Activist alternative investment firm Blackwells Capital and a significant shareholder of Peloton Interactive, has published a presentation highlighting the failure of Peloton’s new CEO to galvanise shareholder support, and addressing the ‘severe and lingering governance issues facing the Company’.
In the presentation, Blackwells also describes a re-imagined Peloton – a leader in a new category of “Fitness as a Service” providers – that is high growth, high margin and asset light.
Blackwells notes that achieving the transition to this optimal business model while remaining public is fraught with challenges, but the company believes that several strategic buyers would be willing to pay a significant premium for the opportunity to execute on that vision.
