Global consumer-focused investment firm L Catterton has signed a definitive agreement to acquire a majority stake in Solidcore from VMG Partners, Kohlberg & Company, and Peterson Partners. L Catterton said Solidcore is a national network of fitness studios providing targeted strength training on custom-built reformers.
“The investment solidifies Solidcore as the nation’s authority in its category and will continue to position the business for growth in the years to come,” L Catterton said in a media release.
“Solidcore is a 50-minute, full-body, strength-training workout that uses slow, controlled movements to break down slow-twitch muscle fibers, allowing them to build back stronger and leaner. The workout delivers measurable results, helping clients develop physical and mental strength inside and outside the studio on their journey to create the strongest version of themselves,” the investment firm said.
L Catterton said the Solidcore business has achieved consistent and exceptional growth since its founding in 2013 and has established itself as a disruptive studio fitness brand with approximately 130 locations across 25 states and the District of Columbia, with a significant presence along the East Coast.
“With high and rapidly growing demand from fitness enthusiasts across the country, this investment from L Catterton will support new growth opportunities and thoughtful expansion initiatives, including continued growth of Solidcore studios in highly attractive, underpenetrated regions across both existing and new markets,” the firm added.
“As an experienced investor in the fitness category, we recognize that there are few boutique studio concepts that have the consumer engagement, effective programming, and operational capabilities that Solidcore has demonstrated, resulting in its enduring growth,” commented Marc Magliacano, managing partner, L Catterton’s Flagship Fund. “Increasingly, consumers understand that movement is medicine, with daily strength training as a key part of their regimen for living a longer, healthier life. Solidcore fits squarely into this long-term evolution, and we believe there is significant runway ahead for expansion both domestically and internationally as more consumers discover the category and its long-term benefits. We are thrilled to partner with Bryan and his proven team to achieve the next chapter of Solidcore’s growth.”
Solidcore President & CEO Bryan Myers added, “This partnership is an incredible affirmation of the very special company that we’ve built, and the transformative period of growth that the business has undergone over the last few years. As we considered potential partners, L Catterton quickly rose to the top of the list given our aligned values and their deep industry knowledge that give them a unique ability to accelerate our growth and success. This is truly just the beginning for Solidcore.”
L Catterton has extensive experience building brands in the health and wellness space across the world. Current and past investments include Peloton, Equinox, EGYM, Soul Cycle, CorePowerYoga, FlyWheel, Pure Barre, Xponential Fitness, Tonal, Hydrow, BodyTech, ClassPass and iFIT/NordicTrack, among others. The firm is still the majorty shareholder of Birkenstock and also owns West Marine, 2XU and Taxa Outdoor.
L Catterton is a market-leading consumer-focused investment firm, managing approximately $35 billion of equity capital across three multi-product platforms: private equity, credit, and real estate. The firm’s funds have the ability to invest between $5 million and $5 billion, across the capital structure, in well-positioned consumer businesses. Leveraging deep category insight, operational excellence, and a broad network of strategic relationships, L Catterton’s team of more than 200 investment and operating professionals across 17 offices partners with management teams to drive differentiated value creation across its portfolio.
Founded in 1989, the firm has made over 275 investments in some of the world’s most iconic consumer brands.
