Who Owns F45 Training and Why It Matters

F45 Training is majority-owned by Kennedy Lewis Investment Management, a private equity firm that took control of the fitness franchise through a debt restructuring agreement. This ownership matters because it directly impacts the brand's financial stability, strategic direction, franchisee support systems, and long-term viability in the competitive global boutique fitness market.

The Evolution of F45 Training's Ownership Structure

Understanding who owns F45 Training requires looking back at its rapid corporate trajectory, marked by high-profile investments, a public stock market debut, and subsequent financial restructuring. Founded in Sydney, Australia, in 2013 by Rob Deutsch and Adam Gilchrist, the functional training brand expanded at a blistering pace through a franchise model.

In 2021, the company went public on the New York Stock Exchange (NYSE: FXLV) under a wave of celebrity backing, including high-profile figures like actor Mark Wahlberg and professional athlete David Beckham. However, the post-IPO period brought severe macroeconomic headwinds, supply chain disruptions, and operational missteps. These factors led to tumbling share prices, liquidity crises, and leadership shakeups.

By early 2023, F45 Training delisted from the NYSE to navigate its mounting financial liabilities away from public market scrutiny. The company secured strategic financing packages from Kennedy Lewis Investment Management, its primary lender. As F45 struggled to service its debt obligations, Kennedy Lewis converted those debts into controlling equity. Today, Kennedy Lewis holds the majority stake, steering the corporate entity through a private operational turnaround.

Who is Kennedy Lewis Investment Management?

Kennedy Lewis Investment Management is an opportunistic credit manager founded in 2017 by David Chene and Douglas Meyer. The firm specializes in providing private capital and bespoke financing solutions to middle-market companies undergoing operational transformations, distress, or complex balance sheet restructurings.

Unlike traditional venture capital firms that focus on early-stage growth or standard private equity that targets full buyouts for expansion, credit-focused firms often step in when traditional bank financing dries up. When F45 faced severe liquidity crunches and declining franchise revenues, Kennedy Lewis provided emergency capital injections to keep the corporate parent afloat.

When a lender of this nature takes control of a fitness brand, its primary motivations center on risk mitigation, operational efficiency, and debt recovery. This means the strategic focus shifts away from aggressive, capital-heavy expansion toward stabilizing existing franchise units, optimizing corporate overhead, and maximizing profitability per location.

Why Ownership Matters for F45 Franchisees

For individual studio owners who have invested hundreds of thousands of dollars into buying and operating an F45 franchise, corporate ownership is far more than a headline—it dictates daily business realities. Franchisees rely entirely on the corporate parent for brand marketing, software infrastructure, workout programming, and supply chain logistics for equipment.

When a private credit firm takes charge, the immediate priority is restoring financial health. This operational tightening can manifest in several ways for franchisees:

• Support and Resources: Corporate restructuring often involves corporate downsizing, which can alter the level of dedicated support field consultants provide to individual studio owners.
• Programming and Innovation: The core product—the 45-minute high-intensity interval training workouts—must remain engaging. Owners depend on corporate fitness directors to develop fresh, scalable routines that retain existing members and attract new ones.
• Technology Integration: Franchisees rely on proprietary apps for booking, member management, and biometric tracking. Investment from a firm like Kennedy Lewis determines whether capital is allocated to upgrading digital infrastructure.
• Supply Chain Stability: Equipment acquisition and studio build-out costs are heavily influenced by the financial health and supplier relationships of the parent company.

Why Ownership Matters for Members and Consumers

While everyday gym-goers rarely pore over corporate balance sheets, the ownership structure of a fitness chain directly influences their consumer experience. F45 relies on a community-driven, membership-based model where consistency, equipment maintenance, and coaching quality are paramount.

When a parent company undergoes severe financial distress, local studios can experience downstream effects. Well-capitalized ownership provides the financial runway necessary for long-term investments in brand marketing, national partnerships, and technological enhancements. Conversely, if a brand is weighed down by debt, corporate spending on member-facing innovations may slow down.

Furthermore, private equity ownership under a credit manager typically comes with a clear exit strategy. Once F45 is fully stabilized, restructured, and returning consistent profits, Kennedy Lewis will likely seek an exit. This could involve a secondary private equity buyout, a sale to a larger hospitality or fitness conglomerate, or potentially another attempt at an Initial Public Offering (IPO). For members, this means the brand they attend today is continuously adapting to meet the financial expectations of institutional investors.

Broader Implications for the Boutique Fitness Industry

The trajectory of F45 Training serves as a prominent case study for the boutique fitness sector at large. The rapid expansion model favored by many fitness franchises during the 2010s often relied on low interest rates, aggressive venture backing, and rapid unit growth over immediate profitability.

When economic conditions shifted, fitness brands with heavy debt loads and high burn rates faced severe corrections. F45's transition from a high-flying public stock to a privately held entity controlled by a credit fund highlights a broader industry shift. Institutional investors and private lenders now exert direct control over several major fitness and wellness brands, prioritizing sustainable unit economics, stringent cost controls, and predictable recurring revenue over reckless expansion.

Frequently Asked Questions

Who owns F45 Training right now?

F45 Training is majority-owned by Kennedy Lewis Investment Management, a private credit and investment firm. Kennedy Lewis took control of the company through a debt-for-equity swap following financial distress and the brand's delisting from the New York Stock Exchange.

Is Mark Wahlberg still involved with F45 Training?

Mark Wahlberg was a prominent early investor, board member, and marketing partner who helped take the company public in 2021. While his initial investment was tied up in the company's tumultuous public valuation drop and subsequent restructuring, the corporate leadership and majority control rest firmly with Kennedy Lewis Investment Management.

Why did F45 delist from the stock market?

F45 delisted from the New York Stock Exchange in early 2023 due to severe drops in its share price, reduced market capitalization, and financial restructuring needs. Delisting allowed the company to exit public reporting requirements and execute a financial turnaround away from public market scrutiny.

Does the ownership change affect my local F45 studio?

Most local F45 studios are independently owned and operated by local franchisees. While changes at the corporate level influence overarching brand marketing, workout programming, and corporate support, your local studio's daily operations, staff, and local management remain primarily driven by its individual franchise owner.

Conclusion and Next Actions

Understanding that Kennedy Lewis Investment Management owns F45 Training provides crucial context for evaluating the brand's stability and future direction. For prospective franchisees, current members, and industry observers, recognizing the influence of private equity in fitness highlights the importance of monitoring unit-level profitability, corporate support infrastructure, and ongoing brand innovation rather than relying on historical marketing hype. When evaluating a franchise investment or committing to a long-term gym membership, always research the current financial backing and operational leadership of the parent organization.