F45 Training

F45 Training began in 2013 with one studio in Sydney, Australia, founded by Rob Deutsch and Adam Gilchrist. Its name means “Functional 45,” referring to 45 minute, high intensity group workouts based on functional movement patterns rather than isolated machine exercises. From the original Paddington studio, the brand grew to approximately 1,580 locations in more than 60 countries by the mid 2020s. Its format combines circuit training, HIIT, and team motivation in a compact studio, positioned between heart rate monitored group fitness and CrossFit style training. The technology driven model helped F45 expand without the space and equipment needs of a traditional gym, while its later public market experience and corporate restructuring added complexity for investors.

Boutique fitness is a major segment of the $96 billion U.S. fitness market. The global boutique category grew about 15% to 20% annually through the early 2020s before the pandemic disrupted the sector. Consumers have moved toward specialized studios that offer coaching, accountability, and group based programming. F45 Training competes with Orangetheory Fitness, CrossFit affiliates, Barry's Bootcamp, and value operators such as Planet Fitness. Demand has been supported by greater health awareness among millennials and Gen Z, research on high intensity interval training, the social accountability of group workouts, and consumers' willingness to pay premium prices for curated fitness experiences.

F45 Training sits in the mid to upper tier of boutique fitness franchise investments. The initial franchise fee is $60,000, and total initial investment ranges from $349,200 to $786,100. Costs vary with studio build out, real estate conditions, lease terms, and location. Smaller markets with favorable leases and basic interiors may fall near the lower end, while premium urban sites with custom interiors, AV systems, and larger equipment packages may approach the upper end. The royalty is 7% of gross revenue, compared with typical fitness franchise royalties of 5% to 8%. Buyers should also account for marketing fund contributions, technology platform fees, equipment maintenance and replacement reserves, and working capital during the 6 to 12 month membership ramp up period common for new studios.

F45 Training uses centrally designed workouts delivered through proprietary technology to display screens in each studio. Owners do not create their own programming, and consecutive workouts are designed to differ. The system includes approximately 3,600 exercises across 45 workout styles, with weekly programming that rotates among cardio, resistance, and hybrid sessions. Centralized programming supports a consistent member experience and lets owners focus on community building, membership sales, and local operations. Studios typically need 1,600 to 2,000 square feet, allowing locations in retail strip centers, urban storefronts, and mixed use developments while limiting real estate needs compared with traditional fitness facilities.

That figure requires context because results may vary widely across locations, given the brand's rapid expansion, geographic diversity, and corporate restructuring. The COVID 19 pandemic damaged in person fitness beginning in 2020, causing closures and membership cancellations as F45 was expanding its franchise pipeline. Many locations opened during or soon after the pandemic and may still be building membership rather than operating at maturity. Corporate financial difficulties in 2023 may also have affected local marketing and franchisee confidence. Celebrity investor Mark Wahlberg brought visibility to the brand, followed by added volatility when he departed.

F45 Training's history includes rapid international growth, a public market debut, financial distress, and continuing restructuring. The company expanded from its Australian studio in 2013 to hundreds of locations in dozens of countries by 2019. In 2022, it merged with a special purpose acquisition company and became publicly traded at an approximate valuation of $845 million. Recovery in the fitness sector was slower than expected, rising interest rates increased capital costs, and markets turned against SPAC era growth companies. F45's stock price fell sharply, projections became difficult to meet, and by mid 2023 the company faced serious viability concerns. It changed leadership, reduced corporate headcount, and began restructuring. For buyers, these issues matter, although the studio model, centralized technology, and demand for functional training remained in place.

A suitable F45 Training franchisee needs interest in fitness and community building, along with the financial resources and operating discipline required for a membership driven business. Personal training certification is not required because corporate programming covers workout design. Successful owners generally show genuine enthusiasm for the F45 method and can represent it within their local fitness community. Sales, team management, and local marketing experience are useful because member acquisition and retention drive studio performance. Multi unit operators and investors familiar with service based franchises may be well positioned to grow F45 Training territories.

F45 Training warrants independent due diligence because its established consumer concept and global reach come with a significant restructuring history. Buyers should review both the compact studio model, technology based workout delivery, centralized programming, and community culture, and the franchisor's stability, capitalization, and strategic direction. PeerSense is a commercial capital advisory firm, not a lender. PeerSense can also discuss franchise economics, territory availability, and how the opportunity fits a broader investment strategy.