BFT DEAL PUMPS UP US GROWTH
A STAR-STUDDED Australian fitness brand has struck a $60m deal with an American company that will grow the brand across the US and Canada.
Body Fit Training announced on Thursday that it had entered into a partnership with Xponential Fitness Inc, the largest boutique fitness franchisor in the US.
The multimillion-dollar deal — which will also include additional payments based on growth — means Xponential has fully acquired the Australian brand’s intellectual property, but has the rights to sell franchises in only the US and Canada.
Body Fit Training (BFT) will continue to operate as the master franchisor in Australia, New Zealand and Singapore. The company said the partnership would allow it to focus on growing its presence in existing and new markets in Asia Pacific and beyond.
Richard Burnet, who is
BFT’S joint CEO with Cameron Falloon, said the original owners would continue to expand the brand.
“Xponential bought all of the IP (intellectual property) of BFT, but BFT is still owned by the original owners,” he said. “There will be a revenue share arrangement going forward between the two parties.”
BFT was founded by Mr Falloon, a former personal trainer to Princess Diana, in 2017. Since then, the brand has sold more than 300 franchises across Australia, New Zealand, Singapore and the US. Among its franchise owners are some of the biggest names in Australian sport, including retired St Kilda star Nick Riewoldt, ex-cricketer George Bailey, current Test captain
Tim Paine and former NRL players and brothers James and Mitch Aubusson.
The number of BFT studios is expected to grow from 130 to at least 300 in the next 12 months. They offer group functional training programs, including progressive cardio and strength-based classes across 13 workout programs.
Us-based Xponential debuted on the New York Stock Exchange in June.