LONDON & BOSTON--(BUSINESS WIRE)--Advent International (“Advent”), one of the largest and most experienced global private equity investors, today announced that it has acquired Zingfit, a U.S.-based software company powering boutique fitness brands globally, and Triib, a U.S.-based software company powering fitness professionals and gyms across the globe.
Both acquisitions underpin Advent’s commitment to the boutique fitness sector as it builds a world class software platform. Both companies have been acquired in close coordination with Advent’s portfolio company, Transaction Services Group (TSG), and upon close will become part of TSG, following on from the acquisition of boutique fitness software provider Mariana Tek in November 2019.
Zingfit was founded in 2012 when its founders spotted an opportunity to empower boutique fitness brands by creating a better digital experience. As part of the transaction, Zingfit’s CEO and CTO, John Bogosian and Jeremy Firesenbaum, will take on new roles as strategic advisors to TSG, helping to drive and support continuous innovation alongside the global expansion of boutique fitness.
Triib was also founded in 2012 and began out of a love of CrossFit and an appreciation for the local community. Triib software was developed to help micro-gyms manage their businesses, communicate with their members, and provide services for managing events and selling fitness products.
Douglas Hallstrom, Assistant Director at Advent International, commented: “Both acquisitions present an attractive growth opportunity for TSG as we continue to build upon our presence within the boutique fitness space. Zingfit’s large and exciting customer base and well-established technology makes it a superb addition. Coupling this with Triib’s focus on independent, personal training and community-focused gyms furthers our ability to operate holistically across the boutique fitness sector and create scale in the ecosystem.”
“Zingfit enables boutique fitness studios to provide their members with a simple and intuitive way to book classes, buy workout gear and pay for classes, which in turn, increases customer loyalty and retention. TSG is a world-class player in software and payments for the global fitness industry and we look forward to bringing their outstanding capabilities to the leading brands on the Zingfit platform,” said John Bogosian, CEO of Zingfit.
Bubba Hagood, CEO of Triib, added: “Triib began with a vision around making gym owners’ lives easier and helping them create a strong community, or tribe, at the heart of their business. For Triib, this means developing a unified, all-in-one software platform where fitness business owners could do everything they need simply and in one place. As the industry shifts beyond just ‘managing’ the business, gym owners are looking for ways to stand-out from competition, reinforce their brand and provide a seamless member experience. We are proud to become part of Advent International and TSG’s family of companies which will allow us to continue our mission to drive innovation and great experiences across the boutique fitness industry.”
ABOUT ADVENT INTERNATIONAL
Founded in 1984, Advent International is one of the largest and most experienced global private equity investors. The firm has invested in over 350 private equity transactions in 41 countries, and as of June 30, 2019, had $54.3 billion in assets under management. With 15 offices in 12 countries, Advent has established a globally integrated team of over 200 investment professionals across North America, Europe, Latin America and Asia. The firm focuses on investments in five core sectors, including business and financial services; health care; industrial; retail, consumer and leisure; and technology. After 35 years dedicated to international investing, Advent remains committed to partnering with management teams to deliver sustained revenue and earnings growth for its portfolio companies.
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ABOUT TRANSACTION SERVICES GROUP
TSG is a global provider of integrated software and payments solutions to the health & wellness and childcare sectors. TSG helps gyms, community clubs and childcare centers manage their members and customers, driving improved member retention and revenue performance, whilst simultaneously reducing administrative burden and cost. Over the last three years, TSG has more than doubled its revenue, through both strong organic growth and several strategic acquisitions. Founded in 1994 in Auckland, New Zealand, the company now also operates across Australia and the UK, with emerging customer bases in Japan, Europe, and the US.
For more information, visit: https://transactionservices.global
Zingfit is a Boulder, Colorado-based SaaS platform servicing boutique fitness brands across the globe. Zingfit integrates scheduling, commerce and marketing tools under one umbrella – everything from Spot Scheduling® to customer referrals to studio management and marketing tools – empowering fitness studios to deliver a better experience to their customers. More than 100 million classes are now booked through Zingfit annually, in five languages across 34 countries.
For more information, visit: https://zingfit.com
Triib is a Boston, MA-based technology company that offers leading all-in-one gym management software for the boutique fitness industry. Triib’s platform is centralized around member experience, ease of use, and opportunities for community growth and engagement. Triib provides tools for attracting and retaining new members while optimizing daily operations. Features such as integrated performance tracking, fitness events and challenges, and a unified mobile app, turn customers into advocates and help boutique fitness gyms grow. At Triib, we’re focused on delivering innovative solutions and being partners with our customers, not just software providers.
For more information please visit, https://triib.com