Logan-based iFIT Health & Fitness has announced the appointment of Steve Barr, the company’s current chief financial officer, and Mark Watterson, its chief experience officer, as co-presidents of the company.
As previously planned and announced, iFIT co-founder Scott Watterson will step down as CEO to serve exclusively as chairman of the board of directors. He will work with the advanced development team to focus on next-generation product innovation, the company said.
In conjunction with the leadership changes, iFIT also announced an investment in the company of $355 million anchored by L Catterson, a global consumer-focused private equity firm. The capital raise will enable more focus and investment in growing iFIT’s leading brands, content library and product offerings, with the sole purpose of enhancing the member experience, a company release said. At the same time, the company will also invest in efficiency measures to increase profitability for reinvestment.
As part of the iFIT announcement, the company said it has amicably resolved its outstanding litigation matter with an unnamed shareholder.
Founded in Logan in 1989, iFIT Health & Fitness is a producer of connected fitness equipment and interactive content with its portfolio of iFIT and Sweat streaming platforms, and its equipment brands NordicTrack and Proform. It has over 7.3 million total members across more than 120 countries, with increasing member participation in workouts and events.
“I am proud of what we have built at iFIT over four decades and our ability to successfully adapt in a rapidly evolving health and fitness landscape,” said Scott Watterson. “Today’s important updates strongly focus the business for continued growth in what has made us successful in the first place: technology, innovation and the member experience. I look forward to lending my expertise in driving innovation as chairman. I am personally investing alongside L Catterton, one of the world’s most successful health and wellness investors, in this capital raise. Moreover, I am excited to transition my executive responsibilities to Mark and Steve, who I am confident are well-suited to continue iFIT’s long history of success.”
“It has been a privilege to learn from Scott and we are excited about the next phase of iFIT’s journey,” said Mark Watterson and Barr in a joint statement. “Following today’s news, the company is on strong financial footing and stands ready to capture the enormous opportunity ahead of us. We remain focused on streamlining our overall business, while at the same time, investing in and enhancing the member experience and continuing to innovate across interactive software, content and hardware. There is nothing more important to us than delivering an unmatched member experience with the most advanced equipment and engagement to drive superior results for our members.”
Marc Magliacano, a managing partner in L Catterton’s Flagship Fund, said, “We are honored to invest and to play a meaningful role in the advancement of iFIT’s future. The iFIT member proposition remains superior to competitive offerings and with the new capital raise combined with our partnership, we believe the best of iFIT is yet to come.”