Hold on to your yoga mats. Mindbody is acquiring ClassPass, the companies announced today.
The deal between the wellness experience platform and the monthly subscription service comes amid a rebound for the COVID-19 pandemic, as more people seek out in-person fitness and wellness opportunities.
In areas of the United States that have opened up, both sectors are seeing people eagerly sign up for everything from Pilates sessions to yoga classes to massages, Mindbody and ClassPass say. In fact, their research shows that 80% of consumers consider wellness to be more important than ever, with usage on both returning to pre-COVID levels, if not higher.
ClassPass and Mindbody have been partners since 2014 and over the years have discussed bringing the two companies together, according to Mindbody CEO Josh McCarter. Studios on Mindbody won’t be required to join ClassPass or vice versa.
“People are getting back to in-person classes,” McCarder tells Fast Company. “We surge every time a market opens up. People are eager to get back to their wellness community.”
The acquisition will be an all-stock deal at a non-disclosed price, according to the two companies. The ClassPass name will be retained. ClassPass CEO Fritz Lanman will serve as president of ClassPass and Mindbody Marketplace.
Recognize your brand’s excellence by applying to this year’s Brands That Matter Awards before the early-rate deadline, May 3.
