L Catterton to Acquire Majority Stake in [solidcore]

[solidcore] will leverage L Catterton's deep fitness industry expertise and brand-building capabilities to help the company further strengthen its industry-leading position

WASHINGTON and GREENWICH, Conn., Sept. 25, 2024 -- L Catterton, a leading global consumer-focused investment firm, today announced that it has signed a definitive agreement to acquire a majority stake in [solidcore] from VMG Partners, Kohlberg & Company, and Peterson Partners. [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.

[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.

Since its founding in 2013, the business has achieved consistent and exceptional growth. Today, [solidcore] 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.

Marc Magliacano, a Managing Partner in L Catterton's Flagship Fund, commented, "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."

[solidcore]'s 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.

Julie Hamilton
media@lcatterton.com
+1 203 742 5185

Kristin Adomaitis
Kadomaitis@golin.com 

About L Catterton

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. For more information about L Catterton, please visit lcatterton.com.

About [solidcore]

[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. Unlike traditional Pilates, [solidcore] is built around targeted strength training, designed for individuals who seek measurable progress. With a focus on efficiency and results, [solidcore]'s mission is to challenge every client to seek their strongest self through the world's most transformative health and fitness movement. For more information about [solidcore], please visit www.solidcore.co.

About VMG Partners

VMG (www.vmgpartners.com) partners with iconic, high-growth consumer brands. Since inception in 2005, VMG has invested in and provided strategic guidance to founder-led, entrepreneurial teams across the food and beverage, beauty, pet, wellness, and fitness categories.

About Kohlberg & Company

Kohlberg is a leading U.S. middle market private equity firm based in Mount Kisco, New York. Over its 37-year history, the Firm has organized 10 private equity funds through which it has raised over $14 billion of committed capital. Kohlberg invests in leading middle market businesses in targeted industry sectors identified through a thesis-driven strategy anchored in its White Paper program. Kohlberg Strategic Equity is the Firm's dedicated initiative to investing non-control capital in companies aligned with its core sectors and White Paper themes. For more information, please visit www.kohlberg.com.

About Peterson Partners

At Peterson Partners, our mission is helping great people build great businesses. We roll up our sleeves in supporting exceptional entrepreneurs and management teams in building enduring enterprises and have invested across industries in more than 350 companies, including solidcore, Packsize, Lucid Software, SmartAsset, Kelso Industries, and Glowbar. We often provide the first institutional equity capital in a business, and we participate for a meaningful chapter of growth, usually 5-10 years, during which we work hard as a trusted coach and advisor in driving growth and building brands, systems, and human capital. Peterson Partners is an independent investment firm based in Salt Lake City, Utah with more than $2.5 billion under management across Private Equity, Venture Capital, and Search strategies. To learn more about Peterson Partners, please visit https://petersonpartners.com. 

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