Luxury fitness company Equinox seeks additional financial support as it maneuvers to expand its online platform. The SoulCycle majority owner is currently in “advanced conversations” to obtain more funding. Private equity firm Silver Lake is interested, among other potential investors, according to reports, with sources adding that a deal could be arranged as soon as this month.
Equinox and Silver Lake representatives declined official comment.
A financial boost would help the fitness company build out a wider digital platform to compete with rivals, including Peloton. The New York-based company is also seeking new investors after several members abandoned the brand, following Co-owner Stephen Ross hosting a fundraiser for President Donald Trump’s 2020 campaign.
Equinox maintains 100 clubs throughout the U.S., U.K. and Canada. Notable high-profile members include Morgan Stanley CEO James Gorman, as well as pop culture celebrities Andy Cohen and Hilary Swank. Equinox’s SoulCycle brand can be seen in current television shows and movies.
The company, also financed by equity firm L Catterton, announced in August a multi-brand digital platform responding to members’ requests to exercise at home and during travel. Equinox consequently announced a SoulCycle bike designed for domestic use, as well as a proprietary Woodway treadmill to bolster the platform.
“In the $4 trillion wellness economy, consumers have demonstrated a clear desire to prioritize a healthy lifestyle, even when the demands of day-to-day life get in the way,” a press release stated during the digital rollout.
Equinox also expanded beyond health and fitness to travel and talent management for its instructors. The company opened its first luxury hotel in Hudson Yards last summer, a westside Manhattan development project financed in part by Ross’ Related.