iFIT will acquire women’s health and fitness platform Sweat for a reported $300 million, according to The Wall Street Journal.
Formerly known as Icon Health & Fitness, iFIT already owns fitness brands Freemotion, ProForm, and NordicTrack. Sweat will expand the company’s presence globally.
iFIT is building its portfolio ahead of an anticipated IPO in the fall.
The company reached a valuation of more than $7 billion in late 2020 after a $200 million round of funding. It expects that number to rise once it’s publicly listed.
The home fitness equipment market is projected to reach $11.45 billion by 2027, and iFIT is just one of many companies looking to capitalize.
- Tonal raised $250 million in March in a round that included Drew Brees and Sue Bird.
- Tempo raised $220 million in April in Series C funding led by SoftBank.
iFIT hit $1.5 billion in revenue last year, compared to Peloton’s nearly $3 billion.