Buyout firm L Catterton, backed by luxury conglomerate LVMH, is to acquire a majority stake in the pilates studio operator Solidcore from VMG Partners, Peterson Partners, and Kohlberg & Company in a deal that values the fitness chain at $700m, according to a report by Reuters.
The report cites unnamed sources familiar with the matter as confirming that L Catterton will hold its stake in Solidcore, which is known for its intense 50-minute workout sessions on its proprietary “Sweatlana” reformer machines, through its Flagship Fund. Solidcore had previously been exploring a potential sale with help from investment banks North Point and Piper Sandler, as reported by Reuters in May.
With approximately $35 billion in assets under management, L Catterton has a strong track record in the fitness sector. Earlier this week, it led a $200m funding round for Munich-based fitness startup EGYM, which valued the company at over $1.2bn. L Catterton’s other investments in the fitness space include upscale fitness club Equinox, at-home fitness firm Tonal, and software companies iFIT and ClassPass. It previously held stakes in Peloton, cycling studio Flywheel, and barre workout chain Pure Barre.
Solidcore, which was founded in 2013 by Anne Mahlum, who sold her stake in the company last year, operates around 130 locations across the US and is aiming to expand to 250 studios globally by 2028.
