NEW YORK — Indoor cycling brand Flywheel Sports has received additional financial investment, thanks to the Lew Frankort-led Benvolio Group and the private equity firm Catterton Partners. The latest round of investors also includes several other fashion industry executives, who all made personal investments: Andrew Rosen of Theory; Khajak Keledjian of Intermix, and Irving Place Capital’s John Howard. Global Endowment Management and a number of leading executives and entrepreneurs in the consumer goods and real estate sectors invested as well.
Terms of the transaction were not disclosed.
The new shot of capital will be used to accelerate the 25-unit chain’s expansion domestically and abroad, and to further its stature in the boutique fitness industry. Each location has a designated area for apparel, and there are plans to build that portion of the business. Launching e-commerce is also in the works, according to Jay Galluzzo.
As Flywheel’s chief executive officer and cofounder, Galluzzo said the company is on track to open 12 clubs this year and 12 more in 2015. It is too soon to pinpoint potential overseas locations, but the company does have a Dubai club and an outpost in London via a partnership with Soho House.
Frankfort, chairman of Coach Inc., who has been a strategic investor in Flywheel since 2012, said, “The intention of this transaction is to infuse additional capital for growth and to strengthen our investor base led by Catterton Partners, which focuses on high-growth brands in the consumer arena.”