Solidcore reported that its founder, Anne Mahlum, is selling her shares to Kohlberg & Company for an undisclosed amount. As part of the transaction, all full-time employees working for the company for at least one year before the transaction date will receive a portion of the proceeds, which the company created in 2018.
Over the years, Mahlum raised substantial capital from private equity firms Peterson Partners, Kohlberg & Company and VMG Partners, who are majority owners of the company.
“Solidcore’s success is far from just my own, and it wouldn’t be where it is today without a lot of people’s commitment,” Mahlum said. “Sharing some of the financial upsides with my team is just the right thing to do.”
CEO of Solidcore, Bryan Myers, promoted to the position in April 2021 by Mahlum, will remain in the role as part of the transaction.
“Bryan’s leadership is one of the main reasons I am confident in selling my business,” Mahlum said. “I’ve worked with him for more than five years, and you would be hard-pressed to find a person with more integrity and intelligence than Bryan.”
For the past two years, with Mahlum as executive chairwoman and Myers as CEO, the chain expanded to 99 studios in 24 states. The funding will accelerate growth.
“Anne has been a formidable business leader, partner and inspiration for our entire team,” said Myers. “We are all stronger versions of ourselves thanks to Anne’s vision and the investors who continue to believe in the strength of Solidcore’s business model. I feel privileged to continue to lead this team as we tackle this next chapter of growth and expansion.”
Photo courtesy Ann Mahlum
