Hyperice Acquires Core to Enter Mental Wellness Space
Hyperice has gained popularity in recent years, thanks to having a legion of athlete investors including Patrick Mahomes, Ben Simmons, and Naomi Osaka.
Recovery technology company Hyperice has acquired Core in a move that signifies the former’s dedication to improve mental wellness and self care. Core founder and CEO Sarah McDevitt founded the mental wellness company after discovering the benefits of meditation. However, she realized the challenges of establishing a consistent schedule for the practice. Thus, McDevitt created Core as “a new way to meditate” on an everyday basis.
Hyperice CEO Jim Huether says of Hyperice acquiring Core, “We’ve heard from both our elite and everyday athletes that mental wellness is critical to performance, so it was a natural evolution into the mental wellness category. Joining forces with Core aligns our innovative spirit, while investing in the future of wellness and includes a holistic and self-care approach.”
Hyperice’s performance and recovery equipment has been used in the NBA and NFL, per Forbes. Superstar players from both leagues have also invested in the company, such as Naomi Osaka, Philadelphia 76ers’ Ben Simmons, professional surfer Kelly Slater, and Kansas City Chiefs’ Patrick Mahomes. In February, it was also reported by Forbes that Hyperice became the “official technology sponsor” for the Los Angeles Lakers. Hyperice, which also has partners in the Seattle Seahawks, UFC, and PGA Tour, among other prominent sports leagues, made $200 million in 2020.
Late NBA legend Kobe Bryant was an early believer in Hyperice. Per Inc., the company’s founder Anthony Katz shared a product prototype with Bryant in 2010. Bryant integrated the prototype into his “recovery regimen.” “I want to take the same tool we give Lebron James and Blake Griffin and give it to the guy who plays pickup basketball or plays tennis or runs. You don’t have to be a professional athlete to care about your body,” said Katz. According to CNBC, Hyperice was valued at $700 million in October 2020.
