Fitness racing brand Hyrox has changed hands, with co-founders Christian Toetzke and Moritz Fürste regaining control after acquiring a majority stake alongside a consortium led by L Catterton from Wanda-owned Infront Sports & Media.
Kirkland & Ellis, Latham & Watkins, Gibson Dunn and Swiss law firm Homburger advised on the transaction.
L Catterton, a consumer-focused private equity firm backed by luxury group LVMH, led the consortium, which included Silicon Valley investment firm WNDR.
Infront announced completion of the transaction on 8 September without disclosing financial details. The Wall Street Journal reported that the deal valued Hyrox at EUR600 million (USD692 million).
Kirkland advised Toetzke and Fürste with a team including corporate partners Benjamin Leyendecker, Sebastian Pitz and Merih Altay, tax partner Tim Nobereit and debt finance partner Vanessa Xu.
Latham advised L Catterton. The team was led by partners Linzi Thomas, Jon Fox, Tom Evans, Heiko Gotsche and Hendrik Smit. The team included partners Anthemis Economou, Christian McDermott, John McGaraghan, Rachael Astin, Kristina Hufnagel, Helen Lethaby, Verena Seevers, Quentin Gwyer, Anne Löhner and Oliver Middleton.
Gibson Dunn advised WNDR.
Homburger acted for seller Infront with a team including partners Anna Peter, Dieter Gericke, Georg Rauber, Stefan Bindschedler, Richard Stäuber, Dieter Grünblatt and Stefan Oesterhelt.
Founded in 2017, Hyrox has expanded rapidly in recent years, attracting more than 1.4 million participants worldwide and generating about USD130 million in revenue in 2025.
Toetzke has extensive experience organising cycling, marathon and triathlon events, while Fürste won two Olympic gold medals in hockey representing Germany.
Infront first invested in Hyrox in 2019 and became its controlling shareholder in 2022. The transaction marks the latest disposal of an overseas sports asset by Wanda Group, following its sales of a stake in Atlético de Madrid and World Triathlon Corporation.
