A potential sale could value Solid Core for more than $750 million.This Pilates-inspired brand has over 100 stores and is expanding.
Solid Core, the Pilates-inspired boutique fitness brand with more than 100 stores, is reportedly considering options including a sale, more than a year after it was put up for sale by founder Ann Mahlam. There is.
A potential sale could result in an evaluation of officially branded solid cores. [solidcore]more than $750 million, including debt.
Reuters first reported, citing anonymous sources, that the Pilates-inspired brand is partnering with investment banks Northpoint and Piper Sandler.
The people added that SolidCore expects to have earnings before interest, taxes, depreciation and amortization of about $50 million in 2024 and sales of about $150 million.
A serial fitness and wellness investor, Mahlum launched Solidcore in Washington, D.C., in 2013 and grew it into one of the fitness industry’s leading brands before exiting last year and selling all his shares to investment firm Kohlberg & Co. Company, reportedly for more than $80 million. . VMG Partners and Peterson Partners also own stakes in Solidcore.
A new look at the proliferation of modalities
Solid Core offers a 50-minute high-intensity, low-impact workout using a Pilates reformer under neon blue lights, and has gained a following on social media, with mostly young women working out. She shares videos of her red face after working out and tips on how to train. The impressive results of the “Survive Class” workout earned the brand the nickname “Pilates on steroids.” This is a label that Solidcore seems to be adopting, as seen in their “Fail with Us” advertising campaign and the addition of special introductory classes designed for beginners.
“At Solid Core, failure is the name of the game,” Brian Myers, Solid Core’s president and CEO, told Athlete News earlier this year. “But it’s not the ‘failure’ you’re used to. During each class, we intentionally activate our slow-twitch fibers, shaking until our muscles fail and require a break. We embrace the idea that failure is a sign of growth, success, and strength, and is at the heart of what makes this workout unique. ”
Pilates itself is experiencing a boom. The popularity of this fitness regimen led to a cheeky skit aired on NBC’s “Saturday Night Live” last month that featured Pilates instructors, their loyal customers and Pilates equipment, which can be intimidating for beginners. poked fun at the intense nature of.
Plans to more than double the size
Last year, with new strategic funding from Kohlberg & Company and support from existing investors including VMG and Peterson, Solidcore announced its intention to open 250 studios by 2028. did.
Despite its reputation for being difficult, Pilates is apparently of It is a leading boutique fitness modality with rapidly expanding franchise brands such as Studio Pilates, JetSet Pilates, and Club Pilates. For example, Club Pilates just opened his 1,000th store in Portland, Oregon.
Solidcore is one of the few major Pilates brands that doesn’t use a franchise model, which the company says allows it to be more strategic in its studio placement.
“Our studio is medium-sized, so it’s not as small as a mom-and-pop Pilates with only five or six machines, but it’s not as big as (some high-end fitness brands) that require 50-60 people per class. ” Heidi Bresee, Solidcore’s vice president of studio development, told ATN last winter. “We have a lot of white space.”
Last year, the brand also announced plans to move its headquarters from Washington, D.C., to Roslyn, Virginia, doubling its workspace and adding a mock studio for product innovation.
In other news that could lead to a spring sale, group fitness pioneer Bally’s is also reportedly considering a sale with an eye toward expanding its own business.
Soldicore did not immediately respond to ATN’s request for comment on the sale negotiations.
