L Catterton led a consortium to acquire majority control of Hyrox, the fitness-racing brand, at a $700 million valuation, allowing co-founders Christian Toetzke and Moritz Fürste to regain ownership from Switzerland-based sports marketing agency Infront Sports Media.
Wndr, the venture capital firm co-founded by Jeffrey Katzenberg, joined the deal and will take a partner role. Toetzke and Fürste announced the acquisition Tuesday via Instagram after months of market speculation about L Catterton's interest.
Moritz Fürste said the deal marks a "new chapter for Hyrox," adding that he and Toetzke are "doubling down on everything that we stand for in regards to Hyrox." He stated, "You will not get rid of us anytime soon."
Infront Sports Media, which invested in Hyrox in 2019 and took a majority stake in 2022, exited through the transaction. Hyrox, founded in Hamburg, Germany, in 2017, operates hybrid-fitness competitions across major cities worldwide and projects athlete participation will exceed 2 million by the 2026-27 season.
L Catterton managing director Shena Willis said the firm sees Hyrox as "uniquely well positioned, having created a global movement around hybrid racing, giving athletes in over 30 countries a place to train, compete and pursue their personal ambitions."
Hyrox has secured partnerships with Amazon, Puma and Red Bull. The company operates in over 30 countries and faces emerging competition from other fitness-racing concepts launched in recent years.
L Catterton's portfolio includes fitness and wellness assets such as Solidcore and Playlist, the parent company of EGYM and ClassPass. Wndr previously invested $15 million in Xenom, another fitness competition venture.
