Equinox raises $1.8 billion to refinance and drive growth
by Liz Terry | 09 Mar 2024
Equinox Resort Amaala will include a magnesium salt rooftop pool / Amaala/Equinox
Equinox has raised US$1.8 billion in cash to refinance US$1.5 billion of maturing loans. The deal will also boost cashflow and give it a chunk of working capital to fund growth.
The transaction was facilitated by Goldman Sachs, Centerview Partners and Kirkland & Ellis and led by Silver Lake and Sixth Street – a new investor in the business.
The raise saw a number of other parties participating, including LVMH’s investment house, L Catterton, Ares Management, HPS Investment Partners and certain principals of Related Companies, the real estate company that owns the Equinox Group ‘ecosystem’ of brands – Equinox, Equinox Hotels, SoulCycle, Blink Fitness and E by Equinox.
The company has also arranged a new revolving credit facility with a trio of banks – JP Morgan, Morgan Stanley and Goldman Sachs, to replace a US$76 million revolving credit facility which matured in January.
The new raise will refinance a US$1.2 billion loan that matures this month (March 2024) and a US$200 million junior loan that’s due in September, leaving around US$300 million for cashflow and business growth.
"These new strategic investments from a group of world-class partners, that share our vision for the Equinox brand, will empower us to accelerate further growth through new club openings and innovative offerings, as well as by scaling the Equinox luxury experience,” said Harvey Spevak, executive chair and managing partner of Equinox Group.
Equinox Group reported a 27 per cent increase in revenue in 2023, saying member engagement was also higher than any previous year on record.
The company bills itself as global, however its base is mainly the US, where it operates 104 of its 110 sites. Internationally it has three clubs in London and three in Canada.
Its London locations recorded a US$18m loss in 2023, with the UK subsidiary saying in its accounts that it was reliant on its US parent for the support it needed to continue trading legally. Industry insiders suggest the situation in London has been largely caused by the business signing expensive leases.
Equinox, which says it plans to build more health clubs with the new investment, is also full steam ahead with the development of its first Equinox Resort, which is being developed as part the vast, high-end The Red Sea development currently under construction in Saudi Arabia.
Spevak said the company “continues to explore additional opportunities in existing and new markets, both domestic and international” and we think it’s likely Equinox will focus its attention on more openings in the Middle East, where the appetite for high-end wellness is strong and being driven by policies such as the Saudi government’s Vision 2030, which is focused in part on creating a healthier nation.
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Equinox has raised US$1.8 billion in cash to refinance US$1.5 billion of maturing loans. The deal will also boost cashflow and give it a chunk of working capital to fund growth. The transaction was facilitated by Goldman Sachs, Centerview Partners and Kirkland & Ellis and led by Silver Lake and Sixth Street – a new investor in the business. The raise saw a number of other parties participating, including LVMH’s
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