Equinox is reportedly in talks to go public through a merger with Ares Acquisition after discussions fell through with Golden State Warriors minority owner Chamath Palihapitiya’s Social Capital SPAC.
The latter would’ve valued the parent company of SoulCycle above $7.5 billion.
Ares Acquisition raised $1 billion in its IPO in February. The SPAC is backed by Ares Management, which currently has $262 billion in assets under management.
Equinox’s high-end gym membership fees started at $2,200 pre-pandemic, contributing to more than $1 billion in revenue each year. Then the company lost around $350 million last year as more people stayed home.
- Equinox began selling $2,500 stationary bikes last year with a $39.99 per-month subscription to stream SoulCycle classes from home.
- It also licensed the entire Universal Music Group catalog for its at-home fitness app Variis in January and announced partnerships with Lorde, Calvin Harris, and The Supremes in August.
These moves push Equinox further into a rapidly growing connected fitness market.
Discussions with Ares, however, are not finalized and may not result in a transaction.
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