Hydrow, a leading connected fitness company, has seen a surge in sales and recently acquired a majority stake in Speede Fitness, a strength training company. This move comes as more gym enthusiasts are shifting from cardio workouts to weight training, according to a statement provided to CNBC on Thursday.
In addition to this acquisition, Hydrow has announced a change in leadership. CEO and founder Bruce Smith will be stepping back from his day-to-day responsibilities, with President and CFO John Stellato taking over the helm. Smith will transition to the role of Chairman of Hydrow’s board.
Known for its high-end connected rowing machines priced between $1,700 and $4,000, Hydrow has garnered support from prominent private equity firms like Constitution Capital and L Catterton. The company’s investor base also includes notable figures such as NFL player Travis Kelce and musician Justin Timberlake.
With over $300 million in funding raised, Hydrow’s acquisition of Speede Fitness signals its strategic expansion into the rapidly growing strength training market…
2024-05-09 10:21:55
Link from www.cnbc.com