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CRSA - Crescent Acquisition News Story

$10.09 0.0  0.3%

Last Trade - 6:10pm

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

Crescent Acquisition to buy fitness chain F45, merged firm to trade on Nasdaq

Thu 25th June, 2020 6:09am
June 25 (Reuters) - Crescent Acquisition Corp  CRSA.O , a
special purpose acquisition firm, said it would buy Australian
fitness chain F45 Training in a deal that values the combined
company at $845 million, including debt.
    F45, which counts actor Mark Wahlberg as one of its
shareholders, has more than 1,900 franchises in 50 countries and
is known for promoting group workouts without heavy equipment.
    The combined company will trade on the Nasdaq following the
closure of the deal, which is expected in the third quarter of
2020, and will retain the F45 name, Crescent said in a statement
on Wednesday.
    "F45's high profit margins, exceptional franchisee economics
and repeatable business model position it for continued rapid
expansion," Crescent executives said.
    F45's top management will stay on in their current
positions, including Chief Executive Officer Adam Gilchrist, and
Crescent will appoint two directors to the existing board, the
statement said.  
    Credit Suisse is serving as financial and capital markets
adviser, BofA Securities is serving as capital markets adviser
and Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal
adviser to Crescent. 
    Goldman Sachs & Co. LLC and J.P. Morgan are serving as
financial advisers and Gibson Dunn & Crutcher LLP is serving as
legal adviser to F45.
    Crescent shares fell 7.3% overnight, amid a broader market
drop.  .N 

 (Reporting by Nikhil Kurian Nainan in Bengaluru; Editing by
Rashmi Aich)
 ((NikhilKurian.Nainan@thomsonreuters.com; Twitter:
@NikhilKurianN; +91 806 182 2724))
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