TRX Completes Strategic Growth Recapitalization

Founder Partners with Industry-Focused Private Equity Firm to Power Next Chapter of  TRX’s Ongoing Mission as the Global Leader in Functional Training Solutions & Programming  

San Francisco – January 16, 2019 – TRX is pleased to announce it has successfully recapitalized the business with a strategic growth capital investment from Equity38, LLC (“Equity38”). Structured as a management buyout of previous investors by Equity38, the partnership was ideal for TRX in that it maintains the company’s existing infrastructure, led by Founder/CEO and former Navy SEAL, Randy Hetrick; while also arming TRX with the capital and significant additional category expertise and resources from Equity38, to further develop the TRX brand and business to an even higher level.

Founded by Hetrick in 2004, TRX is the global leader in functional training solutions and the pioneers behind Suspension TrainingÒ, the bodyweight-based exercise method that became a worldwide phenomenon.  Equity38 is a consumer-focused private equity firm co-founded in 2018 by Brent Leffel and David Cox. Leffel and Cox bring significant category experience to the partnership, having previously worked as principal investors, c-level executives and board directors with prominent fitness brands that include, New Evolution Ventures UFC GYM, US Fitness, Crunch Fitness, Barry’s Bootcamp and Orange Theory Fitness. 

“I couldn’t be more excited to welcome the Equity38 team into the TRX family,” said Hetrick. “This partnership came together in the most organic and serendipitous way imaginable. I asked a longtime industry friend, Leffel, to lend me his expertise to help kickstart a growth initiative we’d been struggling to launch in 2017. He started Equity38 with Cox, midstream through our project, and we were able to put a deal together to recapitalize the company. In addition to arming TRX with a war chest of growth capital, Equity38 brings deep experience in our industry and their active involvement in the business and stewardship will be an important part of our next chapter.”

“I got to know Randy early in my travels through the fitness industry, and I’ve always admired what he has accomplished as an entrepreneur, said Leffel, co-Managing Partner of Equity38. “Randy and his team have built the world’s premier training and education company with a foundation in science-based movement benefiting everyone from novice fitness participants to professional athletes. TRX is a strong brand that is  supported by strong macro and micro tailwinds and an unparalleled eco-system of passionate brand supporters, creating a tremendous platform which showcases innovative products and services. Despite its significant growth and global impact, TRX has only begun to scratch the surface of what it can become, and we are excited to lock arms with Randy and his team to realize the brand’s full potential.”

Hetrick created a forerunner to the TRX Suspension TrainerÒ while deployed to Southeast Asia out of necessity to keep his squadron fit without transporting heavy training equipment to remote

locations. After 14 years as a SEAL Officer, culminating his career as Squadron Commander of the SEALs’ elite special missions’ unit, Hetrick attended Stanford University to earn his MBA. At Stanford, Hetrick refined the Suspension Trainer and developed the TRX System after gaining the attention of Stanford athletes, coaches and trainers. TRX revitalized the category of bodyweight training and now provides a full-range of mobile, versatile fitness solutions to health-conscious consumers. The Company’s products are patented, highly portable and provide hundreds of exercises for a total workout experience. Since its inception, TRX has sold millions of units to trainers and clubs around the world and has broadened its product line to include an entire ecosystem of functional training gear, infrastructure, professional education courses and individualized exercise content. It is now poised to add a new range of services and content leveraging its broad reach and significant brand DNA.



As the global leaders in functional training, the company’s mission is to democratize world class training and enable everyone, everywhere to move better throughout life. TRX develops the world’s best training equipment, workout programs, and education courses to help people of all fitness levels become better versions of themselves. The company is also the industry’s leading provider of specialized education courses for fitness professionals.  TRX redefined the application of bodyweight training to enhance human performance and has successfully disrupted the mature landscape of the health club industry.

TRX began in a garage and recently completed its 14th year in the market. With a full-time staff of 100 team members, the brand is also supported by a cadre of 350 certified, contracted master instructors who deliver more than 1,500 ongoing education courses each year to fitness professionals in dozens of countries. During the past decade, TRX qualified more than 300,000 training professionals—who comprise a formidable army of ambassadors around the globe. The brand enjoys the patronage of the top professional athletes in every sport, and its equipment and training philosophy is changing the way that soldiers train for combat, athletes at all levels train for competition and regular people of all ages and abilities train for life. For more information about TRX, please visit

ABOUT Equity38

Equity 38 LLC is a boutique principal investment firm focused on lower middle market opportunities in the consumer-facing Health/Wellness, Active Lifestyle, and Outdoor sector. The firm’s Managing Partners have complementary experience as principal investors, entrepreneurs, board members and c-level industry executives.  The firm was founded in 2018 by Brent Leffel and David Cox with offices in Newport Beach, CA and Atlanta, GA.  Equity38 LLC is currently investing out of its first committed fund.  For more information, please visit

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