ONCAP has acquired a majority stake in Merrithew International, a Toronto-based developer, maker and retailer of Pilates equipment, accessories, content and education. No financial terms were disclosed. ONCAP, the mid-market investment arm of Onex, said the deal will support the company’s organic and acquisition-led growth.
TORONTO, Feb. 17, 2022 (GLOBE NEWSWIRE) — ONCAP today announced it has purchased a majority stake in Merrithew International Inc. (“Merrithew” or the “Company”), in partnership with the Company’s founders, Lindsay and Moira Merrithew.
Merrithew is a global leader in mindful movement as one of the largest developers, manufacturers and retailers of Pilates equipment, accessories, content and education worldwide. The Company’s innovative education and certification programs for fitness instructors operate under several global brands including STOTT PILATES®, ZEN•GA®, Total Barre®, Halo® Training, Merrithew Fascial Movement, and CORE™ Athletic Conditioning and Performance Training™. Founded in 1988 and headquartered in Toronto, Ontario, Merrithew has trained more than 60,000 instructors and partners worldwide since inception.
“Today’s announcement marks an exciting new chapter for Merrithew’s continued global growth and expansion with the support of ONCAP,” said Lindsay G. Merrithew, President & CEO of Merrithew. “ONCAP’s impressive track record backing founder-owned businesses gave our family the utmost confidence they are the ideal partner for us.”
“Merrithew is recognized by consumers globally for its high-quality and innovative equipment, accessories and education courses and content, with an unparalleled commitment to exceptional customer service,” said Wole James, a Managing Director with ONCAP. “We are delighted to be partnering with Lindsay, Moira and the Merrithew team to further build on the Company’s tremendous success and global expansion through a variety of organic and acquisition growth initiatives.”
The investment was made by ONCAP IV, Onex Corporation’s (TSX:ONEX) $1.1 billion fund. The terms of the transaction are not being disclosed at this time.
ONCAP is the mid-market private equity platform of Onex. In partnership with operating company management teams, ONCAP invests in and builds value in North American headquartered small- and medium-sized businesses that are market leaders and possess meaningful growth potential. For more information on ONCAP, visit its website at www.oncap.com.