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ICON Health & Fitness Announces $200 Million Growth Investment Led By L Catterton

Investment Will Further Accelerate Growth of Fitness Leader’s Connected Equipment and Industry-leading Subscription Technology Platform iFit

ICON Health & Fitness (“ICON”), the world leader in innovation, design and distribution of connected fitness equipment and software, today announced a $200 million growth investment led by L Catterton, the largest and most global consumer-focused private equity firm, and is joined by existing investor Pamplona Capital Management.

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(Photo: Business Wire)

ICON owns established industry-leading fitness brands NordicTrack®, ProForm® and Freemotion®, which offer connected fitness membership services powered by iFit, the immersive live and on-demand streaming fitness and wellness media platform.

With revenue exceeding $1 billion in the last 12 months (ending September 30, 2020), ICON is the only company which creates connected fitness experiences across multiple brands, multiple product categories and all consumer fitness segments.

The investment will further accelerate ICON’s unique growth strategy of delivering its expansive range of interactive fitness products connected by iFit, the company’s patented content technology and media platform. With approximately 700,000 paid subscribers — and rapidly growing — iFit is enjoyed in the home, at the gym and on-the-go across ICON’s diverse range of products and partnerships.

Scott Watterson, Founder, Chairman and CEO of ICON said:

“Health and fitness have never been more important to consumers globally, and we are seeing explosive growth across our subscription software and fitness equipment businesses. We saw this fast-growing demand going into 2020, and this has accelerated sharply as people’s desire to stay healthy has intensified.

“We welcome L Catterton onboard at this incredibly exciting time in our company’s history. L Catterton has an exceptional history of success investing in consumer and fitness businesses. I look forward to working alongside Scott Dahnke and his team as we continue to accelerate growth across our various platforms and distribution channels.

“ICON reaches the fitness industry’s largest total addressable market in North America, Europe and around the world. The vast and expanding global health and fitness market presents a powerful platform for continued growth.

“This funding will further strengthen our leading position in connected fitness and deliver on our mission to help consumers of every demographic and fitness level pursue and achieve their health and fitness goals.”

Scott Dahnke, Global Co-CEO of L Catterton said:

“Over our 31-year history, L Catterton has had extensive experience partnering with leading fitness concepts and conducted proprietary research to understand what the consumer wants.

“We have long admired ICON as a pioneering health and fitness giant, with a core focus on technology, longstanding track record of innovation, and a proven, profitable growth model. As people around the world increasingly seek out new, immersive ways to exercise and stay healthy, ICON’s heritage, offerings, and scale are true differentiators.

“The company’s broad range of products across price points has democratized fitness, making it more accessible to everyone, everywhere. Their established and iconic brands such as NordicTrack and now increasingly iFit, with its significant subscriber growth, set ICON

COMPASS PATHWAYS (NASDAQ:CMPS) IPO PROVES PSYCHEDELIC MEDICINE INVESTMENT THESIS

Compass Pathways IPO marks the first liquidity event for WPSS.

WPSS invested in Compass Pathway’s series B alongside Founders Fund and McQuade/Otsuka. Compass Pathways IPO marks the first liquidity event for WPSS.
WPSS invested in Compass Pathway’s series B alongside Founders Fund and McQuade/Otsuka. Compass Pathways IPO marks the first liquidity event for WPSS.
WPSS invested in Compass Pathway’s series B alongside Founders Fund and McQuade/Otsuka. Compass Pathways IPO marks the first liquidity event for WPSS.

New York City, Oct. 01, 2020 (GLOBE NEWSWIRE) — WPSS Investments, a pioneer biotech Venture Capital fund focused on brain health and psychedelic medicine, celebrates the successful IPO of its portfolio company Compass Pathways. 

On September 18th, 2020 Compass Pathways was listed (NASDAQ:CMPS, ISIN:US20451W1018), making it the first psychedelic company to be listed on a U.S. exchange. CMPS´s price per share has surged more than 100% since its initial listing price of 17USD, turning it into the most valuable and first unicorn psychedelic medicine company in the world.

Compass Pathways, was co-founded several years ago by George Goldsmith and Ekaterina Malievskaia who experienced the painful effects of depression within their own family.  Together Lars Christian Wilde they set out to develop psilocybin (the active compound in magic mushrooms) for use in patients with treatment-resistant depression. Compass Pathways is currently in phase II trials of the FDA which should bring in promising results in 2021.

WPSS invested in Compass Pathway’s series B alongside Founders Fund and McQuade/Otsuka. Compass Pathways IPO marks the first liquidity event for WPSS. In addition, WPSS has recently made other investments in revolutionary treatments and cures for neuropsychiatric disorders. These include Perception Neuroscience, a start-up that is developing r-ketamine as the safest rapid-acting antidepressant in the market, and ATAI Lifesciences, a neuropsychiatric company with the broadest portfolio of psychedelic compounds. 

The mental health crisis is one that has been present throughout recorded history and has intensified in past decades.  One in ten people currently suffer from a psychopathology and it is estimated that between 30-50% of the world population will suffer from a mental illness at some point in their life.  The isolation, loss and uncertainty felt during the COVID-19 crisis has served to further highlight the magnitude and importance of this parallel, silent epidemic. It is estimated that severe mental illness shortens life span by 10 -25 years The yearly global direct and indirect cost of these diseases is estimated to be $2.5 trillion.

Although neuropsychiatric disorders are both widespread and costly, treatments available are scarce and highly ineffectual. For example, about 30% of depression patients do not respond to any currently available treatment. New treatments are desperately needed and psychedelics are paving the way to a new era of mental health. Sonia Weiss Pick, Co-Founder at WPSS Investments, says “Psychedelics have been used by humans as tools for healing for millennia.  Ample clinical trials have shown that these compounds are both safe and non-addictive if used correctly. Additional studies are being conducted to establish its full therapeutic potential and the mechanisms by which they act on the body. I am convinced that psychedelic medicine will forever change our understanding

PJ SOLOMON Enters Healthcare Investment Banking with Hiring of Ryan Stewart

Mr. Stewart to lead Healthcare Technology & Tech-Enabled Services franchise with over 25 years of experience as an investment banker, equity research analyst and industry operator

Ryan Stewart Headshot

Ryan Stewart Headshot
Ryan Stewart Headshot
Ryan Stewart Headshot

NEW YORK, Sept. 30, 2020 (GLOBE NEWSWIRE) — PJ SOLOMON, a leading financial advisory firm and independently operated affiliate of Natixis, has entered into healthcare investment banking with the hiring of Ryan Stewart as a Managing Director to build and lead its new Healthcare Technology & Tech-Enabled Services subsector.

Mr. Stewart specializes in advising healthcare technology & tech-enabled services companies, as well as financial sponsors that invest across the sector. At PJ SOLOMON he will continue to focus on core end-markets including: payer-tech & outsourcing, tech-enabled managed care, provider-tech, virtual care & remote patient monitoring and pharma-tech & real-world evidence. He brings more than 25 years of industry experience and expertise, having worked and advised in the healthcare technology and managed care sector as an investment banker, equity research analyst, management consultant and operating executive.

“Healthcare technology and tech-enabled services is a natural extension of PJ SOLOMON’s push into high-growth verticals and one which Ryan, with his deep industry expertise and success in building and scaling investment banking practices, is uniquely suited to lead,” said Marc Cooper, CEO of PJ SOLOMON. “Ryan’s hiring comes shortly after we brought on Syed Husain to lead our Pharmacy subsector and together, they mark our first concerted effort into healthcare investment banking. We are excited to welcome Ryan during this period of sustained growth and look forward to building out our overall healthcare offering to better serve our clients.”

“With an unrivaled depth of experience, some of the strongest client relationships in the industry and a continuous growth mindset, PJ SOLOMON is a natural next step in my career,” said Mr. Stewart. “The number of new verticals the firm has added over such a short period of time is truly a testament to PJ SOLOMON’s commitment to expand and diversify its platform to better serve the firm’s clients. I am excited to contribute by building out the healthcare technology & tech-enabled services subsector into a competitive offering that augments the best-in-class platform PJ SOLOMON has developed, especially at a time of unprecedented innovation, growth and digital transformation across the healthcare-tech space.”

Mr. Stewart most recently served as a Managing Director at SVB Leerink where he spent the past five years building and leading the firm’s Healthcare Technology Investment Banking franchise. Prior to SVB Leerink, Mr. Stewart spent six years as a Managing Director and Partner at TripleTree.

Over the past decade, Mr. Stewart advised on several key sector transactions worth a total of $8B. These include, among others, iHealth Technologies’ sale to Advent International-backed Connolly LLC, Altegra Health’s $910M sale to Change Healthcare, KEPRO’s sale to Apax Partners, New Century Health’s sale to Evolent Health, Orion Health’s Rhapsody spin-out to Hg Capital, the concurrent sale of Healthscape Advisors and Pareto Intelligence to New Mountain Capital’s Convey Health