L Catterton Acquires Majority Stake in Solidcore Amid Pilates Boom
The Pilates-inspired strength training brand founded by Anne Mahlum is gearing up to open approximately 30 studios next year nationwide
Private equity firm L Catterton has acquired a majority stake in Solidcore, the targeted strength training workout founded by serial fitness and wellness entrepreneur Anne Mahlum.
The deal values the Pilates-inspired brand between $600 million and $700 million, according to Reuters, and follows an earlier report in May that Solidcore was exploring a sale.
Solidcore is also preparing to open roughly 30 studios nationwide in 2025, ATN has learned.
“I am thrilled 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 handsomely compensated,” Mahlum tells 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.
“I have been very vocal about the importance of founders to succession plan to ensure their company thrives beyond their tenure,” the serial fitness and wellness investor added. “Solidcore is crushing it under Bryan’s leadership, and I’m really proud of him and the rest of the team for continuing to elevate the company’s performance.”
The deal has generated a reflective moment for Mahlum, who founded Solidcore in 2013 before selling her shares in the company to investment firm Kohlberg & Company for an undisclosed amount last April.
“I can remember when I was starting Solidcore, and no one really got it,” she said. “Not only did people think it was foolish to put all my money into this, but no one really understood what the workout was…and now it’s hard to find anyone in the fitness world who hasn’t heard of Solidcore.”
This week, Solidcore unveiled a new visual identity and mission that includes stories from members and coaches.
“We’re sharpening our focus on what sets [solidcore] apart: our commitment to creating the strongest version of yourself,” Solidcore president and CEO Bryan Myers said. “The work you do in the studio powers everything from your 9-to-5 to your 5-to-9, your run club, your mindset at home, your stance in the boardroom, your energy on vacation. This isn’t just a workout; it’s a catalyst for personal strength and growth that our members carry with them in every aspect of their lives.”
Unlike other Pilates-based fitness concepts, Solidcore has remained unique for not adopting a franchise model. In an interview with ATN last December discussing Solidcore’s vision and its expansion plans, Myers shared that he was first a Solidcore client before joining the brand in 2018 as chief operating officer.
“Our brand has never been about hype,” Myers said. “It’s always been about delivering an amazingly effective product that gives you real results and is surrounded by an incredible community.”
L Catterton and venture firm Meritech Capital just played a significant role in EGYM securing $200 million of growth capital to support its EGYM Wellpass corporate wellness network and advance its digital solutions and smart strength equipment. The Munich-based global fit tech provider now has a valuation north of $1 billion.
