MidCap Financial Closes Senior Secured Credit Facility to Echelon Fitness

BETHESDA, Md., July 12, 2022 /PRNewswire/ -- MidCap Financial, a leading commercial finance company focused on middle market transactions, announced this week it has provided a senior secured credit facility to Echelon Fitness Multimedia LLC and Echelon Fit Canada Inc. ("Echelon"). Proceeds from MidCap will be used on Echelon's business needs by providing ongoing working capital for growth and expansion.

"At its core, Echelon has focused on making fitness accessible to everyone and being an innovator around the world. Our goal is to offer a holistic wellness approach that speaks to the body, mind, and soul and to help make meaningful change achievable for every single member," said Lou Lentine, CEO of Echelon Fitness. "Expanding the tools and content we share with our members is a natural progression and MidCap Financial's support will allow us to realign priorities, adjust to the changing and still demanding market and enhance experiences for our members. We couldn't be more excited for the future of Echelon."

"Echelon is a household name with a great product, and it has been a privilege to support their next chapter," said Garrett Fletcher, Product Head of Asset Based Lending at MidCap Financial. "The transaction is yet another example of MidCap Financial's ability to form long-term relationships to step-in as a capital partner when necessary."

Echelon has revolutionized at-home fitness since 2017 with a range of smart exercise equipment and an immersive membership experience. What began as a mission to make healthy living accessible to all has evolved to a thriving, global brand. Echelon empowers everyone to experience the feeling of elation and accomplishment after achieving their fitness goals. Members connect their Echelon smart bikes, rowers, treadmills, or fitness mirrors to the Echelon Fit app for access to live and on-demand workout classes filmed at Echelon studios around the world and led by professional instructors. Through the app, members track performance and progress in real-time, compete on the interactive Leaderboard and explore more than 2,000 off-equipment workouts to keep them motivated and inspired.  For more information about Echelon Fitness, go to https://echelonfit.com/.

MidCap Financial is a middle-market focused, specialty finance firm that provides senior debt solutions to companies across all industries. As of March 31, 2022, MidCap Financial provides administrative or other services for over $40.4 billion of commitments. MidCap Financial is managed by Apollo Capital Management, L.P., a subsidiary of Apollo Global Management, Inc, pursuant to an investment management agreement. Apollo had assets under management of approximately $513 billion as of March 31, 2022 in credit, private equity, and real assets funds. For more information about MidCap Financial, please visit http://www.midcapfinancial.com. For more information about Apollo, please visit http://www.apollo.com.

SOURCE MidCap Financial