The Pilates strength training brand founded by Anne Mahlum is preparing to open about 30 studios across the country next year
Private equity firm L Catterton has acquired a majority stake in Solidcore, a targeted strength training company founded by serial fitness and wellness entrepreneur Anne Mahlum.
The deal values the Pilates-inspired brand at between $600 million and $700 million, according to Reuters, following reports in May that Solidcore was exploring a sale of the brand.
Solidcore is also looking to open around 30 studios across the country by 2025, ATN has learned.
“I’m very happy to see Solidcore achieve such an impressive valuation, which means all the investors and employees who believed in this company over the years will be well rewarded,” Mahlum told Athletech News. The fitness and wellness visionary recently announced an investment in OxeFit, an AI-driven digital fitness and technology company that just raised $17.5 million in its latest round of funding.
“I have always stressed the importance of succession planning for founders to ensure that the company continues to thrive after their tenure ends,” added the serial fitness and wellness investor. “Under Brian’s leadership, Solidcore has achieved tremendous success, and I am very proud of him and the rest of the team as they continue to elevate the company’s performance.”
The deal has prompted some soul-searching for Mahlum, who founded Solidcore in 2013 and sold her stake to investment firm Kohlberg & Company for an undisclosed sum in April last year.
“I remember when I first started Solidcore, no one really knew about it,” she said. “Not only did people think I was stupid for putting all my money into it, but no one really understood what the workout was…Now, it’s hard to find someone in the fitness world who hasn’t heard of Solidcore.”
This week, Solid core Unveiled new visual identity and mission, featuring stories of members and coaches.
“We are sharpening our focus on what makes Solidcore different: our commitment to building your strongest self,” said Bryan Myers, Solidcore President and CEO. “The work you do in the studio impacts everything about you, from your 9-to-5 to your 5-to-9, your running club, your mindset at home, your posture in the boardroom, your energy on vacation. It’s more than just a workout; it’s a catalyst for personal power and growth for our members in every aspect of their lives.”
Unlike other Pilates-based fitness concepts, Solidcore is unique in that it does not adopt a franchise model. In an interview with ATN in December last year, Myers talked about the vision of Solidcore and its expansion plans. He said that he was originally a Solidcore customer before joining the brand as COO in 2018.
“Our brand has never been about hype,” Myers said. “We’ve always been about delivering an amazing product that gives you real results and has an incredible community.”
L Catterton and venture capital firm Meritech Capital just played a major role in EGYM securing $200 million in growth capital to support its EGYM Wellpass enterprise wellness network and advance its digital solutions and smart strength equipment. The Munich-based global fitness technology provider is now valued at more than $1 billion.
