RANDY HETRICK, FOUNDER AND FORMER CEO, PARTNERS WITH PRIVATE EQUITY VETERAN, JACK DALY, TO ACQUIRE TRX®
Navy SEAL-Turned-Entrepreneur and Developer of Suspension Training®, Poised to Revitalize Innovative Global Fitness Brand
DELRAY BEACH, Fla., Aug. 29, 2022 /PRNewswire/ — TRX® (“the Company”) today announced that the Founder and Former CEO, Randy Hetrick, and partner, Jack Daly, acquired the iconic, global fitness brand, TRX. Hetrick founded TRX after inventing the Suspension Trainer® as a SEAL Team Squadron Commander and will now lead the Company as Chairman with Daly, who will serve as the Chief Executive Officer.
“It’s gratifying to be back at the helm of TRX at a time when the world is emerging from COVID and the Company needs inspired, innovative leadership,” said TRX Chairman, Hetrick. “TRX remains one of the fitness industry’s most recognizable and influential global brands, and under a new, experienced management team – powered by passion and renewed vision – our brand will build on its position as the most trusted name in fitness. I couldn’t be happier to be back and to have the opportunity to bring several of my best longtime teammates back with me.”
Hetrick founded TRX in 2004 after a career as a Navy SEAL and earning an MBA from Stanford’s Graduate School of Business. Core to the brand’s rapid rise and global success was the TRX Suspension Trainer® – a comprehensive functional fitness solution developed by Hetrick during his SEAL years as a means of maintaining peak fitness while deployed in remote locations without access to traditional gym equipment. Suspension Training® quickly became a cornerstone to the broader functional fitness movement, with the iconic “yellow and black straps” becoming a requisite tool for personal trainers, health clubs and elite athletic training facilities globally. The Company expanded its offering to a wide range of functional fitness tools, but also importantly became a go-to source for education and trainer-certification through its vast digital library of functional training programs for fitness professionals and consumers.
Hetrick led TRX for more than 15 years before selling a controlling interest in the Company and moved on to found the new outdoor mobile fitness venture, OutFit®.
Excited by the opportunity to reacquire and revitalize the brand, Hetrick turned to friend and private equity veteran, Jack Daly and his firm, JFXD Capital. Daly, a former Partner, and Investment Committee Member of both Goldman Sachs’ Merchant Banking Division and TPG Capital, has a 25-year track record of investing in and building large companies through control transactions. Daly is also a fitness enthusiast and serves as the Treasurer of the Navy SEAL Foundation, where he has served as member of the Board of Directors for over nine years.
“It’s a rare opportunity to acquire a brand that remains as well respected and revered as an innovator within its industry as TRX – the ability to leverage the incredible brand equity of TRX is what makes this such a compelling and worthwhile venture,” said TRX CEO, Daly. “Everyone loves a comeback story. Powered by Randy’s knowledge of the brand, the industry, and his personal passion for this brand, coupled with new world-class management, there’s little doubt about the success that lies ahead for TRX.”
Fried, Frank, Harris, Shriver & Jacobsen served as legal counsel and KPMG served as financial advisor to JFXD Capital. Levene, Neale, Bender, Yoo & Golubchik L.L.P. served as legal counsel and Kroll Securities served as Chief Restructuring Officer and Financial Advisor to TRX. Special thanks to Louise Stolt-Nielsen Holten, Leon Capital, Doug Greeff, Rick Cusick, Quincy Carroll, Brandon Bean, and Anil Shetty.
About TRX ®
Founded in 2004, TRX® was built on the revolutionary idea that fitness can be achieved with one radically simple design—Suspension Training®, the iconic black and yellow straps found in gyms across the globe that power your training with bodyweight-based movements and exercises. Today, TRX is the leader in functional training solutions for both consumers and professionals, offering a complete line of highly effective, versatile, and portable fitness equipment for unparalleled full body workouts that can be performed at home, at the gym, or on the road. With the recent launch of TRX Training Club®, the company is now omnichannel and offers digital content, ranging from daily live classes to on-demand workouts, all led by world-class trainers. A top-tier professional education destination, TRX has certified over 300,000 trainers and is trusted by pro athletes, pro trainers, and physical therapists, with a loyal community of millions of fitness enthusiasts across the world. With offices in Florida, the U.K. and Japan, as well as sales in more than 30 countries, TRX has truly become a worldwide fitness phenomenon. For more details, go to www.trxtraining.com.
About JFXD Capital
JFXD Capital LLC is a U.S.-based private investment firm based in Delray Beach, Florida. Leveraging decades of global investment experience, the firm partners with innovative business leaders investing across the consumer, industrials, and business services sectors, often alongside unique founders building companies with special cultures and ability to impact the world in a positive way. Founded in 2022 by Jack Daly, a former Partner of Goldman Sachs’ Merchant Banking Division and TPG Capital, the firm is led by a highly seasoned team with significant shared investment experience. For more information, visit www.JFXDCapital.com.
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