Deals
Equinox Wins Silver Lake Funds to Help Take Aim at Peloton
- Funds will be used to build digital platform, add locations
- Company is developing in-home bike to compete with Peloton
SoulCycle in West Hollywood, California.
Photographer: Michael Buckner/Getty ImagesThis article is for subscribers only.
Equinox, the luxury gym operator and majority owner of SoulCycle Inc., clinched a deal for new funding from private equity firm Silver Lake as it competes against rival Peloton Interactive Inc. Terms of the transaction weren’t disclosed.
The funds will be used to build Equinox’s digital platform and add as many as 50 locations annually, the closely held company said Friday in a statement. Equinox operates 100 clubs across the U.S., U.K. and Canada, and has plans to enter the Middle East. It has said it will introduce a SoulCycle bike designed for at-home use -- a direct challenge to Peloton’s best-known product.