Pure Barre, Irvine, California, has reached a partnership agreement with private equity firm Palladin Consumer Retail Partners, Boston, to expand its footprint in New York's tri-state region, the company announced on June 24.
Palladin, for an undisclosed sum, has acquired 13 existing Pure Barre studios in New York, New Jersey and Connecticut, which it will oversee with a newly created management team, PB Metro LLC. As part of the agreement, former franchisees Kaitlin Vandura, Chelsea Costello, Tiffany Simpkins and Lauren Singer will continue to run day-to-day operations at their respective studios.
Additionally, Palladin is leading the development of 15 new studios that will open in the region by 2022.
"As the first partnership of this kind outside of multi-unit franchisees, this new effort with Palladin is an important step for Pure Barre," Pure Barre President Sarah Luna said in a media release. "As Pure Barre expands, the partnership solidifies our position in the tri-state market as the barre category's leading franchise. It will bring more career opportunities to the region, create an even larger footprint of the Pure Barre brand experience for consumers, as well as pave the way for future partnerships of this nature and scale."
Pure Barre was founded in 2001 by dancer Carrie Rezabek Dorr and, in 2018, was acquired by California-based Xponential Fitness, whose boutique brand portfolio also includes Yoga Six, Club Pilates, CycleBar, StretchLab, Row House and AKT.
Pure Barre is the largest barre-centric fitness chain in North America with more than 550 studios.
Palladin was founded in 1998 and seeks to invest $20 million to $50 million of equity capital into lower-middle market consumer and retail products and services companies that already claim at least $50 million in revenue, according to its website.