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CRSA - Crescent Acquisition News Story

$10.07 0.0  0.1%

Last Trade - 6:48pm

Sector
Financials
Size
Mid Cap
Market Cap £480.1m
Enterprise Value £479.5m
Revenue £n/a
Position in Universe 2754th / 6381

BREAKINGVIEWS-Deal for Mark Wahlberg gym needs post-Covid energy

Thu 25th June, 2020 9:25pm
(The author is a Reuters Breakingviews columnist. The opinions expressed are her own.) By Lauren Silva Laughlin DALLAS, June 25 (Reuters Breakingviews) - A SPAC is buying the F45 gym group backed by the actor-musician for an enterprise value of $845 million. If projections pan out, that's a bargain next to Peloton and Planet Fitness. Heavy lifting is needed, though, to rebound from the coronavirus and keep new franchisees coming. Full view will be published shortly. On Twitter https://twitter.com/thereallsl CONTEXT NEWS - Crescent Acquisition, a special purpose acquisition vehicle, will buy F45 Training, Crescent said on June 24. F45, which has sold more than 1,900 franchises in over 50 countries, is backed in part by Mark Wahlberg, the performer known for movies including "The Perfect Storm" and hip-hop group Marky Mark and the Funky Bunch. - Crescent pegs the enterprise value of the transaction at $845 million. F35, which recorded $93 million in revenue and $31 million in adjusted EBITDA in 2019, will receive roughly $300 million in cash, with the proceeds used to pay down debt and make a payment of more than $200 million to selling shareholders. - For previous columns by the author, Reuters customers can click on SILVA/ - SIGN UP FOR BREAKINGVIEWS EMAIL ALERTS http://bit.ly/BVsubscribe <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ Crescent Acquisition to buy fitness chain F45, merged firm to trade on Nasdaq urn:newsml:reuters.com:*:nL4N2E20NX Announcement https://www.crescentspac.com/assets/docs/Crescent-F45%20Acquisition%20Final.pdf Presentation https://www.sec.gov/Archives/edgar/data/1723648/000119312520177183/d948881dex992.htm BREAKINGVIEWS-Bill Ackman bests Goldman Sachs in SPAC race urn:newsml:reuters.com:*:nL1N2E01G0 BREAKINGVIEWS-Ackman can help SPACs, but can SPACs help Ackman? urn:newsml:reuters.com:*:nL4N2DP097 BREAKINGVIEWS-Old is new in frothy IPO market urn:newsml:reuters.com:*:nL1N2DV0XK ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Editing by Richard Beales and Amanda Gomez) ((Lauren.SilvaLaughlin@thomsonreuters.com))
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