L Catterton-led consortium buys Hyrox stake as founders regain control

Hyrox founders Christian Toetzke and Moritz Fürste have regained majority control of the fitness racing business as part of a deal which has seen Infront Sports and Media sell its majority stake to a consortium led by consumer-focused private equity giant L Catterton.

Investment company WndrCo – founded by Jeffrey Katzenberg and Sujay Jaswa – is also participating, with L Catterton and WndrCo joining Hyrox as minority partners.

The deal comes as reported by HCM on 26 July, when regulatory filings revealed L Catterton was seeking to acquire Hyrox World GmbH from Infront. HCM followed up on 18 August, reporting that the transaction was progressing and expected to see Infront and its backer, Wanda Group, exit the business.

Financial terms have not been disclosed, although Bloomberg has reported a valuation of around €600 million (US$697 million, £514 million).

Although below some of the more speculative estimates circulated during the sale process, the figure represents a substantial valuation for a business founded only nine years ago.

Hyrox staged its first event in Hamburg in 2017 with just 650 competitors. HCM reported in August that revenues reached around €135 million (US$157 million, £116 million) in 2025, with EBITDA understood to be around €30 million, representing a margin of approximately 20 per cent.

Revenues are forecast to approach €300 million (US$348 million, £257 million) in 2026 as participation moves towards two million, putting Hyrox on a steep growth trajectory. At the reported €600 million valuation, the business is valued at around 20 times estimated 2025 EBITDA.

The model has also enabled Hyrox to scale without the property cost base of a conventional health club operator, while building revenues from race entries, sponsorship, merchandise and a rapidly expanding network of affiliated gyms.

Toetzke confirmed the ownership structure following completion, saying he and Fürste had “officially reclaimed majority ownership of Hyrox”, with L Catterton and WndrCo becoming minority partners supporting the next phase of growth.

Fürste described the acquisition as “a pivotal next step in the rapid evolution of the Hyrox success story”, saying retaining influence over the future direction of the company had always been a priority for the founders.

Toetzke said the focus would now turn to further international expansion and establishing hybrid racing as a recognised sport, with Olympic ambitions among the longer-term priorities.

“In the years ahead, our priorities will be firmly focused on our Olympic aspirations,” he said.

L Catterton partner Miray Topay said the firm believes Hyrox has created a new sporting category.

“Christian and Moritz haven’t just created a race, they’ve created a category,” she said.

L Catterton manages around US$40 billion (£29.5 billion, €34.4 billion) in equity capital and has extensive fitness and wellness experience, with past and current investments including Equinox, Peloton, CorePower Yoga, EGYM and Solidcore.

Infront first invested in Hyrox in December 2019 and became majority owner in October 2022, backing a period of rapid international expansion.

During the 2025/26 season, Hyrox staged more than 100 events, attracting over 1.4 million participants and more than 1.5 million spectators.

The company is continuing to expand its geographic reach, event capacity, affiliate gym network, training offer and commercial partnerships, while developing its Youngstars format and pursuing its longer-term ambition of Olympic recognition.

Infront CEO Philippe Blatter said Hyrox had delivered “strong returns” and that the transaction followed a strategic review, allowing Infront to realise the value created during its ownership while giving Hyrox backing for its next stage of development.

FOOTNOTE

L Catterton partner Miray Topay will be a keynote speaker at the HCM Invest salon on 21 October in London.

HCM Invest is an invitation-only event. Register your interest in attending here.