The Riverside Company has increased its investment in Soothe, a provider of lead generating services for home massage therapists, by $35 million. The new investment follows a $10.6 equity investment that Riverside made in the company in August 2015.
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. Soothe’s customers receive a five-star, high-quality massage therapist at their door in as little as 60 minutes. Soothe was founded by CEO Merlin Kauffman and CTO Bradley Herman and is based in Los Angeles (www.soothe.com).
According to Riverside, the company addresses the growing consumer demand for quality on-demand services. At the time of Riverside’s initial investment, Soothe was active in 10 markets. Today, it is available in 21, including two internationally. The company has plans to double its locations over the next year.
“We’re extremely enthusiastic about Soothe,” said Riverside Managing Partner Loren Schlachet. “This new capital will bolster its already impressive growth rate by providing the resources needed to promote this outstanding service, enhance its technology and enter a wide array of new markets.”
The Riverside Company is a global private equity firm focused on investing in and acquiring growing businesses valued at up to $300 million. Since its founding in 1988, Riverside has invested in more than 420 transactions. The firm’s international portfolio includes more than 80 companies. Riverside is headquartered in New York with additional offices in Atlanta, Chicago, Cleveland, Dallas, Los Angeles, San Francisco, and London (www.riversidecompany.com).
“Riverside’s resources and knowledge will help Soothe accelerate its growth,” said Riverside Partner Brian Sauer. “We’re deeply committed to Soothe’s success and confident that it is the best offering of its kind on the market.”
Working with Messrs. Schlachet and Sauer on the transaction for Riverside were Operating Partner Dale Fuller, Vice President John McKernan, Associate Blake Tokheim and Finance Director Mike Rath.
© 2016 Private Equity Professional • Private Equity’s Leading News Magazine • 3-10-16