Peterson Partners Makes Strategic Investment in [solidcore]
Oct 18, 2017, 18:38 ET
SALT LAKE CITY, Oct. 18, 2017 /PRNewswire/ -- Peterson Partners ("Peterson") and Solidcore Holdings, LLC ["solidcore"] announced today that Peterson Partners has made a strategic investment into [solidcore], a Washington D.C. headquartered boutique fitness brand with studios across the U.S. Peterson's investment will fund the expansion of [solidcore] studios into new markets and increase its penetration in existing markets.
The boutique fitness industry has seen tremendous growth in recent years as consumer preferences have shifted to studio-style workouts. [solidcore] is positioned to excel within this exciting sector given its industry-leading workout, attractive business model and rapid growth outlook.
"Peterson Partners is a superb firm with tremendous experience in this space," said Anne Mahlum, CEO and Founder of [solidcore]. "We were approached by many investors, but Peterson brought a unique blend of experience spanning the studio fitness, consumer branding and real estate sectors. Their focus on data-driven expansion and performance is a great fit for [solidcore]'s disciplined growth model."
A [solidcore] class is a high-intensity, low-impact workout utilizing slow and purposeful movements targeting the core. Currently, [solidcore] owns 25 studios across the nation. [solidcore] will open their 26th location in the Navy Yard neighborhood of Washington, D.C. on November 4th with plans to expand significantly in the near future. Peterson will partner with [solidcore] to provide growth capital to support [solidcore]'s expansion.
Matthew Day, Partner at Peterson Partners added, "We are thrilled to be partnering with [solidcore] and its outstanding entrepreneur-founder, Anne Mahlum. We believe that [solidcore] is the most effective workout in the studio fitness market today, and for that reason enjoys a deeply engaged and loyal clientele across its expanding fitness platform."
[solidcore] was represented by Lowenstein Sandler LLP and Peterson Partners was represented by Jones Day.
About [solidcore]
[solidcore], headquartered in Washington D.C., is a rapidly expanding boutique fitness studio concept that uses a resistance-based machine called the "Sweatlana" to give customers a proven and effective full-body workout. The [solidcore] workout is a high-intensity, low-impact 50-minute session that is done as slow as possible to lengthen and tone your body. With countless variations of moves stemming from planks, lunges and squats, the client's body and mind is challenged in each and every class. For more information visit: www.solidcore.co
About Peterson Partners
Peterson Partners is an independent investment management firm based in Salt Lake City, UT. Since its founding in 2003, Peterson has raised eight growth-oriented private equity funds and three seed-focused venture capital funds and has invested in over 130 companies across a variety of asset classes. Peterson seeks to be a true value-add partner to the entrepreneurs it backs, and in turn, looks for entrepreneurs who desire more than just capital from an investment partner. Peterson's investment in [solidcore] follows numerous investments in consumer brands such as Studio Velocity, Basic Research, Gravity Media, Si Senior, Cotopaxi, All Birds, Bonobos and Interior Define. For more information visit: www.petersonpartners.com
Contact: Karen Zelnick, 1-801-417-0760
SOURCE Peterson Partners