Mark Wahlberg
Mark Wahlberg's been a firm backer of F45, which is coming to market at a time when some of the competition are filing bankruptcy motions. Image Credit: Agency

California: F45 Training Holdings Inc., a provider of group fitness classes backed by actor Mark Wahlberg, has struck a deal to go public by merging with blank-check company Crescent Acquisition Corp.

The deal is slated to value the combined companies at $845 million including debt, according to a statement Wednesday. The transaction is expected to close in the third quarter.

"As a public company, I am confident that we will be able to accelerate our mission, while creating value for our shareholders," CEO Adam Gilchrist said in the statement. "We look forward to continuing to disrupt our industry and to inspire even more people to achieve their health and fitness goals."

Crescent Acquisition's Executive Chairman Robert Beyer and CEO Todd Purdy said in a combined statement that they believe in the company's growth trajectory. "F45's high profit margins, franchisee economics and repeatable business model position it for continued rapid expansion," they said.

The deal comes after F45 paused initial public offering plans for this year after the pandemic forced it to shut locations.

F45 is going public while some traditional gyms, which couldn't weather the lockdown closures and lost revenue, are in distress. Gold's Gym International Inc. filed for bankruptcy in May, followed by 24 Hour Fitness Worldwide Inc. earlier this month.