Leading Wellness Experience Platform Mindbody to Acquire ClassPass

Industry Announcement
18 October 2021
https://www.mindbodyonline.com/

Mindbody, the leading wellness experience technology platform, today announced it has entered into a definitive agreement to acquire ClassPass, a monthly subscription service providing access to the world’s most extensive network of fitness and wellness experiences. This deal will bring two of the wellness industry’s most prominent leaders together, creating a one-stop shop for both business owners and consumers.

“This acquisition comes at a pivotal time for the wellness industry as it continues to rebound  from  COVID-19  related closures - and local and authentic experiences are more important to people than ever,” said Josh McCarter, CEO of Mindbody. “Our companies share a singular focus on bringing wellness experiences to more people, in more places. By leveraging the best of both companies’ technology and expertise, we are more committed than ever to providing studios with best-in-class tools to help them grow and thrive, while also driving more consumers to their businesses.”

In conjunction with the acquisition, Mindbody has secured a strategic investment of $500 million from a group led by Sixth Street, a leading global investment firm. Prior Sixth Street investments include Airbnb, Datavant, Legends, MDLive, the San Antonio Spurs, Spotify and Sprinklr. This investment, together with the continued support of Mindbody's majority investor and partner, Vista Equity Partners, will help further accelerate the company's growth and build upon the product innovations and investments that have been made over the course of the pandemic. Major milestones have included the creation of a fully integrated virtual platform that set business owners up for success in a hybrid world, enhancements to Mindbody's marketing automation tools to improve client acquisition and retention, and the introduction of Mindbody Capital, a product that will give small business owners access to financing to help them invest in and grow their business.

Please find the full announcement here. 

Sixth Street is a global investment firm with over $50 billion in assets under management and committed capital. The firm uses its long-term flexible capital, data-enabled capabilities, and one cross-platform team approach to develop themes and offer solutions to companies across all stages of growth. Founded in 2009, Sixth Street has more than 350 team members including over 180 investment professionals operating from nine locations around the world. For more information, visit www.sixthstreet.com or follow Sixth Street on LinkedIn.