Fitness technology platform Openfit has purchased a majority stake in Ladder, a sports nutrition company founded by LeBron James and Arnold Schwarzenegger. Terms of the deal weren’t disclosed, but Ladder is on track for $4 million in sales in 2020.
The duo helped found the company in 2018 and both Schwarzenegger and James will stay on as minority shareholders, taking active marketing roles.
Sweetened IPO? The acquisition could help better position Openfit, which offers subscriptions to private training and exercise classes, in an ever-crowding connected fitness industry. Ladder’s supplements will be integrated into the company’s subscriptions, along with its personalized nutrition plans.
When asked whether Openfit is seeking an IPO, CEO Jon Congdon said, “All possibilities are open for us, and we’re considering all possibilities.” Congdon added the company is “profitable” with approximately 130,000 subscribers.
