Advent International has agreed to acquire Washington, D.C.-based Mariana Tek, a software company serving boutique fitness brands. No financial terms were disclosed.
WASHINGTON–(BUSINESS WIRE)–Mariana Tek, a U.S.-based software company serving premium brands in boutique fitness, today announced that it has reached an agreement to be acquired by Advent International (“Advent”), one of the largest and most experienced private equity investors with over $54 billion of assets under management. This investment is supported by Transaction Services Group (“TSG”), Advent’s portfolio company. In combination they will fuel Mariana Tek’s growth strategy alongside its management team and CEO, Stacey Artandi Seldin.
“Advent is thrilled to have invested in Mariana Tek in partnership with TSG. We look forward to working alongside the company’s management team to strengthen its position as a forceful disruptor for enterprise, franchise and multi-location boutique fitness brands,” said Jeff Paduch, Managing Director at Advent. “We will continue to invest heavily in Mariana Tek to accelerate product development, geographic expansion and payments innovation, leveraging Advent’s deep experience and TSG’s global go-to-market infrastructure.”
Mariana Tek, based in Washington, D.C., was founded in 2014 by a team with robust experience in the health and fitness industry. The founders—Stacey Seldin and John Huffsmith—are the architects who built, managed and scaled the technology platform at Flywheel Sports, widely recognized as one of the best technology programs in boutique fitness.
Stacey Artandi Seldin, Co-Founder and CEO of Mariana Tek, said: “When John and I founded Mariana Tek, we knew there was a significant opportunity to provide a new enterprise software solution to boutique fitness brands. The industry has changed dramatically in recent years. Brands and customers are becoming increasingly sophisticated, and with that comes an appetite for innovation. Today, we are proud to offer the only business management platform in fitness specifically tailored to multi-location brands from its inception. Our plan is to continue building industry-leading applications and world-class interfaces that people love. We know that with the support of Advent and TSG we can bring Mariana’s unique combination of great technology and deep domain expertise to the premier brands in boutique fitness.”
Mariana Tek is transforming boutique fitness, an industry hungry for innovation and disruptive technology. As a tech partner, Mariana Tek creates a stress-free, joyful booking experience for both the fitness consumer and leading fitness brands like Barry’s. From Bring-a-Guest features to native Pick-a-Spot scheduling, cross-location reciprocity of credits and memberships, and consolidated reporting, Mariana Tek provides a fast and seamless user experience for all.
Advent International is an excellent partner for Mariana Tek as it has experience investing in health and wellness related sectors including specialty retail through its investment in lululemon, the premier brand in athletic and yoga apparel. Mariana Tek’s partnership with Advent and TSG will provide the strong resources to allow the company to accelerate product development and expand internationally.
ABOUT MARIANA TEK
Mariana Tek is a Washington, DC-based technology company that offers a leading enterprise-class business management platform designed specifically for the boutique fitness industry. The product suite features best-in-class customer experiences; innovative revenue-generating features; and API’s and developer tools that enable clients and partners to realize their creative visions with superior boutique fitness software. For more information, please visit https://marianatek.com.
ABOUT ADVENT INTERNATIONAL
Founded in 1984, Advent International is one of the largest and most experienced global private equity investors. The firm has invested in over 350 private equity transactions in 41 countries, and as of June 30, 2019, had $54.3 billion in assets under management. With 15 offices in 12 countries, Advent has established a globally integrated team of over 200 investment professionals across North America, Europe, Latin America and Asia. The firm focuses on investments in five core sectors, including business and financial services; health care; industrial; retail, consumer and leisure; and technology. After 35 years dedicated to international investing, Advent remains committed to partnering with management teams to deliver sustained revenue and earnings growth for its portfolio companies.
For more information, visit
ABOUT TRANSACTION SERVICES GROUP
TSG is a global provider of integrated software and payments solutions to the health & wellness and childcare sectors. TSG helps gyms, community clubs and childcare centres manage their members and customers, driving improved member retention and revenue performance, whilst simultaneously reducing administrative burden and cost. Over the last three years, TSG has more than doubled its revenue, through both strong organic growth and several strategic acquisitions. Founded in 1994 in Auckland, New Zealand, the company now also operates across Australia and the UK, with emerging customer bases in Japan, Europe, and the US.
For more information, visit: https://transactionservices.global