Business
Interactive Strength, Inc. d/b/a FORME (Nasdaq: TRNR) to Acquire CLMBR, Creating a High-growth, B2B Focused, Connected Fitness Platform
The combined business is anticipated to generate more than $20 million in revenue in 2024 and be cashflow positive and adjusted EBITDA profitable potentially
About this update from Interactive Strength Inc.
[{"type":"text","content":" The combined business is anticipated to generate more than $20 million in revenue in 2024 and be cashflow positive and adjusted EBITDA profitable potentially as early as the fourth quarter of 2024The combined business is expected to be driven primarily by B2B revenue supported by the acquired sales and distribution partnership with WOODWAYCLMBR shareholders to receive TRNR common equity with lock up until October 2024The transaction is expected to close in the fourth quarter of 2023 AUSTIN, TX, Oct. 11, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire -- Interactive Strength, Inc. d/b/a FORME (Nasdaq: TRNR), maker of premium smart home gyms and provider of virtual personal training services, today announced that it has entered into a definitive agreement to acquire substantially all of the assets of CLMBR, Inc., the maker of the first-to-market connected vertical climber. Trent Ward, Co-Founder and CEO of FORME, said: “We believe this will be a transformational acquisition that can accelerate the Company’s commercialization path. Further, we believe the combination of these businesses can create tremendous value for all of our shareholders.” Ward continues, “We expect this transaction can help us achieve immediate scale across all of our cost centers, resulting in a high-growth, profitable platform that sells connected fitness equipment and digital fitness services across B2B and B2C channels.” “Climbing is hands down the safest, most efficient and effective full-body strength and cardio workout,” said Avrum Elmakis, the Founder of CLMBR. “I have seen firsthand how incredible the fitness results are from climbing, and I believe the opportunity for the climbing modality is massive, having just scratched the service of the potential market in the past couple years. By joining forces with the very talented team at FORME, and gaining access to the public capital markets, we will be able to help more people and achieve the long-term vision for CLMBR of providing an accessible, low-impact and highly effective workout experience.” Mr. Ward further remarked, “We are impressed with the business that Avrum and his team have created and are honored that he and his investors have chosen to partner with FORME. After selling thousands of the consumer version of the CLMBR machine over the past few years to a very engaged customer base, we have a sha...