Founder and CEO Anne Mahlum raises funds with focus on long-term brick and mortar and digital growth
Washington, DC, Feb. 19, 2021 (GLOBE NEWSWIRE) -- [solidcore], a nationwide boutique fitness company founded in Washington, DC, announced today that it closed a growth equity deal with VMG Partners to fund more studios, explore acquisitions, invest in talent and bolster its digital presence. [solidcore] has experienced exponential growth since its inception going from one studio to 70 in six years.
“2021 is going to be a year of rebuilding, reconnecting and re-energizing our community,” said Anne Mahlum, [solidcore]’s Founder, CEO and Chairwoman. “We will focus on stabilizing our current studios in the first several months of the year, and we have big plans to get back to studio growth starting in the latter half of 2021.”
Mahlum, maintains control of the company, has raised more than $70M in venture capital since founding [solidcore] over six years ago. For this raise, Mahlum was not only focused on finding a partner who could support [solidcore]’s growth plan, but who shared the same mission and values. VMG has a strong history of investing in minority and women-owned companies. The firm also shares [solidcore]’s commitment to creating and promoting a diverse and equitable workforce.
“We’re thrilled to be partnering with VMG for several reasons, but the most important is that we have shared values on how to run a business and that the financial return must follow that, it doesn’t lead it. Our people and our community come first and VMG gets that,” Mahlum said. “Our company takes our mission statement of helping people create the strongest versions of themselves seriously. This investment allows us to bring our community to more people across the country and in due time, around the globe.”
While VMG is heavily invested in the consumer space with notable brands such as KIND, Drunk Elephant, Justin’s, Quest and SunBum, this is the company’s first investment in fitness.
“We’ve been so impressed at the amazing brand, incredible business, and special team that Anne has built at [solidcore],” said McConnell Smith, partner at VMG. “It’s been remarkable to witness the tremendous passion and loyalty from the [solidcore] community as we’ve gotten to know the brand. We could not have envisioned a better brand to enter the category with and could not be more excited to partner with Anne and the rest of the [solidcore] team.”
[solidcore]’s full-time employees will also share in this news as Mahlum is personally rewarding them with a significant portion of her proceeds as part of this transaction.
“I will never lose sight of the fact that what makes this company successful is in large part due to our incredible team of people all around the country who execute our brand and product beautifully.” Mahlum said. “I also am fully aware I would not be where I am today without them, and they deserve to share in the financial reward.”
VMG joins Peterson Partners, who invested in [solidcore] in 2017 and continues to hold a meaningful stake in the company. Piper Sandler & Co. served as the exclusive financial advisor to [solidcore]. [solidcore] was represented by Lowenstein Sandler LLP and VMG was represented by Winston & Strawn LLP.
[solidcore] is a 50 minute, low-impact high-intensity pilates-based workout that incorporates slow, weighted, controlled movements that break down muscle fibers so that they build back stronger and leaner. [solidcore] launched in 2013 in Washington, DC and has since expanded to 70 brick-and-mortar studios across the country. Learn more about [solidcore] at www.solidcore.co.
About VMG Partners:
VMG Partners is focused on partnering with entrepreneurs and managers to support the growth and strategic development of leading branded consumer product and technology companies. VMG currently invests through its Growth and Catalyst funds. Since its inception in 2005, VMG has provided financial resources and strategic guidance to drive growth and value creation in over 40 companies.
CONTACT: Jenny Kay [solidcore] (202) 643-7851 firstname.lastname@example.org