Pilates equipment provider snapped up by PE-backed Canadian firm
Pilates equipment provider Align-Pilates has been acquired by a Canadian supplier.
Private equity-backed Merrithew swooped for the Evesham firm and its parent company T.L. Elliott & Co to diversify its product and brand portfolio of high-quality and versatile equipment for professional studios and individuals.
The new partnership will enable Align-Pilates to bring its product range to new global markets and support its ongoing investment in innovation and product development.
Since its launch in 2010, Align-Pilates has provided high-quality, well-crafted solutions for professional studio and home use markets worldwide from its Evesham headquarters.
An advisory team at Evolve Corporate Finance, led by Justin Sparks, partner and co-founder, provided advice to the shareholders of Align-Pilates, identifying and engaging international strategic parties. Sparks was supported by director, David Lee, and manager Daniel McCartney.
Partner Richard Wilkey, senior associate Lara Bethell, and solicitor Lauren Basham, in the Corporate team at HCR Legal, provided legal advice to the sellers.
Jim Heidenreich, CEO of Merrithew, added: “The acquisition of Align-Pilates reflects our commitment to thoughtful growth and our ongoing mission to deliver innovative, quality equipment, accessories and education to a larger global community. We are excited to welcome Align-Pilates and look forward to advancing our shared commitment to excellence and innovation in the industry. Our goal is to inspire and educate, empowering more practitioners, customers, and educators with exceptional products and high-calibre training.”
Justin Sparks, partner and co-founder at Evolve Corporate Finance, commented: “The growth of the family-owned group and the Align-Pilates brand, spearheaded by brothers David Elliott and CharlesElliott and the management team, has been incredibly impressive, as is its dedication to innovation, product development and excellence. We are delighted to have advised on this cross-border transaction which will see Align-Pilates, and the wider group, continue to thrive on a global stage as part of Merrithew.”
David Elliott, former director and shareholder of T.L. Elliott & Co Ltd, added: “We are delighted that T.L. Elliott is now part of the Merrithew group which will enable the company to continue its commitment to producing innovative, high-quality equipment and increase Pilates participation globally, in what is a rapidly growing global industry. We selected Evolve based on their professional approach and market knowledge and from the outset, the Evolve team navigated us through the complex multistage process of selling our business. Evolve understood our approach to business and our desired outcome from the sale and worked hard to deliver a great result for the directors and shareholders.”
