Interactive Strength, Inc. (TRNR), owner of the Wattbike, Clmbr, ForMe, and Ergatta connected fitness brands, reported that it signed a definitive agreement to acquire Stepr, Inc., “a category leader in connected stair climbing for home and commercial training.”
TRNR described Stepr as a “hardware-first fitness company that has built the leading position in connected stair climbing, profitably and bootstrapped with only the founders’ capital.”
“The brand sells both direct-to-consumers and through major national retail partners, including Dick’s Sporting Goods, Rogue Fitness, Johnson Fitness, and Scheels, and its machines are used by everyday consumers, elite athletes and commercial facilities,” the company said in a media release announcing the acquisition. “Stepr is growing quickly and is expected to generate more than $15 million in revenue in 2026, with immediate earnings accretion to TRNR after closing.”
The company said the “acquisition advances TRNR’s strategy of building a global, multi-brand fitness equipment platform through opportunistic acquisitions and disciplined operations.” TRNR said it uses its Nasdaq listing “to acquire profitable, cash-flow-generative, premium fitness equipment brands and to operate them together on a shared platform of content, technology, distribution and commercial relationships.”
“We are building a dynamic fitness-equipment holding company by acquiring growth-oriented, category-leading brands and aiming to scale them efficiently and profitably, across channels, customer segments and markets,” said TRNR CEO Trent Ward. “Stepr is the leader in one of the fastest-growing segments in fitness; it is profitable, and it brings retail distribution expertise across the US that should benefit our entire portfolio – especially Wattbike. Every acquisition we target is structured to directly connect the eventual transaction value to future business performance, so that TRNR is mitigating risk while also supporting fast growth. Stepr moves us decisively toward our vision of becoming a global platform of profitable fitness equipment brands.”
With the addition of Stepr, TRNR is raising its 2026 pro forma revenue guidance to over $50 million and expects the Group to achieve Adjusted EBITDA profitability in Q4 2026 as a result of closing the transaction.
TRNR said, “It expects the combination to lead to revenue and cost synergies across the portfolio.” As part of TRNR, Stepr gains platform, brand and financial scale, while Stepr’s national U.S. retail relationships and direct-to-consumer engine open new channels for the Company’s other brands.
“We built Stepr into the leader in stair climbing by staying disciplined, profitable and close to our community,” said Dan Alenaddaf, co-founder, Stepr. “TRNR is building something bigger than any single brand, a platform where category leaders scale faster together, and we share that vision. Joining TRNR gives Stepr access to financing, additional global markets and brands that we could not build alone, and it is the right next step to put stair climbing at the center of everyday fitness.”
Transaction Structure
TRNR will acquire 100 percent of Stepr through a combination of cash, debt and contingent stock consideration, including working capital to support growth. TRNR said it expects to close the transaction in Q4 2026, subject to customary closing conditions, including completing an audit of financial statements.
Consistent with TRNR’s acquisition strategy, the deal structure detailed below demonstrates that a substantial portion of the consideration is contingent on Stepr’s future performance and is also designed to minimize near-term dilution and protect downside.
The consideration is structured as follows:
- The base transaction value is $6.7 million, comprising $2.2 million in cash and debt refinancing at close, $1.5 million in debt for working capital, and $3.0 million in TRNR equity locked up until September 30, 2027.
- The initial cash consideration at closing will be funded through TRNR’s existing financing facilities.
- Up to $3.0 million in additional TRNR equity could be earned if Stepr achieves $4.0 million in EBITDA in the period from July 2026 to June 2027. This equity would be locked up until September 30, 2027.
- Up to $10.5 million in additional TRNR equity could be earned based on achieving $7.0 million in EBITDA in the period from July 2027 to June 2028. A final $2.5 million could be earned through various quantitative synergies, and this tranche of equity would be locked up until September 30, 2028, as well.
- It is expected that the EV/EBITDA multiple will be less than 4.0x on 2027 EBITDA, given most of the valuation is tied to the EBITDA achieved in the next two years.
Stepr’s founders have agreed to employment “arrangements” and are expected to continue leading the business post-acquisition.
About STEPR
STEPR is a fitness company on a mission to make stair climbing and stepping the most accessible, results-driven cardio for home and commercial training. The company offers a full range of connected stair climbers, from compact home units to heavy-duty commercial machines, built on a profitable hardware core and backed by patented technology. STEPR sells direct to consumers and through leading retailers, and is expanding into commercial channels, optional membership software, and adjacent cardio and strength categories. www.getstepr.com
