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.
Fund
ONCAP IV
Period
February 2022 - Present
ONCAP Team
Transaction Summary
ONCAP acquired Merrithew International Inc. ("Merrithew") in February 2022.
Business Description
Merrithew is a global leader in mindful movement, providing an integrated ecosystem of premium equipment, professional education and digital content and is one of the largest developers and manufacturer of Pilates equipment and education solutions. Through leading brands including STOTT PILATES®, Merrithew®, Align-Pilates® and the GYROTONIC® organization, Merrithew supports instructors, studios, fitness clubs, rehabilitation centers and wellness professionals across their full movement journey. Founded in 1988 and headquartered in Toronto, Ontario, the Company has trained more than 100,000 students and partners across over 135 countries since inception.
Investment Thesis
ONCAP was attracted to Merrithew for several reasons, including its (i) leading market position, (ii) globally recognized brand, (iii) compelling industry tailwinds driven by increasing consumer focus on health and wellness, (iv) opportunities for both organic and acquisition growth within a fragmented market, (v) attractive free cash flow characteristics, and (vi) entrepreneurial management team. In partnership with the management team, ONCAP aims to create value by growing through new and existing customers, end markets and geographies, expanding into adjacent product categories and identifying strategic acquisitions