Lift Brands invests in Fitstop
Lift Brands invests in Fitstop, the US mega multi-brand business taking a 30 per cent stake in the Aussie functional training franchise.
The strategic partnership is designed to fast-track the Queensland-based FitStop franchise, increasing the brand’s footprint and enabling access to Lift Brands’ global network.
Lift Brands has more than 2500 clubs across 26 countries and 1.5 million members and it includes Snap Fitness and 9Round in its portfolio.
Fitstop was started in a garage by Peter Hull in 2017 and now numbers nearly 50 clubs around Australia.
“It’s been months in the making and we couldn’t be happier to collaborate with a network of like-minded leaders in the industry. This is a huge milestone for both brands and really puts us on the fitness map,” Hull said.
“It’s so rewarding to see an international organisation recognise us as the next big player in the fitness industry, not just within Australia but around the world. The next phase of growth will involve looking to introduce Fitstop to the New Zealand market, followed by the UK and US which will be of a larger scale.”
Lift Brands CEO of Asia Pacific Chris Caldwell said there were three main attributes that drew the team closer to the Fitstop brand and ultimately secured the investment.
“Fitstop presented as a very well managed business both operationally and financially. The performance of their individual locations is outstanding, but most of all, we are culturally aligned,” Caldwell said.
“Our values as a business, and even on a personal level, were the perfect match to Pete’s and the Fitstop team. The integration and connection they have with their individual franchisees is quite special and we cannot wait to be a key partner in their growth.”
Caldwell will join the Fitstop board as a non-executive director alongside founder and CEO Peter Hull and chairman Stuart Cook.
Fitstop has achieved an annual growth rate of 70 per cent and brought in $40 million in total revenue across the network since launching.
“Pre-Covid we were sitting at 3,500 members and as of June 2021 we are sitting at just over 11,000 members,” Hull said.
The goal is to double the Fitstop footprint in the next financial year.