Goldman Invests in Echelon in Bet on At-Home Fitness Amid Covid

Dec. 28, 2020, 12:00 PM

Goldman Sachs Group Inc. is leading a $65 million financing in Echelon Fitness, giving the bank and another investor a controlling stake in a maker of exercise machines as more people work out at home amid the pandemic.

The Chattanooga, Tennessee-based company competes with Peloton Interactive Inc., Lululemon Athletica Inc.’s Mirror, Tonal, Tempo, Icon’s NordicTrack, Hydrow and other connected fitness companies with products such as a technology-enabled treadmill, exercise rowers and bikes that are more affordable than most rivals.

Its entry-level bike, for instance, was on sale for about $500 on Walmart’s website over the weekend, while ...

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