Castanea Partners Buys Stake in Fitness Anywhere

Buyout shop Castanea Partners has acquired a minority stake in San Francisco-based suspension training equipment maker Fitness Anywhere. The company said it would use the proceeds to fund strategic growth. Financial terms of the deal were not released. Newton, Mass.-based Castanea Partners typically invests between $15 million and $75 million into companies focused on consumer products, specialty retail, marketing services, information services, and education.

PRESS RELEASE
Castanea Partners announced today that it has purchased a minority interest in Fitness Anywhere, LLC. Headquartered in San Francisco, CA, Fitness Anywhere develops and markets innovative suspension training equipment and content under the TRX(R) brand.

Randal Hetrick, a former US Navy SEAL, founded Fitness Anywhere in 2004 as a commercial platform for the training technique he invented in response to demand by Navy SEALs to maintain high levels of strength and conditioning without access to gyms or safe outdoor space. Fitness Anywhere’s world-class training products and exercise programs are currently used by professional and amateur athletes, fitness professionals, exercise enthusiasts, first responders, and members of the US military. TRX(R) Suspension Training(R) exercises employ cutting edge functional training techniques utilizing body weight resistance and natural body movements to empower athletes across a broad range fitness levels to achieve individual goals ranging from speed, strength, and stability to flexibility and weight loss. TRX(R) is rapidly changing the way athletes train for competition, soldiers prepare for combat, trainers and fitness professionals instruct clients, and physical therapists rehabilitate patients.

“We’re very excited about partnering with Fitness Anywhere,” said Brian Knez, Managing Partner of Castanea. “Suspension training is a valid training regimen with tremendous performance benefits that has created a high level of enthusiasm and advocacy among trainers, professionals, and recreational athletes.”

“As a consumer, I was a big fan of TRX(R) and suspension training before learning about the investment opportunity. Randy and his team have built a great brand and we are excited to help them continue to grow. They have tremendous potential to broaden consumer awareness and expand their content and training offerings,” said Steve Berg, Partner for Castanea. “There is meaningful opportunity to accelerate customer adoption with programming and digital content, to broaden the product line, and to expand internationally.”

“As we sought a capital infusion to help fund our strategic growth opportunities, it became clear that Castanea’s experience guiding high growth companies and building lasting brands positioned them as the ideal partner to help us get there,” said Randal Hetrick.

Fitness Anywhere was represented by Partnership Capital Growth, a full-service boutique investment bank that focuses exclusively on the healthy, active and sustainable living marketplace. Terms of the transaction were not disclosed.

About Castanea

Castanea Partners is a private equity fund founded by operating executives and private equity veterans. We invest between $15M to $75M of equity in companies within specifically targeted industry sectors where we have proven investment and operating expertise including branded consumer products, specialty retail, marketing services, information services, and education.

Our investment philosophy is based on the belief that our specific industry experience and unique operating backgrounds enhance our ability to partner with successful management teams and drive top-level returns for our investors. We invest in traditional MBOs, sales of private companies, industry consolidations, growth equity and acquisition equity capital raises, corporate carve-outs and operationally challenged opportunities.

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