Boulder entrepreneur inks deal to complete takeover of CrossFit

BOULDER — Eric Roza, a former technology CEO and the owner of the CrossFit Sanitas gym in Boulder, has completed the sale agreement to take over the fitness brand from embattled former CEO Gregg Glassman. Roza emerged as the principal buyer of the global brand in June and disclosed in a Twitter post Friday that Boston-based private equity firm Berkshire Partners will be a co-owner upon the sale’s close. The deal is expected to close in August pending approval from federal regulators. Financial considerations of the deal are still undisclosed. CrossFit was developed in 2000 by Glassman as a combination of powerlifting, plyometrics and other training disciplines. The company behind CrossFit owns the branding and licenses it to local CrossFit gyms and trainers. In early June, Glassman set off a firestorm after saying COVID-19 is a conspiracy and claiming, without evidence, that George Floyd was murdered as part of a cover-up for a money-laundering operation. “We’re not mourning for George Floyd. I don’t think we or any of my staff are,” Glassman said on a call with gym owners at the time. “Can you tell me why I should mourn for him?” Soon after, several gyms cancelled their affiliation with the brand, along with its apparel partner Reebok. Glassman later resigned. Roza was previously CEO of Datalogix, a data firm for digital advertisers that was acquired by Oracle Inc.(NYSE: ORCL) in 2015. He is currently an executive-in-residence for venture-capital firm General Catalyst and an adjunct professor at the University of Colorado Boulder, along with the owner of CrossFit Sanitas. In his social media announcement, he said several listening sessions with gym owners have shown that the brand needs to more heavily emphasize a culture that tackles racism, sexism and bias within its ranks. “Through the dialogue, the team and I have become acutely aware of the alienation and dissonance felt by a number of current, former, and potential members of our community,” he said. “I’ve heard your message loud and clear: Change is needed, and we must think and act out of the box to reach those who don’t feel welcomed by CrossFit.” Roza also said the brand is working toward hosting its annual global CrossFit Games in mid-September in an at-home format. Roza and CrossFit declined to comment further Friday when reached by BizWest. © 2020 BizWest Media LLC
Source: BizWest