Kayla Itsines and Tobi Pearce have sold off Sweat to US software giant iFIT Health & Fitness Inc.
Ms. Itsines says the deal has “opened the door to an exciting new future” for the brand.
“Sweat has had an incredible journey from our humble beginnings training women one-on-one in my Adelaide backyard to launching the Sweat app in 2015 to now joining the iFIT family,” she said.
They sold the company for $400m; that’s about $100 million more than sources who are familiar with the deal allege it’s worth, the Daily Telegraph reports.
The pair will continue to lead Sweat in Adelaide as a stand-alone brand within the Utah-based iFIT group.
iFIT is a health and fitness technology company founded in 1989 which delivers workout sessions that integrate with the company’s fitness equipment range.
Mr. Pearce says he’s proud to see the business enter the international market.
“Kayla and I have had a very strong and long working relationship and this is the beginning of chapter two for both of us,” he said.
“I’m very much looking forward to a bigger and better Sweat – our headquarters will remain in Adelaide and we have a second office in Melbourne and that will reman there as well.”
Personal trainers Itsines and her former fiancé Pearce found themselves making international headlines after launching the fitness empire six years ago in 2015.
Since then, the Sweat app has been downloaded more than 30 million times and the company generated close to $100 million in the year to June 2020 alone.
More than half of that revenue came from the US while $8.7m came from Australian subscribers.
Sweat recorded a $5.4m loss in 2020.
Last year, the Young Rich List valued the couple at a net worth of $209 million each.
Source: Daily Telegraph
