Lift Brands Investment to Fast-Track Fitstop's Global Expansion Plans
28 Jun 2021 - US-based global fitness and wellness company Lift Brands has announced that it has acquired a 30% stake in Brisbane-founded functional training franchise Fitstop.
One of the world’s largest wellness franchises, with brands including Snap Fitness and Fitness On Demand, Lift Brands has more than 2500 clubs across 26 countries and 1.5 million members worldwide.
Motivated to buy into Fitstop to gain exposure to the functional fitness market, Lift Brands Global Chief Executive, Ty Menzies explained “as a leader in fitness franchising, Lift Brands has both developed great bands and made strong strategic partnerships to enhance our offering for both our members and our franchisees.
“Our partnership with FitStop will allow Lift Brands to diversify into the significantly trending space of athletic functional fitness and open the door to our franchisees to invest in an on-trend, fast-growing and very exciting offering in FitStop.”
Looking to fast-track the Australia-based company’s global footprint and open doors to Lift Brands’ global network, Menzies added “we are extremely excited to announce (this) strategic partnership.”
Fitspot founder Peter Hull started the functional fitness business in 2017 and has seen it grow to 11,000 members, up from 3500 before the pandemic.
Set to open its 50th store, growing its revenue by 50% year-on-year and generating $10 million of revenue across the network in 2020, Fitstop is on track to record $15 million in revenue in the 2021 financial year.
As part of the multi-million dollar investment, Lift Brands Asia Pacific Chief Executive, Chris Caldwell is joining the Fitstop board alongside Peter Hull and Chairman Stuart Cook.
Explaining that Fitstop’s individual locations’ performance and cultural alignment are two attributes of the partnership, Caldwell noted “Fitstop presented as a very well managed business both operationally and financially. The performance of their individual locations is outstanding, but most of all, we are culturally aligned.
“Our values as a business, and even on a personal level, were the perfect match to Pete’s and the Fitstop team.
“The integration and connection they have with their individual franchisees is quite special and we cannot wait to be a key partner in their growth.”
With Fitstop’s next phase of growth to involve introducing Fitstop to the New Zealand market, followed by the UK and US on a larger scale, Hull added “this partnership has been months in the making, and we couldn’t be happier to collaborate with a network of like-minded leaders in the industry,” said Hull. “This is a huge milestone for both brands and really puts us on the fitness map.”
Lift Brands has 600 clubs either open or in development across Australia, New Zealand and the Asia Pacific.
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