The sale of a majority stake in fast-growing fitness race HYROX gives Infront owner Wanda a rare profitable exit from its decade-long sports investment.
By Wang Manhua
Eleven years after Wang Jianlin, the founder of property-to-leisure conglomerate Wanda, made sports a major investment theme, one of his bets has finally delivered a respectable return.
Swiss sports marketing group Infront Sports & Media, acquired by Wanda in 2015, has sold its majority stake in HYROX, the fast-growing fitness racing business, to a consortium led by consumer investment firm L Catterton. HYROX co-founders Christian Toetzke and Moritz Fürste, along with WndrCo, an investment firm founded by DreamWorks co-founder Jeffrey Katzenberg, also participated.
The transaction value was not disclosed, but Bloomberg and the Financial Times put HYROX’s valuation at about 600 million euros ($689 million). Infront is selling roughly 60% for about 360 million euros, while the two founders will collectively own 51% after the deal.
In other words, this looks less like a conventional takeover than a founder-led buyout financed by consumer and technology investors.
From gym workout to global sport
HYROX has become one of the hottest fitness trends of 2026. Its format is deliberately simple: competitors run 1 kilometer, complete a functional exercise, and repeat the sequence eight times, combining 8 kilometers of running with eight stations including SkiErg, sled pushes and pulls, burpee broad jumps, rowing, farmer’s carries, weighted lunges and wall balls.
There are no complicated technical movements and the course is largely standardized across cities and seasons. That makes performances directly comparable — and highly shareable on social media.
Standardization also makes the business easy to scale. HYROX can move into a new city without building a venue or closing roads: it rents an exhibition center and brings in standardized equipment and operating procedures.
The concept emerged around 2017, targeting ordinary gym users who wanted a standardized way to test their fitness. CrossFit offered competition but had a higher technical barrier, while obstacle races depended heavily on outdoor venues. HYROX instead positioned itself as a “marathon for fitness people.”
The first event in Hamburg in November 2017 attracted just 650 competitors. Growth accelerated after the pandemic. HYROX had more than 175,000 participants across 65 events in the 2023/24 season. For 2025/26, it says more than 1.4 million people took part in more than 100 events across more than 30 countries and regions, with 1.5 million spectators.
The company’s business model has also expanded beyond events, with thousands of affiliated gyms using HYROX as a training framework.
A lucrative exit for Infront
Infront bought 20% of HYROX in December 2019, increasing its stake to just over 50% in 2022. The sports group then used its international event operations, sponsorship network and sales infrastructure to help expand HYROX across Europe, North America, Asia-Pacific and the Middle East.
The timing of the original investment was notable. Other obstacle-race businesses were struggling or collapsing, yet Infront backed a new format whose potential was still far from proven.
The bet now appears highly profitable. Market reports estimate that Infront invested roughly 20 million-30 million euros in HYROX. Selling about 60% for roughly 360 million euros would therefore represent a return of more than 10 times its investment.
That matters because Infront sits within Wang Jianlin’s Wanda empire. In 2015, Wanda acquired a 68.2% stake in Infront for 1.05 billion euros as part of an aggressive push into international sports, alongside investments in Atlético Madrid and Ironman.
Wanda Sports later listed in the U.S. and delisted two years later. Its broader sports ambitions subsequently contracted, leaving HYROX as one of the few investments capable of producing a major cash exit.
L Catterton, the investment firm backed by LVMH, is now taking the baton. It has been active across fitness and consumer businesses, including Pilates chain Solidcore and smart fitness platform EGYM, and has also invested in sports-related businesses such as L.A.B. Golf, Flexjet and Fever.
The firm said HYROX had created “a new category” in fitness by building a global community around a standardized competitive format.
HYROX reportedly generated 130 million-140 million euros of revenue in 2025, with EBITDA of about 30 million euros. Registration fees and ticket sales are estimated to account for around 60% of revenue, with sponsorship, merchandise and gym licensing making up most of the rest.
China is the fastest-growing market
China is emerging as HYROX’s fastest-growing market.
Its mainland China operation was established in June 2025 and is wholly owned by HYROX World. The first Beijing event in November 2024 attracted fewer than 1,700 competitors. Across four mainland events in 2025, participation exceeded 40,000. The schedule has expanded to eight events across seven or eight cities in 2026, while affiliated gyms have grown from just over 10 in early 2025 to more than 600 by July 2026.
The sport has also attracted a high-profile unofficial ambassador: Wang Shi, founder of leading property developer China Vanke. The 75-year-old has competed in multiple HYROX events, won his age group and helped promote the sport and related training facilities.
That creates an entertaining coincidence.
In 2015, Wang Jianlin was betting heavily on international sports assets. Eleven years later, his sports empire is selling one of those bets for a substantial cash return.
One Wang is still running the 8 kilometers. The other is finally collecting the cheque.
As one Chinese commentator put it: Wang Shi is on the track; Wang Jianlin is on the balance sheet.
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