L Catterton works up a sweat
JPMorgan Chase’s annual 5K race is a rite of passage for analysts across Wall Street. It’s a relatively tame run, offering new hires and more seasoned executives alike a respite from DCF models and pitchbooks.
But bankers looking to court the private equity group L Catterton will need to do some heavier lifting.
The LVMH-backed firm this week announced a majority investment in Hyrox, the German fitness race that’s polluting your Instagram and TikTok feeds with videos of sweaty runners and heavily tattooed athletes grimacing their way through 100 wall balls.
For the uninitiated, a Hyrox race is less punishing than an Ironman and far shorter than a marathon. But for the ageing mid-career professional in desperate need of an outlet, Hyrox provides something to train for. It alternates between 1km runs and eight workouts, including sled pushes, burpee broad jumps, rowing and sandbag walking lunges.
The growth has been spectacular, with ticket sales for marquee races in New York, Paris and London resembling the mania around Taylor Swift’s Eras Tour. More than 1.4mn people took part in Hyrox races during 2025-26, up from just 80,000 in 2022-23, according to the company.
Sustaining that kind of growth will be critical for L Catterton, which valued the company at about €600mn in this week’s investment round. It will also need to bring in more lucrative and better-aligned sponsorships; no one focused on their wellness is swigging a Red Bull before their Hyrox race (Red Bull is a sponsor).
The other problem, as anyone who has trafficked in privately held fitness groups knows, is just how fickle consumers are when it comes to exercising. Look no further than Flywheel or Blink (both of which filed for bankruptcy) or SoulCycle (which abandoned its IPO and closed locations). Publicly listed Peloton has also struggled; its stock is down more than 95 per cent from its peak.
Even CrossFit, which was an early feeder of Hyrox athletes, has struggled with a drop in affiliated gyms and lower participation in its annual competition.
L Catterton is betting it can sidestep those troubles and capitalise on the continued wellness craze. Its portfolio is filled with upmarket fitness offerings, including the Pilates chain Solidcore and the luxury gym Equinox, in which it holds a minority stake.
DD would suggest one other partnership to the L Catterton operating partners looking to juice Hyrox: a deal with Match Group. Hyrox already charges about $35 for race photos, which now fill Hinge and Tinder profiles. Consider it one exit strategy for both Hyrox competitors and L Catterton.