New York: The non-public fairness proprietor of MyFitnessPal is exploring a sale of the cellular utility that tracks vitamin and health, which may worth it at over $1 billion, in line with 4 sources acquainted with the matter.
Francisco Companions, which purchased MyFitnessPal from Below Armour in 2020, is working with JPMorgan on the sale course of, the sources mentioned, requesting anonymity as a result of the matter is non-public. Demand for digital well being and health instruments has grown in recent times, boosting the adoption of apps reminiscent of MyFitnessPal, Apple Well being, and Peloton App One, and wearable gadgets reminiscent of Oura rings. Reuters reported final 12 months that health monitoring platform Strava was exploring an preliminary public providing.
Francisco Companions and JPMorgan declined to remark. MyFitnessPal didn’t instantly reply to a remark request.
MyFitnessPal, based in 2005, was bought to Below Armour in 2015 for $475 million. Francisco Companions acquired it for $345 million, together with potential extra funds tied to efficiency targets, in 2020.
The Austin, Texas-based app generates near $150 million of annual earnings earlier than curiosity, taxes, depreciation, and amortization, three of the sources mentioned.
MyFitnessPal customers can monitor energy, nutritional vitamins, weight and train, and get meal plans, recipes, and on-demand video exercises. The app is free however there’s a premium choice that prices $24.99 per thirty days, or an upfront $99.99 annual fee.
Final 12 months, the corporate mentioned it had over 280 million members in over 120 international locations.
Francisco Companions, headquartered in San Francisco, is a technology-focused funding agency with over $50 billion in capital raised so far. (Reporting by Abigail Summerville and Milana Vinn in New York, modifying by Echo Wang and Rod Nickel)
