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25 June 2020 By Lauren Silva Laughlin Follow @TheRealLSL

A SPAC is buying the F45 gym group backed by the actor-musician for an enterprise value of $845 million. If projections pan out, that’s a bargain next to Peloton and Planet Fitness. Heavy lifting is needed, though, to rebound from the coronavirus and keep new franchisees coming.

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Crescent Acquisition, a special purpose acquisition vehicle, will buy F45 Training, Crescent said on June 24. F45, which has sold more than 1,900 franchises in over 50 countries, is backed in part by Mark Wahlberg, the performer known for movies including "The Perfect Storm" and hip-hop group Marky Mark and the Funky Bunch.

Crescent pegs the enterprise value of the transaction at $845 million. F35, which recorded $93 million in revenue and $31 million in adjusted EBITDA in 2019, will receive roughly $300 million in cash, with the proceeds used to pay down debt and make a payment of more than $200 million to selling shareholders.

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