PE OWNED · ON WATCH
[solidcore]
Includes Solidcore
boutique fitness · Washington, DC
- PE Firm
- L Catterton
- Year Acquired
- 2024
LVMH's PE arm paid up to $700 million for a Pilates chain. The $325 million debt facility is already in place. Your $40 class is about to get more expensive.
Too Soon to Tell
- L Catterton (backed by LVMH) acquired a majority stake in [solidcore] in September 2024, valuing the company at a reported $600 to $700 million
- Its previous private-equity owners VMG Partners, Peterson Partners, and Kohlberg & Company sold their stakes to L Catterton in yet another PE handoff
- L Catterton secured a $325 million credit facility to fund the acquisition, debt the company's revenue must now service
- Expansion is accelerating fast: 25 to 30 new studios opened in 2025 and 30 to 35 more are planned for 2026, the growth-at-all-costs strategy already in motion
Early Signs
- No documented decline yet — [solidcore] remains one of the highest-rated boutique fitness brands with a devoted following
- Classes already run $35–$40 each, making it one of the most expensive studio fitness options — PE ownership and $325 million in new debt create pressure to push prices higher
- The Pilates boom has attracted PE money across the industry (Club Pilates, [solidcore], and others) — consolidation could reduce competition and independent studio options
- For now, this is a watching entry — but L Catterton's track record of aggressive growth and eventual exits means the clock is ticking on the current experience
Sources
- L Catterton Acquires Majority Stake in Solidcore Amid Pilates Boom — Athletech News(2024-09-15)
- L Catterton to Acquire Majority Stake in [solidcore] — PR Newswire(2024-09-15)
- Comvest Credit Partners Serves as Joint Lead Arranger on $325 Million Senior Credit Facility for Solidcore — Comvest(2025-02-04)
- Solidcore Accelerates Expansion Pace, Thanks in Part to Real Estate Tech — Athletech News(2026-05-14)
- Solidcore review — The Fit Delish(2024-01-01)