Comvest Credit Partners Serves as Joint Lead Arranger on $325 Million Senior Credit Facility for Solidcore

Financing supports acquisition of majority stake in the Pilates workout fitness chain by L Catterton

WEST PALM BEACH, Fla.--(BUSINESS WIRE)--Comvest Credit Partners, a leading provider of flexible direct financing solutions to middle-market companies, is pleased to announce that it is acting as Joint Lead Arranger on a $325 million senior secured credit facility for Solidcore, a Pilates workout fitness chain based in Rosslyn, Va. The financing supports the acquisition of a majority stake in Solidcore by private equity firm L Catterton.

Solidcore owns and operates a national network of fitness studios providing targeted strength training on custom-built Pilates reformer machines. Since its founding in 2013, Solidcore has grown to approximately 130 locations across 25 states and the District of Columbia, with a significant presence along the East Coast.

“Solidcore is a leading brand in Pilates, the fastest-growing segment of the boutique fitness industry, and offers compelling historical growth, strong financial performance, and the support of a leading consumer-focused private equity sponsor,” said Nick McClelland, a Managing Director and Co-Head of Consumer & Retail at Comvest Credit Partners. “Comvest Credit Partners looks forward to working with the L Catterton team to support Solidcore’s continued business growth and expansion into existing and new markets.”

About Solidcore

Solidcore is a boutique Pilates fitness chain with locations across the United States. For more information, please visit www.solidcore.co.

About Comvest Credit Partners

Comvest Credit Partners, the direct lending platform of Comvest Partners, focuses on providing flexible financing solutions to middle-market companies. Comvest Credit Partners provides senior secured, unitranche, and second lien capital to sponsored and non-sponsored companies in support of growth, acquisitions, buyouts, refinancings, and recapitalizations, with credit facilities up to $300 million-plus. For more information, please visit comvest.com/direct-lending.

About Comvest Partners

Comvest Partners (“Comvest”) is a private investment firm that has provided equity and debt capital to well-positioned middle-market companies throughout North America since 2000. Through its private equity, direct lending and special opportunities investment platforms, Comvest offers tailored investment solutions across the capital structure along with deep industry expertise, operating resources, a collaborative approach, and significant transaction experience as an active investor. Today, Comvest manages $15.3 billion in assets, and has invested over $14.4 billion since inception. Comvest is based in West Palm Beach, with offices in Chicago and New York City. For more information, please visit comvest.com.