Strategic Partnership to Enhance Pure Barre's Leadership in Rapidly Growing Specialty Fitness Market
News provided by
Catterton
01 May, 2015, 03:00 ET
SPARTANBURG, S.C. and GREENWICH, Conn., May 1, 2015 /PRNewswire/ -- Pure Barre, the largest and most recognized barre fitness concept in the nation, today announced a significant growth capital investment by Catterton, the leading consumer-focused private equity firm. Catterton's investment will be used to support Pure Barre's continued expansion across the U.S. and internationally to capitalize on rapidly growing consumer participation in specialty and barre-based fitness. WJ Partners, which invested in 2012, will remain an investor. Terms of the transaction were not disclosed.
With a proprietary method that combines ballet, pilates and resistance training in a low-impact, total-body workout, Pure Barre is the established leader in barre-based fitness. Pure Barre has over 300 barre fitness studios across 42 states and the District of Columbia, which is more than three times the number of locations of any other barre concept in the U.S. As a lifestyle brand, Pure Barre also has a growing retail presence that includes in-store and online sales of apparel, media content and other fitness accessories. Sloan Evans, Chief Executive Officer, and the current management team will continue to lead Pure Barre.
"We have a passionate group of franchise partners and customer loyalists who have helped Pure Barre become the leader in the barre category," said Pure Barre CEO, Sloan Evans. "We have found an ideal partner in Catterton and look forward to working together to take Pure Barre to the next level. Their collaborative, operationally-focused approach and proven track record of partnering with leading specialty fitness companies to expand strategically will help us reach even more people in meeting their health and lifestyle goals."
"We are thrilled to partner with Pure Barre, the clear leader in the barre fitness category," said Marc Magliacano, Partner at Catterton. "Pure Barre is well-positioned at the forefront of the specialty fitness industry, which is experiencing rapid growth as consumers are increasingly gravitating towards specialized fitness programs that deliver an outsized experience. We look forward to partnering with Pure Barre's outstanding team and devoted franchise partners to support the brand's continued expansion, while remaining true to its core values as the company grows its dedicated and enthusiastic consumer base. Pure Barre is the perfect complement to Catterton's fitness portfolio."
Jaime Wall, Managing Director at WJ Partners, said, "We are proud of the remarkable progress of Pure Barre and its rapid growth from 100 studios to over 300 since our investment in 2012. At this critical inflection point, we welcome Catterton's significant retail experience and history of successful brand stewardship to help Pure Barre capitalize on future opportunities. We are confident that Pure Barre will thrive with Catterton on board."
Carrie Rezabek Dorr, founder of Pure Barre, commented, "Pure Barre has grown from a single barre studio into a leading lifestyle company that empowers and inspires entrepreneurs across the country – far exceeding our original goals. I am proud of how far Pure Barre has come, and Catterton's investment is an important endorsem*nt of our accomplishments. I am excited to be working together with Catterton and confident that, with their support, the next chapter for Pure Barre will certainly be a successful one."
Catterton has significant experience investing in the high-growth, specialty fitness and athletic apparel space, including current investments in CorePower Yoga, the leading yoga studio operator; Flywheel Sports, one of the nation's fastest growing indoor cycling brands; and Sweaty Betty, a leading women's activewear brand.
Piper Jaffray & Co. and Stephens Inc. acted as financial advisors to Pure Barre.
About Pure Barre
Pure Barre is the largest, most established barre concept in the nation with over 300 studios across the country and is an extremely effective total body workout. It is an intelligent exercise and utilizes the ballet barre to perform small isometric movements in order to create long, lean muscle without bulk. With a unique franchise business model, Pure Barre has created an opportunity for entrepreneurs with a passion for Pure Barre to pursue their dreams doing what they love. www.purebarre.com.
About Catterton
Catterton is the leading consumer-focused private equity firm with more than $4.0 billion currently under management and a twenty-five year track record of success in building high growth companies. Since its founding in 1989, Catterton has leveraged its category insight, strategic and operating skills, and network of industry contacts to establish one of the strongest private equity investment track records in the middle market. Catterton invests in all major consumer segments, including Food and Beverage, Retail and Restaurants, Consumer Products and Services, Consumer Health, and Media and Marketing Services. Catterton's investments include: Restoration Hardware, Baccarat, PIRCH, John Hardy, CorePower Yoga and Flywheel Sports, Outback Steakhouse, Plum Organics, Mendocino Farms, Noodles & Company, PIADA, Frederic Fekkai, Build-A-Bear Workshop, Wellness and Nature's Variety pet food, Kettle Foods, Odwalla and P.F. Chang's, to name a few. More information about Catterton can be found at catterton.com.
About WJ
Founded in 2008, WJ Partners is a private investment firm focused on lower-middle market companies in the consumer and business services sectors. WJ Partners' mission is to create value by providing financial, strategic and management resources in order to capture growth opportunities and operational efficiencies. WJ Partners' management team has an extensive track record founding and building companies over the past thirty years. For more information on WJ Partners, please visit www.wjpartners.com.
Contact:
Eric Brielmann / Andi Rose / Alyssa Cass
Joele Frank, Wilkinson Brimmer Katcher
212-355-4449
SOURCE Catterton
