M&A Deal Summary

TSG Consumer Partners and Level 5 Capital Partners Acquire CorePower Yoga

On March 12, 2019, private equity firm TSG Consumer Partners and growth capital firm Level 5 Capital Partners acquired consumer services company CorePower Yoga from L Catterton Partners and Amzak Capital Management

Acquisition Highlights
  • This is TSG Consumer Partners’ 3rd and Level 5 Capital Partners’ 2nd transaction in the Consumer Services sector.
  • This is TSG Consumer Partners’ 40th and Level 5 Capital Partners’ 2nd transaction in the United States.
  • This is TSG Consumer Partners’ 2nd and Level 5 Capital Partners’ 1st transaction in Colorado.

M&A Deal Summary

Date 2019-03-12
Target CorePower Yoga
Sector Consumer Services
Buyer(s) TSG Consumer Partners
Level 5 Capital Partners
Sellers(s) L Catterton Partners
Amzak Capital Management
Deal Type Secondary Buyout
Advisor(s) BofA Securities (Financial)
Kirkland & Ellis (Legal)

Target

CorePower Yoga

Denver, Colorado, United States
CorePower Yoga is a provider of challenging yoga practice that allows its students to see benefits in all areas of their lives. CorePower Yoga’s unique style of heated power yoga is physically challenging and combines energy, music, movement and community to create a differentiated yoga experience. CorePower Yoga was founded in 2002 and is based in Denver, Colorado.

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Buyer(S) 2

Buyer

TSG Consumer Partners

Stamford, Connecticut, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1987
PE ASSETS 9.0B USD
Size Mega
Type Sector Focused
DESCRIPTION

TSG Consumer Partners (formerly known as The Shansby Group) is a specialist private equity firm focused on acquiring and building mid-sized, branded consumer companies. TSG invests in private and publicly traded companies, and will consider both majority and minority equity positions. Specific sectors of interest include apparel, beauty, e-commerce, personal care, retail, food/beverages, restaurants, health/wellness, household products, and pet care. TSG looks for companies with sales between $20 million and $1.5 billion and can invest commit up to $500 million per transaction. TSG Consumer Partners was formed in 1987 and is based in San Francisco, California.


DEAL STATS #
Overall 44 of 56
Sector (Consumer Services) 3 of 5
Type (Secondary Buyout) 3 of 11
State (Colorado) 2 of 3
Country (United States) 40 of 51
Year (2019) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-07-19 Prive Revaux

Miami, Florida, United States

Privé Revaux Eyewear was established to disrupt the eyewear market as a purveyor of quality goods at a great value. It was built on a shared passion for style and quality from serial entrepreneur David Schottenstein along with an elite team including celebrity visionaries Jamie Foxx, Hailee Steinfeld and Ashley Benson as well as VP of Celebrity Relations Dave Osokow and Creative Directors Rob Zangardi and Mariel Haenn. With more than 100 hand-crafted and polarized designer frames for $29.95, everyone can be anyone. Each style is named to evoke a personality, from The Artist and The Socialite to The Boss and The Godfather.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-04-08 Wrench Group

Sarasota, Florida, United States

Wrench Group is a provider of home repair, replacement, and maintenance services specializing in heating, ventilation and air conditioning (HVAC), plumbing, water, and electrical services. Wrench Group is based in Sarasota, Florida.

Buy -
DESCRIPTION

Level 5 Capital Partners is a private investment firm formed to invest in high-end wellness and lifestyle offerings with a focus on yoga. Level 5 Capital Partners was established in 2009 and is based in Atlanta, Georgia.


DEAL STATS #
Overall 2 of 5
Sector (Consumer Services) 2 of 5
Type (Secondary Buyout) 1 of 1
State (Colorado) 1 of 1
Country (United States) 2 of 5
Year (2019) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-03-15 Big Blue Swim School

Evanston, Illinois, United States

Big Blue Swim School is an operator of swim school. Big Blue Swim School was founded in 2010 and is based in Evanston, Illinois.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-12-10 Orange Theory Fitness Franchisee

Michigan, United States

Orangetheory Fitness is a provider of boutique fitness in the United States. Its one hour, full-body workout is focused on scientifically-derived, group-based workouts broken into intervals of cardiovascular and strength training to deliver superior results by stimulating metabolism and promoting extra calorie burn.

Buy -

Seller(S) 2

SELLER

L Catterton Partners

Greenwich, Connecticut, United States

Investor Investor Investor Investor Investor


Category Growth Capital Firm
Founded 1989
PE ASSETS 30.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

L Catterton is a private equity firm that targets investments in consumer-related companies located throughout North America. L Catterton looks for businesses with identifiable brands and operating in 'defensible and extensible' positions within growth industry segments. Specific sectors of interest include branded consumables, food/beverages, consumer services, restaurants, media and marketing, household durables, specialty retail, mass merchant retail, and luxury/apparel. Prospective transactions include management buyouts, recapitalizations, turnarounds, and growth financings. L Catterton was formed in 1990 and is based in Greenwich, Connecticut.


DEAL STATS #
Overall 56 of 102
Sector (Consumer Services) 2 of 6
Type (Secondary Buyout) 13 of 20
State (Colorado) 5 of 6
Country (United States) 50 of 76
Year (2019) 1 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-02-26 ThirdLove

San Francisco, California, United States

ThirdLove provides signature half-cup bra sizes to provide a more precise fit, the Company has developed extensive algorithm-based sizing technology that empowers a woman to find her perfect fit from home via the patented Fit Finder. ThirdLove was founded in 2013 and is based in San Francisco, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-04-02 Nutrafol

New York, New York, United States

Nutrafol is a distinctive provider of 100% drug-free, nutraceuticals clinically shown to promote hair growth. Nutrafol takes an integrative approach to hair wellness pioneered in nutraceutical science with natural formulations that address various hormonal, environmental, and hereditary causes that compromise hair health. Nutrafol was founded in 2014 and is based in New York City.

Buy -
DESCRIPTION

Amzak is a diversified investment group focused on middle-market direct company investing, fixed income, real estate acquisitions, and venture healthcare investing. Amzak will consider opportunities throughout the US, Central/South America, and the Caribbean. Within its middle-market direct investing practice, Amzak looks to invest $5 to $50 million in growth-oriented companies in partnership with management. Amzak Capital Management is based in Boca Raton, Florida.


DEAL STATS #
Overall 9 of 11
Sector (Consumer Services) 1 of 1
Type (Secondary Buyout) 2 of 2
State (Colorado) 1 of 1
Country (United States) 6 of 8
Year (2019) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-10-07 Cable Onda S.A.

Panama City, Panama

Cable Onda S.A. is the largest provider of Pay TV and fixed telecommunications services in Panama. As of December 31st, 2017, Cable Onda had approximately 2,300 employees and served 433,000 residential and 34,000 business and government customers.

Sell $1.5B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-09-20 TNR Holdings

Covington, Louisiana, United States

TNR Holdings LLC operates onshore upstream oil and gas development company that has four fields in Plaquemines and Lafourche Parishes in SE Louisiana, with 22 producing wells and over 40 shut-in wells, generating 327 net barrels of oil equivalent per day. TNR Holdings is based in Covington, Louisiana.

Sell -