Benzinga | May 28, 2021 03:07PM EDT

EXCLUSIVE: Beachbody CEO Talks At-Home Workouts, Growth Potential, Partnerships On 'SPACs Attack'

Beachbody Co. is set to go public via the special purpose acquisition company Forest Road Acquisition Corp (NYSE:FRX) in a $2.9-billion deal.

Carl Daikeler, the founder and CEO of Beachbody, appeared on Benzinga's YouTube show "SPACs Attack" for an exclusive interview Friday.

The management at Forest Road Acquisition called Beachbody "the best kept secret in health and fitness," Daikeler told Benzinga.

The company has been around for 22 years, but transitioned its business model to digital in 2017, which he said has led to increased success.

Beachbody knows how to create "complete disruption of the fitness industry," having been an established player in the industry for a long time, the CEO said.

The company has 2.7 million subscribers, but aims to grow its subscriber base by 10x or even 30x, Daikeler said.

The company is merging with Myx Fitness as a part of the SPAC deal. Daikeler said Myx Fitness makes a bike similar to what Peloton Interactive Inc (NASDAQ:PTON) offers, but it is $600 cheaper and geared toward "the 99%."

The At-Home Workout Trend: Eighty-seven percent of people who transitioned from working out at gyms to working out at home during the COVID-19 pandemic plan to continue working out at home at least some of the time, Daikeler said.

Beachbody specializes in bringing trainers to individuals digitally in a way that keeps people interested, he said.

The trend is here to stay, and Beachbody's ability to create compelling content is going to continue to improve, the CEO said, adding that the company specializes in on-demand, digitally delivered fitness and nutrition.

Beachbody gives people all of the tools necessary to reach their goals, Daikeler said.

Celebrity Influencers: LeBron James and Arnold Schwarzenegger are shareholders of Forest Road Acquisition, Daikeler said.

James and Schwarzenegger will be creating training content for the company's platform, he said.

SPAC Deal Notes: The SPAC route felt like the perfect way to the public markets for Beachbody because it is a formidable business with accelerating growth momentum, Daikeler said.

The SPAC deal also allowed the company to bring on experienced board members and incorporate the Myx Fitness business combination within the transaction, he added.

The shareholder vote for the SPAC transaction is set for June 24. Pending shareholder approval, the company will be listed on the New York Stock Exchange under the ticker symbol "BODY."

FRX Price Action: Forest Road Acquisition traded as high as $18.20 and as low as $9.72 since its IPO.

At last check Friday, it was up 0.8% at $10.04.