North Castle Partners Closes on $300 Million Fund

North Castle Partners, a private equity firm that owns Performance Bicycle, Ibex and a few other brands in the active space, closed its sixth fund, at $300 million.

The fund, North Castle Partners VI, L.P, was oversubscribed and achieved $300 million of committed capital in just over six months.  The firm focuses on consumer businesses that promote healthy, active and sustainable living.

“We welcome our new investors to North Castle and are gratified to receive the support of our returning investors, who increased their commitments by approximately 25 percent,” said Chip Baird, North Castle CEO and founder.

North Castle noted that it has made two investments from NCP VI to date:

• In April 2016, North Castle partnered with the Founder and current CEO of JTL Enterprises Inc. (dba HydroMassage) to build the leading equipment brand that is universally recognized as promoting recovery, relaxation and wellness through dry hydrotherapy. Founded in 1989, HydroMassage offers dry hydrotherapy massage systems in two basic formats – bed and lounge – that employ a traveling jet system, which is directly controlled by the user for a quick and effective full body massage.

• In May, the Fund’s second investment was completed in partnership with the current management team of SLT Group LLC (dba Strengthen, Lengthen and Tone) to build a premiere boutique fitness studio operator engaging clients with intense core-focused full body workouts combining the benefits of cardio, strength training and Pilates style movements to Strengthen, Lengthen and Tone. The workouts are led by an instructor who utilizes a machine that incorporates an arrangement of springs, straps and pulleys, along with body weight, to systematically work out the entire body.

“We are pleased by the level of interest from new and returning investors in North Castle and in the Healthy, Active and Sustainable Living consumer product and services marketplace,” commented Alison Minter, managing director. “Our investments in HydroMassage and SLT are the most recent examples of how changing views toward healthier lifestyles are creating attractive businesses and investment opportunities. As the original private equity firm in the healthy living space, our focus has resulted in unparalleled market expertise, network and knowledge in the fitness, nutrition, consumer health and beauty and personal care industries, among others.”

“With HydroMassage and SLT, we will leverage our extensive and highly relevant network and experience in the fitness and fitness equipment industry – including our investments in the traditional fitness club space (Equinox and World Health), and fitness equipment industry (Octane Fitness), as well as our newest investments in boutique fitness (Barry’s Bootcamp and Brooklyn Boulders) – and partner with the respective management teams to grow these companies and assist them in achieving their next level of success,” added Jon Canarick, managing director.

“The foundation of the North Castle approach is to partner with exceptional management teams and industry professionals to unlock the full potential performance of companies in the Healthy, Active and Sustainable Living sector. We believe NCP VI is off to a great start with the investments in HydroMassage and SLT,” concluded Chip Baird.

North Castle Partners, headquartered in Greenwich, CT,  focuses on high-growth, middle market companies in the beauty & personal care, consumer health, fitness, recreation & sports, home & leisure and nutrition sectors, among others. North Castle’s current portfolio includes such well-known brands as HydroMassage, Strengthen, Lengthen and Tone, Curves International/Jenny Craig, Barry’s Bootcamp, Palladio Beauty Group, Mineral Fusion, Red Door Spas, Sprout Organics, SmartyPants, Brooklyn Boulders, Ibex Outdoor Clothing and Turnbridge. Prior portfolio company holdings include Atkins Nutritionals, Contigo, Doctor’s Best, Octane Fitness, Cascade Helmets, Bora-Bora Organic Foods, GloProfessional, Equinox Fitness, EAS, Enzymatic Therapy, CRC Health Group, Doctor’s Dermatologic Formula, Naked Juice Company, Flatout Flatbread and Avalon Organics/Alba Botanicals.