FitLab, the multi-brand performance lifestyle company behind Nike Studios, has some new capital to play with. The fitness platform has secured a $65 million strategic financing facility from Atlas Credit Partners, made up of approximately $35 million funded at closing and $30 million of remaining availability. 

With the capital, FitLab has acquired what the company calls a “cutting-edge fitness equipment manufacturer,” enhancing its ability to weave together all aspects of a customer’s fitness experience and deliver them in a multitude of ways. 

“Our pursuit of excellence extends beyond fitness and wellness innovation, encompassing strategic partnerships that elevate our company,” said Mike Melby, co-founder and co-CEO of FitLab. “We’re thrilled to secure the financing from Atlas to allow us to accelerate our expansion and offer our integrated platform to a broader audience seeking unparalleled fitness experiences.”

FitLab is no stranger to ambitious growth. The company recently agreed to a partnership with GoSaga, an organization that invests in and scales next-gen lifestyle brands across health, wellness, fitness and beauty to launch a minimum of 250 studios across the Northeastern and Mid-Atlantic regions of the United States. 

Right before that, the company inked a deal with Nike to launch Nike Studios, which will include a network of boutique fitness locations, including Nike Training Studios and Nike Running Studios. FitLab also has rights to brands such as Racked, XPT by Laird Hamilton and Gabrielle Reese, and Fast by Conor McGregor. 

Atlas Credit Partners also comes to the table with an impressive track record. The asset management firm has 80-plus years of combined business experience financing cutting-edge, medium-sized institutions such as SoundHoundAI and AST SpaceMobile. They’ve invested a total of over $950 million to date. Atlas agreed to a similar strategic funding deal with wellness brand Hyperice this past summer. 

“FitLab uniquely integrates every channel of the fitness ecosystem into a single, differentiated platform,” said Andrew Sung, head of research at Atlas Credit Partners. “With this acquisition, combined with the company’s ramp of boutique fitness studios and partnership with a best-in-class global brand, we believe that our investment will help accelerate the pace at which the company continues to innovate the fitness experience.”

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GoSaga, a holding company behind next-gen lifestyle brands across wellness, fitness and beauty, has formed its first-ever Advisory Board consisting of experts in franchising, commercial real estate, creative development, and market investing as its portfolio of brands continues to scale.

The firm has seven studios set to open across its portfolio in the first half of 2024.

“Having been in the high-growth fitness space for over fifteen years, I know what it takes to reach the goals that GoSaga has set,” Jay Galluzzo, Advisory Chair and CEO of Body20, tells Athletech News. “The Advisory Board brings all of the experience GoSaga needs in order to hit milestones and momentum in its growth plan.” 

Galluzzo was named CEO of Body20 in December and co-founded Flywheel Sports. The industry veteran also serves on the board of Barry’s. 

Joining Galluzzo is Jay Siano, founder and CEO of Sabre Real Estate Advisors, an expert in commercial real estate and wellness. He advised and helped scale brands such as Starbucks, Orangetheory Fitness, Massage Envy, European Wax Center and Solidcore.

Jessica Yarmey, CEO of FlexSociety, has also been welcomed to the board, bringing rich experience in fitness and wellness as CEO of KickHouse and chief marketing officer of Club Pilates. In addition to Yarmey, Glenn Kaufman, a private market investing expert and managing director at D Cubed Group, and Jeff Leaf, who has worked for Pvolve as executive creative director, have been tapped to supply their industry knowledge.

The board also includes a silent and managing partner at a large private equity firm with expertise in consumer investments, particularly those in fitness and wellness. 

“We are so excited to add firepower to the existing leadership team at GoSaga,” Becky Cerroni, president and chief operating officer of GoSaga, remarked. “As our portfolio of partnerships continues to expand, it feels crucial to formalize a group of trusted advisors. Expertise is a differentiator for us, and this Advisory Board adds even more fuel to our leadership firepower.”

Boutique Studios Poised for Growth

The investment firm’s portfolio currently includes the personalized stretching company Lymbr, wholly owned by GoSaga and launched by the firm’s founders. 

Created to support effective recovery in the fitness journey, Lymbr incorporates “progressive emphasis stretching,” focusing on continuous movement and myofascial pathways for increased flexibility and blood flow for fast results. 

With assisted stretching emerging as one of the hottest up-and-coming wellness trends, GoSaga scored a major corporate wellness win by becoming Google’s exclusive stretch partner. The stretching brand has studios in NYC, the Hamptons, Connecticut and Massachusetts.

GoSaga also has the rights to build out territories of VIO Med Spa and FitLab brands, a boutique fitness holding company.

Last month, VIO Med Spa announced a partnership with GoSaga as it enters the Connecticut market with plans to expand.

FitLab, which consists of eight fitness studio brands including the new Nike Studios, Racked, XPT by Laird Hamilton and Gabrielle Reese, and Fast by Conor McGregor, inked a deal with GoSaga last fall to scale in the Northeast and Mid-Atlantic regions with a minimum of 250 fitness studios across twelve states.

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GoSaga, a company that invests in and scales next-gen lifestyle brands across health, wellness, fitness and beauty, has partnered with FitLab. The partnership and resulting Master Territory Agreement will cover the Northeastern and Mid-Atlantic regions of the U.S. across twelve states and see the launch of a minimum of 250 fitness studios.

The new studios will include eight emerging fitness concepts under FitLab, a boutique fitness holding company featuring celebrity and athlete-led brands, including Fast by Conor McGregor.

According to Geoff Schneider, GoSaga’s co-founder and CEO, scaling in the Northeast and Mid-Atlantic regions is pivotal and signifies a strategic move for both GoSaga and FitLab. 

“This partnership is not just a business move; it’s a testament to our shared commitment to revolutionize the fitness industry,” Schneider said. “Our intertwined history with FitLab provides us a unique edge in executing this massive rollout. We are insiders. We know the game, and together, we are poised to elevate the fitness experience for countless individuals.”

In the coming months, GoSaga and FitLab will unveil a comprehensive rollout plan detailing its joint venture’s specifics. The first state-of-the-art fitness studios are expected to debut in the northeast by Q1 of 2024.

Last month, FitLab announced a collaboration with Nike to open group fitness studios in LA and other areas in California. 

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