ICON Health & Fitness Announces $200 Million Growth Investment

Pete CodellaArticles

Logan, Utah-based ICON Health & Fitness, a world leader in innovation, design and distribution of connected fitness equipment and software, recently announced a $200 million growth investment led by L Catterton, the largest and most global consumer-focused private equity firm.

“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,” said Scott Watterson, founder, chairman and CEO of ICON.

Watterson is a Utah native and graduated from Utah State University.

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 Sept. 30, 2020), ICON creates connected fitness experiences across multiple brands, multiple product categories, and all consumer fitness segments. “We have long admired ICON as a pioneering health and fitness giant, with a core focus on technology, a longstanding track record of innovation, and a proven, profitable growth model,” said Scott Dahnke, Global Co-CEO of L Catterton.

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.