Private-equity firm Catterton has made a significant investment in Pure Barre. Spartanburg, South Carolina.
Pure Barre announced Catterton’s growth capital investment on May 1, which will be used to support continued domestic and international expansion. Terms of the transaction were not disclosed.
The Wall Street Journal reported the transaction gives Catterton a majority stake in Pure Barre, the nation’s largest barre-based fitness chain.
Pure Barre has more than 300 studios in 42 states and the District of Columbia. Pure Barre calls its brand of barre-based fitness proprietary and uses a method that combines ballet, Pilates and resistance training in a low-impact, total-body workout.
Pure Barre CEO Sloan Evans and the current management team will continue to lead Pure Barre.
"We have a passionate group of franchise partners and customer loyalists who have helped Pure Barre become the leader in the barre category," Evans said in a statement. "We have found an ideal partner in Catterton and look forward to working together to take Pure Barre to the next level. Their collaborative, operationally focused approach and proven track record of partnering with leading specialty fitness companies to expand strategically will help us reach even more people in meeting their health and lifestyle goals."
Spartanburg-based investment group WJ Partners will remain an investor in Pure Barre. WJ Partners’ Jamie Wall told the Spartanburg Herald-Journal that Pure Barre had 98 studios when the group invested in 2012 and 100 additional studios opened in 2014.
“We have worked hard over the past two-and-a-half years to establish Pure Barre as the market leader in the barre segment,” Wall said in a statement. “At this critical inflection point, we welcome Catterton's significant retail experience and history of successful brand stewardship to help Pure Barre capitalize on future opportunities. We are confident that Pure Barre will thrive with Catterton on board."
Catterton has experience investing in the specialty fitness and athletic apparel space. It has investments in CorePower Yoga, Flywheel Sports and Sweaty Betty.
Pure Barre has a retail presence that includes in-store and online apparel sales, media and fitness accessories.
Founded in 1989, Catterton has $4 billion under management and invests in a variety of consumer segments including food and beverage, retail and restaurants, consumer products and services, consumer health, and media and marketing services.
Catterton partner Marc Magliacano called Pure Barre a “clear leader” in the Barre fitness category in a statement.
“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,” Magliacano said in a statement. “We look forward to partnering with Pure Barre's outstanding team and devoted franchise partners to support the brand's continued expansion, while remaining true to its core values as the company grows its dedicated and enthusiastic consumer base.”