[solidcore] Receives New Strategic Investment to Fuel Future Growth and Expansion, and Announces Opening of 100th Studio
04 May 2023
The Unique Strength Training Workout Strengthens its Presence in Key Markets
WASHINGTON, May 4, 2023 /PRNewswire/ -- [solidcore] celebrated a major milestone today -- opening its 100th studio in Santa Monica, CA -- on the heels of securing new strategic funding from leading private equity firm Kohlberg & Company ("Kohlberg"). This investment, coupled with the continued support of existing investors VMG Partners and Peterson Partners, will catapult [solidcore] across the map to expand in new cities.
"We are thankful for our partners who continue to see [solidcore] as a leader within the fitness industry and a brand that's making a lasting impact," said Bryan Myers, President & CEO. "With this new strategic investment, it reinforces [solidcore]'s strength, especially since there has been no other premium-boutique fitness player to receive this type of investment in a post-pandemic environment."
Building upon the 100th studio opening, [solidcore] is focused on even further growth in 2023 to meet the demand of the brand's rapidly growing clientele with plans to open ~[25] total studios this year and 250+ studios globally in the next three to five years, including potential expansion into international markets.
"We are excited to partner with VMG and Peterson to support Bryan and the [solidcore] team as they continue to execute at an exceptional level," said Eric Bilmes, Partner & Head of Strategic Equity of Kohlberg. "[solidcore] has truly differentiated itself as a proven national leader in the boutique fitness industry, and we are delighted that Kohlberg's strategic equity investment can help the company to continue to grow its footprint and serve its loyal membership base."
"We've been thrilled with how [solidcore] has performed since we first invested just over two years ago. All the credit for that goes to Bryan and the [solidcore] team for how they've executed," said McConnell Smith of VMG. "We're really fortunate to be able to partner with Kohlberg and for the complementary experience they bring. There's so much opportunity ahead of the business and we couldn't be more excited to continue supporting [solidcore] through this next stage of growth."
[solidcore] is a high-intensity, low-impact workout on a one-of-a-kind Pilates-inspired reformer called sweatlana. The rapidly growing 50-minute full-body workout has made its mark as an industry pioneer by way of encouraging clients to create the strongest version of themselves. [solidcore] is for those who want to be pushed to their limits and want to find joy in the work. The workout utilizes slow and controlled movements scientifically designed to break down muscles to failure so they build back stronger, leaving those who come to class feeling mentally and physically stronger.
"In 2023, the goal is to meet consumers where they are, in all senses of the phrase," said Myers. "This means bringing new studios to communities where the workout doesn't have a presence yet, tailoring the experiences for current clientele, optimizing packages and memberships to what clients are looking for, and innovating the workout to meet the needs of an even broader consumer set who can create the strongest version of themselves," said Myers.
For more information about [solidcore], visit https://www.solidcore.co/.
About [solidcore]
[solidcore] is a 50-minute, full-body, strength-training workout that uses slow, controlled movements to break down the slow-twitch muscle fibers so that they build back stronger and leaner. [solidcore] differentiates itself by bringing different levels of intensity and efficiency to the workout and the overall experience – attracting those who believe that the joy is in the work, and that there is always work to be done. With a focus on empowering [communities] and creating a space where everyone feels inspired, included, and seen, [solidcore] is on a mission to help people create the strongest version of themselves.
About VMG Partners:
VMG Partners (https://www.vmgpartners.com/) is focused on partnering with entrepreneurs and managers to support the growth and strategic development of leading branded consumer products and services. Since its inception in 2005, VMG has provided financial resources and strategic guidance to drive growth and value creation in more than 40 companies.
About Kohlberg & Company
Kohlberg is a leading U.S. middle market private equity firm based in Mount Kisco, New York. Over the firm's 35 year history, the firm has organized eleven private equity vehicles totaling in aggregate over $14 billion. Since inception, the firm's private equity investments have generated over $10 billion in realized returns with no realized losses since 2007. The firm invests in leading middle market businesses that are identified through its rigorous White Paper Program in its six core practice areas.
About Peterson Partners
At Peterson Partners, our mission is to help 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 300 companies, including Allbirds, Packsize, Lucid Software, SmartAsset, Rails, and Glowbar. Typically, Peterson Partners provides the first equity capital in a business, and we participate for a 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 with more than $2.0 billion under management across Private Equity, Venture Capital, and Search strategies. To learn more about Peterson Partners, please visit https://petersonpartners.com.
CONTACT: Kristin Adomaitis, [email protected]
SOURCE [solidcore]
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