EQUINOX GROUP SECURES STRATEGIC INVESTMENTS TO REFINANCE EXISTING LOANS AND SUPPORT GROWTH AS THE GLOBAL LEADER IN HIGH PERFORMANCE LIVING
$1.8 billion in financing includes capital from new and existing investors. |
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EQUINOX GROUP SECURES STRATEGIC INVESTMENTS TO REFINANCE EXISTING LOANS AND SUPPORT GROWTH AS THE GLOBAL LEADER IN HIGH PERFORMANCE LIVING
$1.8 billion in financing includes capital from new and existing investors. |
Category: Worldwide - Industry economy
- Figures / Studies
This is a press release selected by our editorial committee and published online for free on 2024-03-13
Equinox revenue increased 27% in 2023
Equinox, the authority in high performance luxury living, today announced it has secured approximately $1.8 billion in new capital to refinance maturing loans as well as to fund general corporate purposes and growth including new clubs.
The transaction, which provides Equinox with significant liquidity, was led by Sixth Street, a new investor in Equinox, and Silver Lake.
It also included investments from Ares Management, HPS Investment Partners, L Catterton, and the principals of the Related Companies.
The strategic investments in Equinox come following a 27% increase in revenue in 2023 for the company. In 2023, member engagement was also higher than any previous year on record.
Equinox currently operates 107 clubs globally and has a current pipeline of over 25 new locations across various major markets. The company continues to explore additional opportunities in existing and new markets, both domestic and international.
"We are seeing record performance in revenue growth and member engagement, which demonstrates our position as the global leader in high performance luxury lifestyle," said Harvey Spevak, Executive Chairman and Managing Partner of Equinox Group.
"These new strategic investments from a group of world-class partners, that share our vision for the Equinox brand, will empower us to accelerate further growth through new club openings and new innovative offerings, as well as by scaling the Equinox luxury experience."
In addition to the refinancing of the maturing loans, Equinox also announced the company secured a new revolving credit facility from Goldman Sachs, Morgan Stanley, and J.P. Morgan.
Equinox was advised on the transaction by Centerview Partners, Goldman Sachs, and Kirkland & Ellis.
About Equinox Group
Equinox Group is a high-growth collective of the world's most influential lifestyle brands, which are disruptive leaders in the convergence of fitness, experiences, and community. Its mission is to restlessly seek what is next for maximizing life and boldly grow the lifestyle brands and experiences that define it. In 2019, Equinox unveiled Equinox Hotels, globally recognized as one of the 50 Best Hotels in the world, as a true culmination of its lifestyle brand promise, redefining the luxury hospitality experience to be a seamless extension of high-performance living. Equinox Group's ecosystem of brands currently includes Equinox, Equinox Hotels, SoulCycle, Blink Fitness and E by Equinox. Its creative vision and strategic growth are led by Executive Chairman and Managing Partner Harvey Spevak.
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