Company founded by Athlone man sold for reported €200 million
A company started by Athlone man Conor O'Loughlin has been acquired by US firm ABC Fitness Solutions in a deal reportedly worth €200 million.
Conor is a 39-year-old Cornamagh native and a former professional rugby player who lined out for Buccaneers and Connacht. Along with his colleagues Finn Hegarty and Anthony Kelly he set up Glofox, a software system which helps with the management of gyms and other fitness businesses.
The company was started in 2017 and has become one of the fastest-growing fitness management platforms, employing 220 people and operating in more than 80 countries.
This week, it was announced that ABC Fitness Solutions, based in Akansas in the United States, had "entered into a definitive agreement" to acquire Glofox.
The financial details of the transaction have not been announced, but according to a report in The Irish Times it was understood to be worth at least €200 million. The deal is expected to close in the coming months.
Conor, who is the CEO of Glofox, is a son of Ann and Ray O'Loughlin. He is a past pupil of St Saran's, Ferbane, and the Marist College in Athlone.
It was confirmed that following the completion of the deal with ABC Fitness Solutions, Conor and his colleagues Finn Hegarty and Anthony Kelly would continue to be leaders in the combined business.
The Glofox platform allows fitness providers to "manage all aspects of their business with a streamlined, easy-to-use experience for members and staff alike."
Commenting on this week's announcement, Conor said: "We are thrilled to become part of ABC, a company that has been a pioneer of the fitness industry for over 40 years.
"To be able to align with a partner that shares the same purpose and values and that can provide additional resources to drive innovation and accelerated international growth is a tremendous advantage to our team and our customers.
"As part of ABC Fitness Solutions, Glofox has an extremely exciting future, and we look forward to taking the combined business to the next level."
The CEO of ABC Fitness Solutions, Bill Davis, said he was excited by the acquisition.
"We are so excited to welcome Glofox into ABC Fitness Solutions. Its range of solutions, focus on the boutique gym and studio sector, and impressive international reach are compelling and will help cement ABC’s position as a truly global solution provider within the fitness industry,” he said.
"When combined with our existing strength in North and Latin America, as well as our market-leading software solutions for the personal trainer and commercial fitness club sectors, we now have a combined offering greater than the sum of its parts and unrivalled by any company in the industry."