Pure Barre, an operator of barre fitness studios, has received a growth capital investment by Catterton Partners. Barre exercises are a type of physical fitness regime that incorporates postures from ballet, yoga and Pilates in tandem with the use of a barre – a stationary handrail that provides support – while doing exercises that focus on isometric strength training combined with high repetitions of small range-of-motion movements.
Pure Barre is the one of the largest providers of barre-based fitness with over 300 fitness studios in 42 states and the District of Columbia. The company also has a growing retail presence that includes in-store and online sales of apparel, media content and other fitness accessories. Pure Barre is headquartered in Spartanburg, SC (www.purebarre.com).
Catterton’s investment will be used to support Pure Barre’s continued expansion across the US and internationally. The investment in Pure Barre comes on the heels of Catterton’s February 2015 investment in Sweaty Betty, a women’s activewear brand, based in the UK.
Sloan Evans, Pure Barre’s Chief Executive Officer and other members of the senior management team will continue to lead the company. “We have a passionate group of franchise partners and customer loyalists who have helped Pure Barre become the leader in the barre category,” said Mr. Evans. “We have found an ideal partner in Catterton and look forward to working together to take Pure Barre to the next level. Catterton’s collaborative, operationally-focused approach and proven track record of partnering with specialty fitness companies to expand strategically will help us reach even more people in meeting their health and lifestyle goals.”
Catterton Partners focuses exclusively on the consumer industry and invests in all major segments including food and beverage, retail and restaurants, consumer products and services, consumer health, and media and marketing services. Catterton was founded in 1989 and has more than $4 billion in capital under management. The firm is located in Greenwich, CT (www.cpequity.com).
“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. Pure Barre is the perfect complement to Catterton’s fitness portfolio.”
WJ Partners, which invested in Pure Barre in 2012, will remain an investor in the company with Catterton. WJ Partners invests in lower-middle market companies in the consumer and business services sectors. The firm was founded in 2008 and is headquartered in Spartanburg, SC (www.wjpartners.com).
Piper Jaffray & Co. and Stephens Inc. acted as financial advisors to Pure Barre.
2015 PEPD • Private Equity’s Leading News Magazine • 5-4-15
