Xponential Fitness Inc. (NYSE: XPOF) has completed the divestiture of its brand Stride Fitness to Stride Fitness Franchising Inc. owned by Shaun Grove the current president of Rumble Boxing.
As of Dec. 31, Stride Fitness locations represented less than 1% of Xponential’s total studios open, the company said in a statement.
“We continuously evaluate our portfolio of brands to ensure profitable growth, optimize global customer experiences, and drive long-term value creation for our stakeholders,” Chief Executive Anthony Geisler said.
“After considering the potential alternatives for Stride, we concluded that this transaction was the best option for Xponential and the Stride brand,” Geisler said.
Irvine-based Xponential has also begun looking for Grove’s successor as President of Rumble.
The fitness franchisor now counts over 3,000 studio locations for its brand portfolio. Shares were up 1.2% at $10.95 during midday trading with a market cap of $520 million.
