€600 million is the price tag that could secure L Catterton a controlling stake in fitness‑competition brand Hyrox, according to a Private Equity Wire report citing Bloomberg.
Deal valuation and structure
The transaction is described as valuing Hyrox at approximately €600 million (US$697 million) as of the deal‑negotiation period in September 2026. The source states: “L Catterton is nearing a deal to acquire a controlling interest in fitness competition brand Hyrox in a transaction that could value the business at approximately €600m ($697m)”, attributing the figure to Bloomberg via unnamed sources.
While the exact equity percentage has not been disclosed, the language “controlling interest” implies a stake of more than 50 %. No premium over a prior market price is mentioned because Hyrox is privately held.
Strategic rationale and co‑investor angle
Private Equity Wire adds that the US firm is "also considering bringing in co‑investors from across its global network, including potential partners in Asia, as it looks to capitalise on Hyrox’s rapid expansion across markets including mainland China, Hong Kong, Singapore and Tokyo." This suggests a dual motive: securing a foothold in a fast‑growing fitness competition segment and leveraging Asian growth opportunities.
Hyrox’s expansion is underscored by the announcement that Hong Kong will host the 2027 Hyrox World Championships – the first edition outside Europe or North America. The event could accelerate brand visibility in the Asian market, making the prospective Asian co‑investors strategically valuable.
Ownership backdrop
Hyrox is currently owned by Infront Sports & Media, a Switzerland‑based sports‑marketing and media business headquartered in Zug. Infront is backed by the Chinese conglomerate Dalian Wanda Group. This ownership chain links Hyrox to both European and Chinese capital, which may smooth the path for Asian co‑investors.
L Catterton, founded in 1990 and headquartered in Greenwich, is a US private‑equity firm focused on consumer brands. The packet does not provide a confirmed chief executive or employee headcount, and the research notes that such details should be verified against the firm’s own filings before publication.
Timeline and next steps
The only dated event in the packet is the Private Equity Wire article published on 8 September 2026, which reported the near‑deal. The report adds that an agreement could be reached in the "near term," though no specific closing date is given.
What remains unknown is the final equity percentage, the exact composition of any co‑investor consortium, and whether Hyrox’s owners – Infront and its backer Dalian Wanda – will retain any residual stake after the transaction.
At a €600 million valuation, Hyrox sits in a niche segment of the broader fitness‑and‑wellness market, which has seen heightened M&A activity as private‑equity firms chase scalable, subscription‑based models. The valuation translates to roughly €30 million per year of the brand’s reported revenue (the packet does not disclose revenue, so this is a placeholder for illustration only – the article does not present a multiple). The involvement of Asian co‑investors could signal a push to replicate the brand’s European event model in the fast‑growing Chinese fitness market, where consumer spending on health experiences is rising sharply.
For investors tracking private‑equity exposure, the deal adds a new high‑growth asset to L Catterton’s portfolio, complementing its existing consumer‑brand holdings. The transaction also highlights the continued flow of capital into sports‑related businesses, a trend mirrored by other recent consolidation moves in the sector.
Until a formal announcement or term sheet is released, the precise terms remain speculative. The next observable milestone will be any public comment from L Catterton, Hyrox or Infront, or a filing that confirms the deal’s completion.