Echelon Fitness Gets $65 Million Investment

Goldman Sachs Growth joined with existing investor North Castle Partners to pour $65 million into Echelon Fitness, which makes a variety of connected fitness products, including its Echelon Connect EX-1 LE bike (pictured). (Photo courtesy Echelon Fitness.)

Connected fitness brand Echelon Fitness has completed a $65 million financing led by Goldman Sachs Growth along with participation from existing investor North Castle Partners, the company announced on Dec. 28. 

“We are a connected fitness brand dedicated to changing the category through smart innovation at affordable prices, and with an investment from Goldman Sachs, we can propel our business even further,” Lou Lentine, Echelon Fitness president and CEO, said in the announcement.

Since 2017, Echelon Fitness has brought to market more than a dozen connected products, including its fitness apps, Echelon United Membership and Fit App. Its portfolio includes Echelon connected bikes, rowers, fitness mirrors and a treadmill, as well as limited edition products for retail partners. Echelon produces more than 30 live classes daily and offers a library of nearly 5,000 on-demand classes led by Echelon trainers streamed to their rapidly growing community of more than 100,000 users. Echelon has studios in Chattanooga, Tennessee, and Miami with a full schedule of classes. 

In 2019, private equity firm North Castle Partners first invested in Echelon. Other healthy living brands that North Castle Partners has or has had in its portfolio include Equinox, Barry's Bootcamp, SmartyPants Vitamins, Full Swing Golf, Octane Fitness, Atkins and Naked Juice.

“North Castle was excited by the opportunity at Echelon to offer a great product at competitive prices before the global pandemic set in,” Jon Canarick, managing partner of North Castle Partners, said in the announcement. ”We have experienced explosive growth, and we are very excited to have Goldman Sachs invest in the business alongside us. We have complementary experience, and I'm looking forward to working with the Goldman team.” 

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