Mindbody Acquires ClassPass; Announces $500 Million Strategic Investment
Posted: October 15, 2021 in Suppliers
Mindbody
SAN LUIS OBISPO, CA – Mindbody, a leading wellness experience technology platform, announced it has completed the acquisition of ClassPass, a monthly subscription service providing access to the world’s most extensive network of fitness and wellness experiences. This acquisition brings two of the industry’s most prominent leaders together, creating the most comprehensive technology platform for wellness business owners and the world’s largest fitness and wellness experience marketplace for consumers.
“We are thrilled to complete the acquisition of ClassPass and are excited to welcome their team to the Mindbody family,” said Josh McCarter, Mindbody CEO.
ClassPass CEO, Fritz Lanman will serve as President of ClassPass and Mindbody Marketplace and ClassPass CFO and COO, Tom Aveston, will serve as CFO of the new combined company. Aveston will be taking over for Brett White, Mindbody’s current CFO who will be retiring from Mindbody after the transition. Lanman and Aveston will work alongside McCarter, Mindbody President, Sunil Rajasekar, and Mindbody’s executive team.
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.
