TSG Consumer Partners Acquires CorePower Yoga
SAN FRANCISCO--(BUSINESS WIRE)--Mar 12, 2019--TSG Consumer Partners (“TSG”), a leading private equity firm focused exclusively on the branded consumer sector, today announced that it has acquired CorePower Yoga (“CPY”) from L Catterton. Terms of the transaction were not disclosed.
CorePower Yoga is the fastest growing and largest yoga fitness studio operator in the U.S. Its mission is to bring the life-changing benefits of yoga to a diverse and inclusive community of yoga enthusiasts – offering a variety of yoga classes, convenient schedules and reciprocity across all its studios, and digital instruction app CorePower Yoga On Demand. CPY is the first investment made by TSG’s eighth fund, TSG8, which closed in February 2019 with $4.0 billion of limited partner capital commitments.
“CorePower Yoga has established itself as a leading and differentiated brand in the health and wellness space with a proven concept centered around fitness and mindfulness, a loyal and growing member base and a network of high-quality instructors,” said Colin Welch, Managing Director at TSG. “We are thrilled to partner with the CPY team as we continue to build upon the Company’s platform and position CPY for continued success.”
Eric J. Kufel, Chief Executive Officer of CorePower Yoga, said, “TSG has an outstanding track record of building and nurturing world-class brands, making them an invaluable partner as we enter our next chapter. Importantly, this investment enhances our ability to empower our community to achieve CPY’s mission, while bringing the CPY practice to more students seeking yoga and yoga-inspired fitness classes rooted in mindfulness.”
“This investment is a clear reflection of TSG’s continuing commitment to the fitness space,” added Michael Layman, Managing Director at TSG. “CPY is a powerhouse within the fitness segment, and yoga is particularly attractive given its high level of consumer penetration, broad accessibility and appeal relative to other areas of boutique fitness.”
Ropes & Gray LLP acted as legal advisor to TSG and Piper Jaffray & Co. and Jefferies LLC served as financial advisors to TSG.
About CorePower Yoga
CorePower Yoga strives to show the world the incredible, life-changing things that happen when an intense physical workout is rooted in the mindfulness of yoga. Through a variety of yoga classes, convenient times and locations across the country, CorePower Yoga provides a highly intense and incredibly mindful form of fitness.
CorePower Yoga’s passionate and encouraging certified instructors take a typical yoga practice and crank it up to 11, working every muscle and every emotion. The beautiful, spa-like studios are built to meet the highest standards of service and quality. CorePower Yoga was founded in 2002 and has over 200 studios in 23 states and Washington D.C. For more information, visit www.corepoweryoga.com.
About TSG Consumer Partners
TSG Consumer Partners, LLC is a leading private equity firm focused exclusively on the branded consumer sector. Since its founding in 1987, TSG has been an active investor in the food, beverage, restaurant, fitness, beauty, personal care, household, apparel & accessories, and e-commerce sectors. Representative past and present partner companies include Duckhorn Wine Company, Planet Fitness, IT Cosmetics, REVOLVE, HUDA Beauty, BrewDog, Canyon Bicycles, Pabst, Backcountry, vitaminwater, thinkThin, popchips, Stumptown, Smashbox Cosmetics and e.l.f. Cosmetics. For more information, visit tsgconsumer.com.
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CONTACT: TSG Consumer Partners
Sard Verbinnen & Co
Dan Goldstein / Julie Rudnick
310-201-2040 / 212-687-8080
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
INDUSTRY KEYWORD: TECHNOLOGY HEALTH FITNESS & NUTRITION MOBILE/WIRELESS PROFESSIONAL SERVICES FINANCE
SOURCE: TSG Consumer Partners, LLC
Copyright Business Wire 2019.
PUB: 03/12/2019 02:00 PM/DISC: 03/12/2019 02:00 PM