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. And [solidcore] is a national network of fitness studios providing targeted strength training on custom-built reformers. This investment solidifies [solidcore] as the nation’s authority in its category and will continue to position the business for growth in the future.
[solidcore] is a 50-minute, full-body, strength-training workout that utilizes slow, controlled movements to break down slow-twitch muscle fibers, enabling them to build back stronger and leaner. And 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.
Since being founded in 2013, the business has achieved consistent and exceptional growth. And [solidcore] has established itself as a disruptive studio fitness brand with approximately 130 locations across 25 states and the District of Columbia, with a major presence along the East Coast. Through 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 existing and new markets.
L Catterton has ntoable 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.
KEY QUOTES:
“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. 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.”
-Marc Magliacano, a Managing Partner in L Catterton’s Flagship Fund
“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].”
-[solidcore]’s President & CEO, Bryan Myers
