Skechers Co-Founder, Partner Acquire Controlling Stake in Fitwall
Jeff Greenberg to assume Board Chairmanship as boutique fitness pioneer; Fitwall positioned to scale globally.
September 11, 2015 // Franchising.com // IRVINE, Calif. – Skechers Co-Founder Jeff Greenberg, in partnership with private investor Jake Silverstein, announced today their purchase of a controlling stake in Fitwall, one of Fast Company’s “10 most innovative fitness companies in the world,” for an undisclosed amount.
In addition, Greenberg will join Fitwall’s Board of Directors and serve as Chairman as the company rapidly expands its global franchising strategy leading into 2016.
“We believe that Fitwall is the future of fitness,” said Greenberg. “Our high-intensity interval training sessions provide the most efficient blend of strength, cardio and flexibility training available anywhere. With franchisees around the world hunting for new concepts, this is a great time to be in the boutique studio fitness business. I’m excited about the significant impact Fitwall is going to have on the fitness industry.”
Fitwall board member Jake Silverstein added, “Jeff and I are thrilled to be leading Fitwall into this new chapter. Within the next few months, we will have franchise operations up and running in Los Angeles, San Diego, Colorado and Michigan. We are positioned to scale exponentially in the U.S. and across the globe as we move into 2016.”
Greenberg has been an investor and advisory board member for Fitwall since 2014 and involved with two global active lifestyle brands, Skechers and L.A. Gear. Greenberg held a range of roles with Skechers, including Senior Vice President of Active Electronic Media and currently serves on the Board of Skechers USA Inc. (NYSE: SKX). Silverstein, a Fitwall investor and board member since early 2014, will continue to serve as a director.
Fitwall’s training system is built on innovative modalities that safely load and challenge the body in more intelligent and effective ways than traditional fitness methods, encouraging the human body to work as a unit and become stronger, sleeker and more functional. Fitwall studios offer high-intensity interval training sessions that deliver strength, cardiovascular fitness and flexibility in a curated 40-minute session. Members check-in on an iPad and click into their Fitwall station using a Bluetooth heart rate monitor to receive constant feedback, including a propriety Fitwall metric called the FIT (Fitwall Intensity Training) Factor, throughout the workout to track progress and maximize results.
Fitwall’s current California locations include Solana Beach, Newport Beach and Calabasas. Other franchised studios are opening this year in Denver and the Detroit Metro area. Founding CEO Josh Weinstein will continue to serve as a strategic advisor to the Board and Fitwall President Mike Webb will continue to lead the day-to-day operations. As part of the evolution of the company, Fitwall is closing its San Diego research and development lab studio and relocating all related activities to its corporate headquarters in Irvine, California.
Fitwall is 40 minutes of fun and innovative training that combines world-class coaches with the latest in technology for the most effective and efficient workout possible. Fitwall’s inviting approach enables members to experience the future of fitness while achieving better results than ever imagined. To learn more visit Fitwall.com.