The Swedish startup Fitness Collection has been acquired by the American company ClassPass.
With a shared business concept, the two CEO’s decided that they would be stronger together and have subsequently joined forces. They are now getting ready to launch their business in the Nordic countries.
The two companies act as a kind of Airbnb- or Spotify-style subscription composed for exercise. Their services bring together a wide range of gyms, yoga studios, dance, camaraderie, squash courts, and other workouts on one platform. Customers can access all alternatives for a fixed monthly fee.
Malin Torstensson is the CEO of Fitness Collection and now becomes the Nordic Manager for ClassPass which, prior to the acquisition, had not been doing any business in Sweden.
A healthy buyout for the business
Fitness Collection, which is located in Stockholm and Gothenburg, was founded in 2015 and had sales of 4 million Swedish kronor in 2018, according to documents from the Swedish Companies Registration Office. This meant that they ended up with a loss of 7 million Swedish kronor.
ClassPass, on the other hand, was valued at 6 billion Swedish kronor and, according to Classpass themselves, they are the world's largest digital booking service for training sessions. Over 100 million bookings have been made on the platform in 20 different countries since its inception in 2013.
“Classpass is a role model in this industry, they have an impressive reach and an incredibly strong brand. The fact that they are interested in establishing themselves in the Nordic countries in collaborations with us, is a very good indication that we've done something right. Now we have access to even greater resources and can invest harder”, says Torstensson.
The amount ClassPass acquired Fitness Collection for has not been disclosed. "Unfortunately, I cannot comment on the purchase price", says Torstensson.
The ClassPass app is set to officially launch in the Nordic region on October 22.
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