Deal for Mark Wahlberg gym needs post-Covid energy

LiveVox Holdings

25/06/2020 21:25

(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.
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    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.
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click on  SILVA/ 
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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
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 (Editing by Richard Beales and Amanda Gomez)
 ((Lauren.SilvaLaughlin@thomsonreuters.com))