strongest private equity investment track records in the middle market. Catterton invests in all major consumer segments, including Food and Beverage, Retail and Restaurants, Consumer Products and Services, Consumer Health, and Media and Marketing Services. Catterton's investments include: Restoration Hardware, CorePower Yoga, Pure Barre, Sweaty Betty, Outback Steakhouse, Plum Organics, Chopt Creative Salad Company, Mendocino Farms, Noodles & Company, PIADA, Van's Natural Foods, Hopdoddy, Protein Bar, Snap Kitchen, Frederic Fekkai, Baccarat, PIRCH, Build-A-Bear Workshop, Wellness pet food, Nature's Variety pet food, Kettle Foods, Odwalla and P.F. Chang's, to name a few. More information about Catterton can be found at www.catterton.com.
Jaime Kinsley / [email protected] / 216.299.1009
Eric Brielmann / Andi Rose / Jon Keehner
Joele Frank, Wilkinson Brimmer Katcher
SOURCE Catterton; Peloton