L Catterton Group Buys Majority Stake in Hyrox

A consortium led by private equity firm L Catterton has bought a majority stake in Hyrox, the fitness competition brand, from Infront Sports & Media in a deal that values the company at roughly $600 million. Hyrox founders Christian Toetzke and Moritz Furste stayed in the ownership group alongside WndrCo, the investment firm run by Jeffrey Katzenberg. Infront first invested in Hyrox in 2019 and became majority owner in 2022, so this deal marks its exit.

From Race Series to Global Platform

Toetzke and Furste built Hyrox in 2017 around a standardized fitness competition format, then scaled it worldwide through ticketed events, training programs, and a network of affiliate gyms that run Hyrox-branded sessions. That affiliate layer, closer to a licensing model than a traditional storefront franchise, is what turned a niche race series into a platform private equity now values in the hundreds of millions.

What Changes for Affiliate Gyms

Neither founder signaled an operational shake-up. Toetzke said his focus going forward is Olympic recognition for the sport and new products built on the Hyrox brand, while Furste framed the sale as the next step in steering the community rather than a break from it. Affiliate gyms should expect continued investment in events and training content rather than an abrupt change in how they operate.

Part of a Wider Fitness Consolidation Wave

The Hyrox deal lands alongside a run of private equity activity in fitness and franchise brands this year, from Xponential Fitness fielding sale interest to Planet Fitness reopening its franchise pipeline. Investors are betting that branded fitness formats with built-in communities, whether run through franchised studios or licensed affiliate gyms, can support the kind of valuations once reserved for traditional consumer brands.