Reportedly, Goldman Sachs Group Inc. (GS) is heading a $65 million financing in Chattanooga, Tennessee-based company, Echelon Fitness, providing the bank and other investors with a major controlling stake in Echelon Fitness.
The company competes with Peloton Interactive Inc., Lululemon Athletica Inc.’s Mirror, Tonal, Tempo, Icon’s NordicTrack, Hydrow, and other connected fitness companies with a technology-enabled treadmill, bikes, exercise rowers, and other products that are more affordable than most rivals. Goldman invested in Echelon through GS Growth, part of New York firm’s merchant banking division.
“We are excited about their omnichannel and multi-product offering that enables a broader reach to retailers and consumers alike,” stated Stephen Kerns, a member of GS Growth.
This year, Echelon’s revenue exceeded $100 million, a 500% increase with its app delivering both live and on-demand classes to more than 100,000 users as more people work out at home amid the pandemic.
The Goldman Sachs Group, Inc. (GS) is one of the world’s leading investment bankers & also a securities and investment management firm that offers a wide range of financial services with a diversified client base. To learn more about The Goldman Sachs Group, Inc. (GS) and to continue to track its progress please visit the Vista Partners Goldman Sachs Group, Inc. (GS), Coverage Page.
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