North Castle Closes Fund VI
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North Castle Closes Fund VI

North castle nf1North Castle Partners has held a final closing for North Castle Partners VI, LP with $300 million of committed capital. The new fund was oversubscribed and reached its close in just over six months of fundraising.

chip baird nf1“We welcome our new investors to North Castle and are gratified to receive the support of our returning investors, who increased their commitments by approximately 25%,” said Chip Baird, North Castle CEO and Founder.

North Castle makes control investments in consumer-driven product and service companies located in North America with enterprise values ranging from $50 million to $500 million.  Sectors of interest include beauty and personal care; consumer health; fitness, recreation and sports; home and leisure; and nutrition.  North Castle is headquartered in Greenwich, CT (www.northcastlepartners.com).

hydro nf22Fund VI already has two portfolio companies. In April 2016, North Castle acquired JTL Enterprises (DBA HydroMassage) a designer, manufacturer, marketer and seller of dry hydrotherapy massage systems. HydroMassage offers products in a bed and lounge format, both of which deliver a full body massage while allowing users direct control over the massage. HydroMassage products are located in fitness centers, chiropractor and medical offices, and other formats receptive to wellness services. According to North Castle, the company is a pioneer in its category and maintains the #1 market share in North America.  HydroMassage is headquartered in Clearwater, FL (www.hydromassage.com).

SLT nf44In May 2016, North Castle acquired SLT Group (DBA Strengthen, Lengthen and Tone), an operator of fitness studios that offer 50-minute workouts combining low-impact Pilates movements with intense cardio and strength training exercises. These types of programs are often referred to as “Pilates on steroids”. SLT currently operates 11 studios in the New York/New Jersey metropolitan area (www.sltnyc.com).

Alison Minter nf1“We are pleased by the level of interest from new and returning investors in North Castle and in the healthy, active and sustainable living consumer product and services marketplace,” said Alison Minter, Managing Director. “Our investments in HydroMassage and SLT are the most recent examples of how changing views toward healthier lifestyles are creating attractive businesses and investment opportunities,” added Ms. Minter. “As the original private equity firm in the healthy living space, our focus has resulted in unparalleled market expertise, network and knowledge in the fitness, nutrition, consumer health and beauty & personal care industries.”

“The foundation of the North Castle approach is to partner with exceptional management teams and industry professionals to unlock the full potential performance of companies in the healthy, active and sustainable living sector. We believe Fund VI is off to a great start with the investments in HydroMassage and SLT,” concluded Mr. Baird.

© 2016 Private Equity Professional • 8-10-16

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