(Bloomberg) -- Barry’s Bootcamp, best known for its high-intensity workouts, has renewed efforts to sell itself.

The company, which made a name for itself by combining intervals on a treadmill with strength training, is working with an adviser as it explores strategic options including a sale, people with knowledge of the matter said. It’s a repeat of a pre-pandemic effort in which a sale may have valued the company at $700 million, Bloomberg News reported in 2019. The company’s valuation expectations are now higher, one of the people said.

Led by co-Chief Executive Officers Joey Gonzalez and Jonathan “JJ” Gantt, Barry’s has more than 50 studios in the US that are either open or in development, its website shows. It also operates studios around the globe, in countries including Australia, Singapore, the UK and Norway.

A Barry’s spokeswoman confirmed that the company is exploring strategic options and declined to comment further. Studio revenue climbed 27% last year from 2022, she said, declining to provide specifics.

Since the pandemic, Barry’s has added a class that combines lifting and indoor cycling, enabling it to compete against rivals including SoulCycle and CycleBar, and opened 26 new studios globally.

“We are really excited about the value we’ve created since early 2020 with a fully recovered global business, successful continued expansion into new market types and having proof of concept with our ride and lift modalities,” Gonzales said in a statement provided to Bloomberg. 

All of the company’s US studios are profitable, the Barry’s spokeswoman said. Globally, the company’s class attendance exceeded 7.4 million last year, she said.

The company counts North Castle Partners and LightBay Capital among its investors, with the latter firm backing Barry’s in 2020 after the company faced Covid-19 closures. 

Read More: Barry’s Bootcamp Gets Equity Investment From LightBay Capital

Alternative-asset managers have long been drawn to bets on health and wellness. Last month, Sixth Street led an investment group that provided Equinox Holdings Ltd. with $1.8 billion in financing. Silver Lake, Ares Management Corp., HPS Investment Partners and L Catterton also participated. Separately, Orangetheory Fitness and Self Esteem Brands, both backed by Roark Capital, merged earlier this month.

(Updates with additional transaction in last paragraph. A previous version of this story corrected the spelling of Gonzalez in third paragraph.)

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