Comvest Credit Partners, a leading provider of flexible direct financing solutions to middle-market companies, announced that it is acting as Joint Lead Arranger on a $325 million senior secured credit facility for Solidcore, a Pilates workout fitness chain based in Rosslyn, Virginia. This financing supports the acquisition of a majority stake in Solidcore by private equity firm L Catterton.
Solidcore owns and runs a national network of fitness studios providing targeted strength training on custom-built Pilates reformer machines. And since its founding in 2013, Solidcore has grown to approximately 130 locations across 25 states and the District of Columbia, with a significant presence along the East Coast.
KEY QUOTE:
“Solidcore is a leading brand in Pilates, the fastest-growing segment of the boutique fitness industry, and offers compelling historical growth, strong financial performance, and the support of a leading consumer-focused private equity sponsor. Comvest Credit Partners looks forward to working with the L Catterton team to support Solidcore’s continued business growth and expansion into existing and new markets.”
– Nick McClelland, a Managing Director and Co-Head of Consumer & Retail at Comvest Credit Partners
