Three months ago, Conor O’Loughlin got an unsolicited offer from a familiar suitor. It was ABC Fitness Solutions, an indirect competitor backed by private equity firm Thoma Bravo. ABC Fitness had approached O’Loughlin in the past but been turned down. Glofox, founded in 2014 by O’Loughlin and his friends Finn Hegarty and Anthony Kelly, was convinced it could be worth much more going it alone. But this offer was impossible to ignore. On the table was $200 million plus the potential for Glofox’s team to make $100 million more based on hitting performance targets, and on the value of shares…

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