BETHESDA, Md., July 12, 2022 /PRNewswire/ — MidCap Financial, a leading commercial finance company focused on middle market transactions, announced this week that it has secured a senior secured credit facility for Echelon Fitness Multimedia LLC and Echelon Fit Canada Inc . (“Echelon”). Proceeds from MidCap will be used for Echelon’s business needs by providing ongoing working capital for growth and expansion.
“At its core, Echelon is focused on making fitness accessible to everyone and being an innovator around the world. Our goal is to offer a holistic wellness approach that speaks to the body, mind and soul and help make a meaningful difference for each individual member,” he said. is Lou Lentine, CEO of Echelon Fitness. “Expanding the tools and content we share with our members is a natural progression, and MidCap Financial’s support will allow us to realign our priorities, adapt to a changing and still demanding market, and improve the experience for our members. We couldn’t be more excited about the future of Echelon.”
“Echelon is a household name with a great product and it was a privilege to support their next chapter,” he said Garrett Fletcher, Head of Asset Based Lending at MidCap Financial. “The transaction is another example of MidCap Financial’s ability to form long-term relationships to step in as a capital partner when needed.”
About Echelon Fitness
Echelon has revolutionized home fitness since 2017 with a range of smart exercise devices and an immersive membership experience. What began as a mission to make healthy living accessible to everyone has evolved into a successful, global brand. Echelon empowers everyone to experience a sense of exhilaration and accomplishment after reaching their fitness goals. Members connect their Echelon Smart Bikes, Rowers, Treadmills or Fitness Mirrors to the Echelon Fit app to access live and on-demand exercise classes recorded in Echelon studios around the world and led by professional instructors. Through the app, members track performance and progress in real-time, compete on an interactive leaderboard, and explore more than 2,000 off-the-shelf workouts to stay motivated and inspired. For more information about Echelon Fitness, go to https://echelonfit.com/.
About MidCap Financial
MidCap Financial is a specialty finance firm focused on the middle market that provides senior debt solutions to companies in all industries. Like March 31, 2022MidCap Financial provides administrative or other services for over 40.4 billion dollars obligation. MidCap Financial is managed by Apollo Capital Management, LP, an affiliate of Apollo Global Management, Inc, pursuant to an investment management agreement. Apollo had assets under management of approx 513 billion dollars like March 31, 2022 in loan funds, private capital and real funds. For more information about MidCap Financial, visit http://www.midcapfinancial.com. For more information about Apollo, visit http://www.apollo.com.
MidCap Financial Services, LLC
Garrett Fletcher, Head of Product – ABL
SOURCE MidCap Financial