Private equity firm Gridiron Capital LLC has bought a controlling stake in Fitness Cubed Inc., the maker of Cubii compact ellipticals.
The companies didn’t disclose terms of the deal, but sources familiar with the transaction told Crain's Chicago Business the deal was worth about $100 million.
Earlier Tuesday, Fitness Cubed, which does business as Cubii, said it received strategic growth investment from New Canaan, Connecticut-based Gridiron but didn’t disclose the amount of the funding. The Chicago-based company said the financing would support Cubii’s initiatives in brand building and product and team expansions.
"Cubii has seen tremendous growth the last few years because we make products that are effective and accessible," Cubii Chief Executive Arnav Dalmia said in a statement. "We picked Gridiron as a partner to take Cubii to the next level, not only because of their invaluable experience, but because their empathy and culture aligned with Cubii and what makes this company special."
Fitness Cubed, which manufactures and sells compact seated ellipticals and related accessories, launched Cubii in 2014 with a Kickstarter campaign that raised $293,712 from 1,070 backers, according to the Chicago Tribune. It has since sought out venture funding and has raised $1.3 million in financing over three rounds, including from Healthbox, according to Crunchbase.
"Cubii is proud of being a purpose-driven brand and it's been an incredible journey so far,” said Chief Merchandising Officer Shivani Jain. “This investment from Gridiron will help us work very intentionally towards further amplifying Cubii's growth — but most importantly, it will help us magnify the impact we can have on people's everyday lives.”
The company said its diverse customers range from seniors looking for a safe way to become more active to health enthusiasts searching for easy ways to add extra movement into their busy schedules. Customers can use a Cubii app or go online to connect to other Cubii users through Cubii Communitii, a network of more than 50,000 Cubii owners, and to track their fitness progress.
