Yoga Enterprise

Greenwich private equity firm to sell yoga business

GREENWICH – Private equity firm L Catterton announced this week that it will sell its CorePower yoga gym chain to San Francisco-based private equity firm TSG Consumer Partners.

Financial details of the transaction were not disclosed.

Since partnering with L Catterton of Greenwich in 2013, CorePower Yoga has expanded its program significantly from 80 studios in 12 states to more than 200 in 23 states, according to L Catterton representatives. There are no locations in Connecticut. The nearest centers are in Manhattan.

“We are proud of the success and growth that CorePower Yoga has achieved over the past five years,” said Marc Magliacano, managing partner of L Catterton’s Flagship Buyout Fund, in a statement.

L Catterton has invested in a number of fitness companies including Peloton, Classpass, and Equinox. Bodytech, one of the largest fitness club operators in Latin America; and Will’s Group, a member-based fitness facility and service provider in China.

Among the most recent deals, L Catterton announced last December that it had acquired Cholula, a maker and distributor of hot sauce made in Mexico.

The deal would allow Cholula to become a “truly stand-alone” company and continue to realize its potential as a “strong and enduring global brand,” L Catterton officials said in a statement. They also cited the growth of the hot sauce category and the brand’s popularity with millennial and Hispanic consumers.

Cholula’s Hot Sauce was introduced in the US in 1989 and is now available in six flavors.

L Catterton describes itself as the world’s largest consumer-centric private equity firm.

Headquartered at 599 W. Putnam Ave. manages more than $ 15 billion in equity and employs a team of more than 150 people.

Since 1989, the company has made more than 200 investments in consumer brands. Current and past investments in packaged goods include The Honest Co., Kettle Brands, Zarbee’s, Chef, Ainsworth Pet Nutrition, Plum Organics, Odwalla, Beanitos, Ferrara Candy Company, and Sweet Leaf Tea.

pschott@scni.com; 203-964-2236; Twitter: @paulschott

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