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Align-Pilates, an Evesham provider of pilates equipment, has been acquired by a private equity backed Canadian rival.
Align-Pilates and its parent company T.L Elliott & Co have been snapped up by Toronto-based Merrithew which is backed by private equity firm ONCAP.
Since its launch in 2010, Align Pilates has provided a range of pilates equipment such as reformers and cadillacs for professional studio and home users worldwide.
Merrithew designs and builds similar equipment but also provides accessories such as fitness DVDs and exercise mats to home and studio users as well as hospitality and healthcare.
There has been an upsurge in interest in pilates fitness in recent years as people look to improve not just their physical fitness but mental wellbeing.
According to recent research the global Pilates and Yoga Studios market generated $152.30 billion revenue in 2023 and is projected to grow at a compound annual growth rate of 10.6 per cent from 2024 to 2033.
Align-Pilates hopes the new deal will enable it to diversify its offering and bring its product range to new global markets. It also hopes to support its ongoing investment in innovation and product development.
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.”
Jim Heidenreich, CEO of Merrithew, said the acquisition reflected its ‘commitment to thoughtful growth’. “We are excited to welcome Align-Pilates and look forward to advancing our shared commitment to excellence and innovation in the industry,” he said. “Our goal is to inspire and educate, empowering more practitioners, customers, and educators with exceptional products and high-calibre training.”
An advisory team at Evolve Corporate Finance, led by Justin Sparks, partner and co-founder, provided advice to the shareholders of Align-Pilates.
Find out more about increasing interest from overseas in UK firms
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