Led by company founder, Chip Hawkins, Wahoo Fitness has fully recapitalized its business. The company confirmed… ‘significant equity support from new and current investors with substantial experience in supporting diverse connected fitness and endurance athlete platform businesses.’
The new capital structure for the indoor training & accessories specialist follows issues with the company’s debt unveiled earlier this year – when Wahoo’s cash flow was rated as weak by ratings agency S&P.
A release from Wahoo noted added… ‘Confidential terms of the arrangements eliminate all debt and provide significant cash liquidity designed to extend the company’s prominence in advancing innovation in the global smart fitness and training category.’
Wahoo Founder, Chip Hawkins said “The successful recapitalization of the business provides the flexibility we were seeking as a management team to allow for investment in innovation and growth from the company’s substantial base and category leadership position, by diversifying the breadth of its offerings to better support athletes and fitness enthusiasts.
“Wahoo’s management team is energized by a renewed focus on delighting its customers and continuing Wahoo’s mission of building a better athlete in all of us.”
Mike Saturnia, Wahoo CEO added “The investment from both new and existing investors is a clear sign of confidence in the strength of Wahoo – specifically our team, brand, strategy, and powerful ecosystem of innovative products, software, and services.
“This could not have happened without months of hard work and support from our channel partners. We want to thank our supply chain and retail and distribution partners for their trust and confidence as we navigated to a successful conclusion to this process.”
