Wellness Central: TSG Acquires CorePower Yoga from L Catterton
TSG Consumer Partners has acquired CorePower Yoga from L Catterton.
CorePower operates a fast-growing chain of yoga studios in the U.S., and offers instruction via app through CorePower Yoga On Demand. Terms of the deal were not disclosed. L Catterton invested in the business in 2013.
TSG has a history of investing in the wellness category. The firm backs Nuun, which makes electrolyte tablets that can be added to water, as well as Sunshine Fitness, which owns many Planet Fitness gyms. The firm is also a big investor in beauty and has stakes in brands including Huda Beauty and Revolution Beauty.
TSG managing director Colin Welch said CorePower was an attractive deal because of its proven wellness concept, plus a growing and loyal member base. "Yoga is particularly attractive given its high level of consumer penetration, broad accessibility and appeal relative to other areas of boutique fitness," Michael Layman, TSG managing director, said in a statement.
CorePower isn't the only boutique practice to attract the private equity set. TPG Growth-backed Xponential Fitness acquired dance-cardio business AKT in 2018, as well as several other niche fitness studio chains.
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