After buying TRX out of bankruptcy, its founder Randy Hetrick is back at the helm.
For context: Founded in 2014, TRX is known for its suspension training straps, sold in over 30 countries and certifying 300,000 trainers based on its patented equipment.
In 2018, TRX was acquired through private equity, and in 2020 – the last year Hetrick served as CEO – TRX had its best year to date, posting an EBITDA of $20 million.
Front flash. Last June, citing increased competition and macroeconomic challenges, the debt-ridden company filed for Chapter 11 bankruptcy and sought a new buyer. That buyer turned out to be Randy Hetrick.
Buying TRX at auction with his partner Jack Daly of JFXD Capital, Hetrick believes he can engineer a turnaround.
“TRX remains one of the most recognizable and influential global brands in the fitness industry, and under an experienced new management team – fueled by passion and a renewed vision – our brand will build on its position as most trusted name in fitness.”
Between the lines: In conversations with industry executives, almost everyone said brands need to meet users wherever they are… which has been TRX’s mission from the start.
Leveraging the versatility of its equipment and OutFit, Hetrick’s spin-off mobile fitness company, TRX will look to quickly revive that pursuit.
Carry: Even as consumers ditch expensive equipment at home, they continue to train – at the gym, at home, and in the park.
In addition to leveraging its existing network of trainers and gyms while bolstering its content and direct-to-consumer offerings, TRX could also partner with digital-only workout platforms to reach even more people seeking fitness.