LeBron James, Arnold Schwarzenegger’s sell nutrition company to Openfit

LeBron James #23 of the Los Angeles Lakers dunks the ball against the Philadelphia 76ers on January 25, 2020 at the Wells Fargo Center in Philadelphia, Pennsylvania.

Jesse D. Garrabrant | NBAE | Getty Images

Ladder, a nutritional company found by basketball icon LeBron James and actor Arnold Schwarzenegger, has been sold to technology fitness platform, Openfit, the companies told CNBC.

Openfit CEO Jon Congdon and an undisclosed group of investors purchased Ladder, buying shares from investors, including investment firm Main Street Advisors. Terms of the deal were not made available.

In an interview with CNBC on Tuesday, Congdon said James and Schwarzenegger would stay on as minority shareholders and help with future promotional content.

“We looking to grow the brand,” said Congdon, adding the company would integrate Ladder’s nutritional supplements in subscription offerings.

Openfit is a mobile application that monetizes private training and exercise classes through subscriptions. The packages range from roughly $40 for three months to $100 per year. The company says it has approximately 130,000 subscribers.

Congdon said the company is “profitable”  but didn’t divulge exact revenue. He said, “those numbers could be available in the not so distant future.”

Asked if that meant that Openfit is seeking an IPO, Congdon, the co-founder of the fitness company Beachbody (parent company of P90X in-home exercises), said he couldn’t comment. He didn’t deny the notion, either, adding “all possibilities are open for us, and we’re considering all possibilities.”

With the acquisition of Ladder, which is on pace for $4 million in sales for 2020,  it will pair nutritional supplements with its “live and on-demand fitness programs, personalized nutrition plans and virtual access” to certified trainers.

“We looking at 300% too 400% growth at minimum next year and even more than that in the coming years,” Congdon said. “We’re hoping that they are a huge part of our revenue base moving forward.”

NBA player LeBron James and former California Governor Arnold Schwarzenegger in Los Angeles, California.

Chelsea Lauren | FilmMagic | Getty Images

James and Schwarzenegger founded Ladder 2018, aiming to create nutritional products for athletes to combat cramping while in action. The idea stemmed from James’ severe cramping in Game One of the National Basketball Association’s Finals series in 2014.

“After pushing my body to its limits season after season, I needed a different level of supplements that I could trust to complement my workouts and aid in the recovery process,” said James in a statement. “With Ladder, we achieved that. We were able to work with experts to create an incredible line of certified, high caliber supplements for all athletes, but we always recognized that is just one part of the process.

“Now with the reach and resources of the Openfit platform, we’re excited about bringing this all together and creating a new level of training and nutrition that fits everyone’s individual needs,” James said.

“It’s in the right hands,” added Schwarzenegger in an interview with CNBC on Tuesday. “It’s the right move to make.”

The former governor

Read more

Global Sports Nutrition Market | Expansion of Distribution Channels to Boost the Market Growth

The global sports nutrition market size is poised to grow by USD 8.74 billion during 2020-2024, progressing at a CAGR of almost 8% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201023005149/en/

Technavio has announced its latest market research report titled Global Sports Nutrition Market 2020-2024 (Graphic: Business Wire)

The sports nutrition market is driven by the expansion of distribution channels. The increase in demand for sports nutrition products has expanded their distribution channels. These products are one of the largest and fastest-growing categories in both retail and online channels. Products are distributed through numerous retail channels, such as large retail and mass merchandisers, supermarkets, hypermarkets, small retail stores, drug and specialty stores, fitness institutions, and various online retailers. Marketing strategies of various retail stores, which are stressing toward pushing quality ingredients and certifications including ELISA testing, gluten-free, or third-party banned substance testing certificates, are fueling the sales of sports supplements in the global market. The online distribution channels of the global sports nutrition market are expected to grow at a rapid pace, and the market will grow swiftly during the forecast period.

Register for a free trial today and gain instant access to 17,000+ market research reports.

Technavio’s SUBSCRIPTION platform

Report Highlights:

  • The major sports nutrition market growth came from the non-protein sports nutrition segment in 2019, and is expected to register the highest growth during the forecast period.

  • North America was the largest sports nutrition market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. This is attributed to factors such as the growing demand for sports nutrition products, inclination toward healthy eating and RTD, the growing number of health clubs, and the rising demand for meal-replacement powders.

  • The global sports nutrition market is fragmented. Abbott Laboratories, Clif Bar & Co., Glanbia Plc, Klean Athlete, Momentous, MusclePharm Corp., NOW Health Group Inc., PepsiCo Inc., Pro Action srl, and Weider Global Nutrition. are some of the major market participants. To help clients improve their market position, this sports nutrition market forecast report provides a detailed analysis of the market leaders.

  • As the business impact of COVID-19 spreads, the global sports nutrition market 2020-2024 is expected to have positive growth. As the pandemic spreads in some regions and plateaus in other regions, we revaluate the impact on businesses and update our report forecasts.

Buy 1 Technavio report and get the second for 50% off. Buy 2 Technavio reports and get the third for free.

View market snapshot before purchasing

Increasing use of innovative ingredients will be a Key Market Trend

The increasing use of innovative ingredients is identified as

Read more

Purdue nutrition epidemiologist elected to National Academy of Medicine

WEST LAFAYETTE, Ind. — Regan Bailey’s career as a nutritional epidemiologist has always been about exploring choices people and families make regarding nutrition quality and quantity.

Recently Bailey was honored for her work on measuring nutritional status to optimize health by being elected as one of 100 new members of the National Academy of Medicine.

Bailey, a professor of nutrition science in Purdue’s Department of Nutrition Science, which is housed in the College of Health and Human Sciences, was selected to the academy for her continued work on improving the methods to measure nutritional status for optimal health outcomes including better understanding intake exposures and the use of dietary supplements. Her research has highlighted the pervasive use of dietary supplements and how these products contribute to dietary disparities by race, sex, age and poverty, and how they relate to health. She also directs the Indiana Clinical and Translational Science Institute, Purdue Diet Assessment Center.

The dietary issues facing Americans are something Bailey reviews on a daily basis, especially as she just completed an appointment to the 2020 Dietary Guidelines Advisory Committee.

“Our nation is plagued with obesity and other chronic health conditions, many of which are directly related to low diet quality,” Bailey says. “Nutrition scientists are being valued as part of interdisciplinary groups of scientists and medical professionals with different perspectives and expertise to address critical issues relevant to human health, especially as the field is moving closer to an era of personalized nutrition.”

Purdue President Mitch Daniels said, “Dr. Bailey’s continued research on nutrition and human health is life-changing, persistently pursuing new discoveries. Her nomination and membership into the National Academy of Medicine is a testament to her dedication and expertise to Purdue, the nation and world.”

Bailey has been at Purdue since 2013, starting as an adjunct faculty member before joining full time in 2015. Before Purdue, Bailey was a nutritional epidemiologist and director of career development and outreach at the National Institutes of Health Office of Dietary Supplements. She is a registered dietitian who completed a dietetic internship and Master of Science in food and nutrition from the Indiana University of Pennsylvania. Bailey received her doctorate in nutrition science from The Pennsylvania State University. She completed a master of public health from the Bloomberg School of Public Health at Johns Hopkins University.

Established as the Institute of Medicine in 1970 by the National Academy of Sciences, the National Academy of Medicine addresses critical issues in health, science, medicine, and related policy and inspires positive actions across sectors. NAM works alongside the National Academy of Sciences and National Academy of Engineering to provide independent, objective analysis and advice to the nation and conduct other activities to solve complex problems and inform public policy decisions. The National Academies of Sciences, Engineering, and Medicine also encourage education and research, recognize outstanding contributions to knowledge, and increase public understanding of STEMM (science, technology, engineering, mathematics and medicine). With their election, NAM members make a commitment to volunteer their service in

Read more