11 May 2023
Solidcore gets investment from Kohlberg & Company to double in size
BY Tom Walker
Boutique fitness operator, Solidcore, has opened its 100th studio in the US.
Located in Santa Monica, California, the milestone site was launched on the back of Solidcore securing new strategic funding from private equity firm Kohlberg & Company.
Solidcore will use the investment to expand further across the US, with plans to open around 25 studios this year.
According to Bryan Myers, president and CEO, the company is aiming to more than double in size, with plans to establish more than 250 studios globally in "the next three to five years".
Myers said: "This new strategic investment reinforces Solidcore's strength, especially since there has been no other premium-boutique fitness player to receive this type of investment in the current economic environment.
"In 2023, the goal is to 'meet consumers where they are', in all senses of the phrase.
"This means bringing new studios to communities where the workout doesn't have a presence yet, tailoring the experiences for current clientele, optimising 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."
With its investment, Kohlberg joins existing investors, VMG Partners and Peterson Partners, in backing the company.
Solidcore is a high-intensity, low-impact workout performed on a bespoke, Pilates-inspired reformer called sweatlana.
The 50-minute full-body workouts utilise slow and controlled movements which, according to Solidcore, have been "scientifically designed to break down muscles to failure so they build back stronger".
Founder Anne Mahlum has also sold her shares to Kohlberg & Company for an undisclosed amount.
As part of this transaction, she will award millions of dollars to her team through an incentive pool she created in 2018. All full-time employees who have been with the company for at least a year prior to the transaction will receive a portion of the proceeds.
"Creating and scaling Solidcore has been one of the greatest joys of my life," said Mahlum. "I'm wildly grateful to every single team member, client and investor, who have contributed to building this incredible company that has enriched so many people's lives, including mine."
"Solidcore's success is far from just my own, and it wouldn't be where it is today without a lot of people's commitment," Mahlum said. "Sharing some of the financial upside with my team is just the right thing to do."
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