The Riverside Company has made a $10.6 growth equity investment in Soothe, a provider of lead generating services for home massage providers.
Soothe connects independent massage therapists looking for incremental lead flow to consumers seeking a means to book an in-home massage with a licensed massage therapist. Consumers can book massages through a smartphone app or through the Soothe website. According to Riverside, the company addresses the growing consumer demand for quality on-demand services . Soothe’s customers receive a five-star, high-quality massage therapist at their door in as little as 90 minutes. Soothe was founded by CEO Merlin Kauffman and CTO Bradley Herman and is based in Los Angeles (www.soothe.com).
“Soothe is popular because it offers a superior service experience for a superior value,” said Riverside Managing Partner Loren Schlachet. “It is a brand that has earned trust, and delivers convenient and safe access to professional massages while providing a rate for therapists that is usually superior to what they earn elsewhere. We expect the company to continue its growth trajectory.”
The Riverside Company is a global private equity firm focused on investing in and acquiring growing businesses valued at up to $300 million (€200 million in Europe). Since its founding in 1988, Riverside has invested in more than 380 transactions. The firm’s international portfolio includes more than 70 companies. Riverside is headquartered in New York with additional offices in Atlanta, Chicago, Cleveland, Dallas, Los Angeles, San Francisco, and London (www.riversidecompany.com).
Soothe has a large and loyal following in its home market of Los Angeles, and it is growing rapidly in 10 other markets, including Miami, Washington DC, Chicago, Orange County, and Phoenix. “We see many avenues of growth for Soothe,” said Riverside Partner Brian Sauer. “From investing in technology and sales and marketing to providing resources that help the company expand to new markets, we anticipate helping them accelerate growth.”
Working with Messrs. Schlachet and Sauer on the transaction for Riverside were Operating Partner Dale Fuller, Vice President John McKernan, Senior Associate Elaine Ho, and Finance Director Mike Rath.
© 2015 PEPD • Private Equity’s Leading News Magazine • 8-13-15
