Equinox Holdings, which reportedly had been seeking to merge with a special purpose acquisition company (SPAC), has ended those discussions, according to a report by Bloomberg.
Equinox Holdings operates Equinox, SoulCycle, Blink Fitness, Pure Yoga and Equinox Hotels. It is a private company owned by a group of investors including Equinox Holdings Executive Chairman and Managing Partner Harvey Spevak, principals of The Related Companies, L Catterton and Silver Lake.
The company reportedly ended its merger discussions with publicly traded Social Capital Hedosophia Holdings Corp. VI, which is backed by investor Chamath Palihapitiya, due to a disagreement about how much to value the combined company, Bloomberg reported. Equinox declined to comment to Bloomberg about the report.
Equinox had $650 million in 2020 revenue with a loss of $350 million due to temporary club closures caused by the COVID-19 pandemic, according to Bloomberg. The company had been seeking a valuation of $7 billion or more, according to Bloomberg.
Last year, Equinox received funding from private equity firm Silver Lake for its Equinox+ digital platform, and it has since combined its Equinox+ and Equinox apps, which allows members to now have access to content at home from SoulCycle, Pure Yoga and Rumble.