[solidcore] Founder Anne Mahlum Sells her Company, Shares Millions with Employees

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Apr 18, 2023, 14:30 ET

Entrepreneur and Company Founder Honors the Team that Supported the Company's Continued Growth

WASHINGTON, April 18, 2023 /PRNewswire/ -- [solidcore] today announced that Anne Mahlum, who founded the company in 2013, is selling all of her shares to Kohlberg & Company for an undisclosed amount. Over the years, Mahlum has raised substantial capital from private equity firms Peterson Partners, Kohlberg & Company, and VMG Partners, who are now the majority owners in the company.

"Creating and scaling [solidcore] has been one of the greatest joys of my life," said Mahlum. "I'm wildly grateful to every single team member, client and investor, who have contributed to building this incredible company that has enriched so many people's lives, including mine."

Mahlum put every dollar she had saved into opening her first studio in Washington, D.C. when she was 33 years old. As part of this transaction, she will award millions of dollars to her team through an incentive pool she created in 2018. All full-time employees who have been with the company for at least a year prior to the transaction will receive a portion of the proceeds.

"[solidcore]'s success is far from just my own, and it wouldn't be where it is today without a lot of people's commitment," Mahlum said. "Sharing some of the financial upside with my team is just the right thing to do."

Bryan Myers, who Mahlum promoted to CEO in April 2021, will remain in his position as part of this transaction.

"Bryan's leadership is one of the main reasons I am confident in selling my business," Mahlum said. "I've worked with him for more than five years, and you would be hard pressed to find a person with more integrity and intelligence than Bryan."

For the past two years, with Anne Mahlum as executive chairwoman and Bryan as CEO, the two drove [solidcore] to new heights, growing to 99 studios in 24 states, and led the company through a transformative time during the pandemic when the landscape of boutique fitness studios changed. [solidcore] came out on top and will accelerate further growth with this new round of funding.

"Anne has been a formidable business leader, partner and inspiration for our entire team," said Myers. "We are all stronger versions of ourselves thanks to Anne's vision and the investors who continue to believe in the strength of [solidcore]'s business model. I feel privileged to continue to lead this team as we tackle this next chapter of growth and expansion."

In 2022, the proportion of capital invested in female-founded startups dropped to 1.9% in the US, down from 2.4% in 2021.[1] Mahlum started [solidcore] as a female founder and entrepreneur with just $175,000 less than ten years ago.

For more information about [solidcore], visit https://www.solidcore.co/.

About the transaction

Lowenstein Sandler LLP served as exclusive representation to Anne Mahlum. Piper Sandler & Co. served as the exclusive financial advisor to [solidcore]. [solidcore] was represented by Ropes & Gray LLP and Kohlberg & Co. was represented by Paul, Weiss, Rifkind, Wharton & Garrison LLP.

About [solidcore]

[solidcore] is a 50-minute, full-body, strength-training workout that uses slow, controlled movements to break down the slow-twitch muscle fibers so that they build back stronger and leaner. [solidcore] differentiates itself by bringing different levels of intensity and efficiency to the workout and the overall experience – attracting those who believe that the joy is in the work, and that there is always work to be done. With a focus on empowering [communities] and creating a space where everyone feels inspired, included, and seen, [solidcore] is on a mission to help people create the strongest version of themselves. To learn more, visit www.solidcore.co.

¹ Source: PitchBook-NVCA Venture Monitor, January 11, 2023

Media Contact: Kristin Adomaitis
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SOURCE [solidcore]