L Catterton Sells CorePower Yoga to TSG Consumer Partners
Posted: March 20, 2019 in Suppliers
DENVER, CO and GREENWICH, CT – L Catterton, the largest and most global consumer-focused private equity firm, announced that it has entered into a definitive agreement to sell CorePower Yoga (the “Company” or “CPY”), the fastest growing and largest yoga fitness studio operator in the U.S., to TSG Consumer Partners (“TSG”). Terms of the transaction were not disclosed.
CorePower Yoga believes in the physical, mental and emotional benefits of yoga and strives to make this combination of fitness and mindfulness accessible to everyone. Offering a variety of yoga classes, convenient schedules and reciprocity across all its studios, CorePower Yoga provides a challenging fitness-inspired practice rooted in the mindfulness of yoga that allows students to blend intensity with intention. With the mission of bringing the life-changing benefits of yoga to the masses, CPY is the recognized national leader in yoga.
“L Catterton’s deep experience in fitness and extensive strategic and operational expertise made them the ideal partner for CorePower Yoga as we evolved nearly every facet of the Company to better serve our passionate and growing community,” said Eric J. Kufel, Chief Executive Officer of CorePower Yoga. “We look forward to the future as we strive to share the benefits of yoga with even more people, continue on our strong growth trajectory and enter this new chapter. With our superior yoga experience, rapidly expanding studio base, transformational trainings, new offerings, and, most importantly, the thousands of teachers who help us live our mission everyday through their collective gratitude, passion and teamwork, CorePower Yoga is well positioned to continue to deliver on our important mission. We thank L Catterton for their support and many contributions to get us here.”
Marc Magliacano, a Managing Partner of L Catterton’s Flagship Buyout Fund said, “We are proud of the success and growth that CorePower Yoga has achieved over the past five years. Since partnering with the Company in 2013, CorePower Yoga has grown its footprint from 80 studios in 12 states to over 200 studios in 23 states, introduced new, innovative classes and improved its member retention through consistent superior quality and a unique consumer experience rooted in community. As the preeminent yoga studio operator, CPY is changing people’s lives every day and will continue to do so on its exciting journey. We are pleased to have partnered successfully with Eric Kufel for the second time in growing an outstanding consumer brand and to have produced a positive investment outcome for CPY stakeholders. CPY’s tremendous advancements are a testament to Eric’s strong leadership and outstanding team, and we are grateful to the entire CPY community and team for their devoted partnership and for making this a successful investment.”
L Catterton has significant experience investing in leading fitness concepts. Current and previous investments include Peloton, Classpass, Equinox, Bodytech – the second-largest fitness club operator in Latin America – and Will’s Group – China’s leading provider of membership-based fitness facilities and services.
BofA Merrill Lynch served as financial advisor and Kirkland & Ellis as legal counsel to CorePower Yoga in connection with the transaction.