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® 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® Suspension Training® 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® 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® 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.
Castanea is a private equity firm that works in partnership with founders and management teams of innovative passion brands to grow their businesses through a combination of capital investment and operating expertise. We are focused on select consumer verticals including beauty, food and beverage, multi-unit services, and enthusiast lifestyle. We typically invest between $15 to $150 million of equity in minority or majority transactions. Our team of talented operating executives offers critical expertise in key verticals and functional areas, and provides our partner companies with strategic and tactical support. Castanea has more than $1 billion in assets under management and is currently investing from a $735 million fourth fund. For more information about Castanea Partners read our story.