F45 Training and Crescent Acquisition Corp Mutually Agree to Terminate Business Combination Agreement
October 06 2020 - 2:02PM
Business Wire
Crescent Acquisition Corp (“CAC” or the “Company”) (NASDAQ:
CRSA, CRSAU, CRSAW), a publicly-traded special purpose acquisition
company, together with F45 Training Holdings Inc. (“F45”), one of
the fastest-growing fitness franchisors in the world, jointly
announced today the termination of their previously announced
business combination agreement. The termination is effective
October 5, 2020.
“While we remain optimistic about the current performance and
long-term growth prospects of F45, the prolonged uncertainty around
the pandemic has challenged our ability to successfully complete
the business combination,” Robert Beyer, Executive Chairman, and
Todd Purdy, CEO, said jointly.
“Despite our best efforts to finalize this transaction, we
ultimately concluded that approaching the public markets at this
time was not the right option for F45,” said F45 CEO Adam
Gilchrist. “That said, we are very pleased with our recent business
performance, and have seen strong member re-engagement to almost
pre-COVID levels. Our business remains resilient and strong and we
look forward to continuing to serve and support our members and
franchisees."
About Crescent Acquisition Corp
Crescent Acquisition Corp is a Special Purpose Acquisition
Company formed by formed by Crescent Capital Group LP, Robert D.
Beyer and Todd M. Purdy for the purpose of effecting a merger,
capital stock exchange, asset acquisition, stock purchase,
reorganization or similar business combination with one or more
businesses or assets.
About F45 Training
Founded in 2013, F45 is a unique team training workout unlike
any other. The workout merges three separate leading-edge fitness
training styles – high-intensity interval training (HIIT), circuit
training, and functional training – into one, consummate and
compelling group training experience for its members. This fusion
has led to the development of unique 45-minute workout experiences,
with new workouts consistently under development by the F45
Athletics Department. F45 Training’s daily workouts vary the amount
of exercise stations, the work time/rest time ratio, and the number
of repetitions through a daily exercise circuit. This provides a
challenging—and ever-changing—workout for its clientele. This
combination of interval, cardiovascular, and strength training has
been proven to be the most effective workout method for burning fat
and building lean muscle, according to leading exercise physiology
studies. The company was recently ranked on Entrepreneur’s
Franchise 500 as well as Entrepreneur’s Fastest-Growing Franchises
of 2019.
About Crescent Capital
Crescent Capital Group LP, founded in 1991, is a global
investment manager with approximately $28 billion of assets under
management as of March 31, 2020. Crescent Capital is headquartered
in Los Angeles with offices in New York, Boston, and London. For
more information about Crescent Capital, visit
www.crescentcap.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20201006005984/en/
Investor Contact: Lasse Glassen Addo Investor Relations
lglassen@addoir.com 424-238-6249 Media Contacts: For
Crescent Acquisition Corp: Bill Mendel Mendel Communications
Bill@mendelcommunications.com For F45: Leah Polito / Chloe Clifford
Sard Verbinnen & Co F45-SVC@sardverb.com
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