Benzinga | Dec 1, 2021 01:13PM EST

Xponential Fitness Inks Master Franchise Agreement In New Zealand

* Xponential Fitness Inc (NYSE:XPOF) has signed a Master Franchise Agreement in New Zealand for three of its brands, CycleBar, StretchLab, and Rumble. The financial terms of the arrangement were not disclosed.

* The agreement paves the way for licensing at least 30 studios across the three brands to potential franchisees in New Zealand over the next 10 years.

* The New Zealand Master Franchisee, Boutique Fitness Studios NZ Ltd, is a wholly-owned subsidiary of Boutique Fitness Studios Pty Ltd, Xponential's Master Franchisee in Australia for CycleBar, StretchLab, and Rumble.

* Xponential has over 2,000 open studios worldwide, operating in 10 countries and across four continents.

* Price Action: XPOF shares are trading higher by 3.70% at $20.17 on the last check Wednesday.