You’ve probably seen the blue, white, and red logo on every street corner. Maybe you’ve even survived one of those 45-minute sessions where the burpees feel like they’ll never end. But behind the sweaty mirrors and the "Wahlberg Week" hype, the question of who owns F45 is actually a bit of a corporate soap opera.
It isn't just one person in a suit.
Honestly, it’s a messy mix of early founders, a Hollywood A-lister, and a lot of small-time investors who got burned when the stock price took a nosedive. If you’re looking for a simple answer, here it is: F45 is currently a private-ish company operating under a new parent entity called FIT House of Brands, and it’s largely controlled by a group of investors and insiders after it got delisted from the New York Stock Exchange.
The Original Visionaries: Where it all started
Before the big money moved in, F45 was the brainchild of two Australians: Rob Deutsch and Adam Gilchrist (no, not the cricket player).
Deutsch was an equities trader who realized people were bored with traditional gyms. He opened the first studio in Sydney back in 2012. He had the vision; Gilchrist had the franchise muscle. Together, they turned a single studio into a global contagion. By 2014, they were selling franchises like hotcakes.
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But as of 2026, the "founder era" is mostly in the rearview mirror. Rob Deutsch stepped down as CEO years ago and has been pretty vocal on social media about his frustrations with how the company was managed after he left. Adam Gilchrist stayed on longer but eventually resigned from the board in 2023.
Enter the Wahlberg Factor
You can’t talk about F45 ownership without talking about Mark Wahlberg.
In 2019, the Mark Wahlberg Investment Group and FOD Capital bought a minority stake in the company. This was the "lightning strike" moment. The deal valued the company at about $450 million at the time. Mark wasn't just a face on a poster; he became a legitimate powerhouse in the boardroom.
Today, he serves as the Chief Brand Officer. While he doesn't own the entire thing, he owns a significant chunk of shares through MWIG LLC. He’s also personally invested in several studios, specifically in the Boston area. If you see him doing snatches on the F45 Instagram, he’s not just a hired gun—he’s protecting his investment.
The "Going Dark" Phase: Who owns it now?
Things got weird in August 2023.
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F45 Training Holdings Inc. (which traded under the ticker FXLV) decided to delist from the NYSE. Basically, the stock price had plummeted to pennies, and the company was drowning in legal fees and reporting requirements.
By "going dark," they stopped being a traditional public company where you can just check the stock price on your phone. This moved the power back into the hands of a few key groups:
- The General Public: Interestingly, because of the way the delisting happened, thousands of regular retail investors still technically hold shares, though they are traded on the "over-the-counter" (OTC) markets for almost nothing.
- Kennedy Lewis Investment Management: This private credit firm became a massive player when the company needed a lifeline. They provided a $90 million debt facility and hold significant sway over the board.
- Insiders and Management: CEO Tom Dowd and Mark Wahlberg are the heavy hitters here. Dowd, a former GNC executive, was brought in to clean up the mess.
The Parent Company Pivot: FIT House of Brands
As of 2025 and moving into 2026, the ownership structure has evolved into something called FIT House of Brands.
Think of this as the "Alphabet" to Google. FIT is the umbrella. Underneath it, you have:
- F45 Training: The HIIT flagship.
- FS8: A yoga-pilates-tone hybrid.
- Vaura Pilates: Their sensory reformer concept.
By shifting to this model, the owners are trying to diversify. They realized that putting all their eggs in the HIIT basket was risky, especially when recovery and Pilates are the new "it" trends in the fitness world.
Does the local owner actually own my gym?
Sorta. This is a big point of confusion.
When you walk into an F45 in Chicago or London, the guy or girl high-fiving you at the door is the Franchisee. They own that specific business entity. They pay a massive "buy-in" fee (usually around $300k to $500k total investment) and a monthly royalty (usually around 7% of gross sales) back to the corporate owners we just talked about.
So, while Mark Wahlberg "owns" the brand, a local entrepreneur owns the lease, the equipment, and the right to use that logo. If the corporate office goes bust, the local owner still owns their equipment, but they lose the brand name that brings people through the door.
The Real Risks and Red Flags
Let’s be real for a second. F45 has had a rough ride.
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Between 2021 and 2022, they reported losses totaling over $372 million. They’ve faced lawsuits from high-profile ambassadors like David Beckham, who claimed he wasn't paid his promised shares.
The current ownership is in "turnaround mode." They are focusing on AUV (Average Unit Volume)—basically making sure the existing gyms are actually making money instead of just trying to open thousands of new ones. They’ve also started leaning into the "GLP-1" (Ozempic/Wegovy) era by positioning F45 as the muscle-retention solution for people on weight-loss drugs.
Actionable Takeaways if You’re Involved
If you’re a member, a potential franchisee, or just a curious bystander, here is how the ownership situation affects you:
- For Members: Don’t worry too much about the corporate drama. As long as your local studio is profitable, it will stay open. Even if the parent company changed hands again, the franchise model is designed to keep individual units running.
- For Potential Franchisees: Look at the "FIT House of Brands" multi-unit model. The current leadership is pushing for owners to run an F45 and a Vaura Pilates side-by-side to share costs.
- For Investors: If you’re holding old FXLV shares, they are high-risk "penny stocks" now. The company is no longer required to file the same SEC reports as a public company, so transparency is much lower than it used to be.
The saga of F45 isn't over. It’s a story of a brand that grew too fast, got humbled by the public market, and is now trying to claw its way back to health under the watchful eye of a Hollywood star and a veteran retail CEO.
To stay updated on the brand's performance, your best bet is to monitor the FIT House of Brands corporate releases rather than looking for a stock ticker. The focus has shifted from "global domination" to "operational stability," which is probably exactly what the brand needed to survive the decade.