YogaWorks, a Los Angeles-based company that operates 29 studios in California and New York, was sold to the Boston-based private equity firm Great Hill Partners earlier this month.
The yoga studio’s parent firm, Highland Capital Partners, sold the company for about $45 million, according to the Wall Street Journal. In addition to studio-based classes, YogaWorks produces online courses and videos through MyYogaWorks and has an established teacher-training progam.
“The popularity of yoga is on the rise and has been for years,” says Eric Willin, COO of EZFacility, a fitness facility management software developer in Woodbury, New York. “Investing in a yoga studio is simply a good business decision, especially if the studio is an established brand with the potential to thrive in new markets.”
Great Hill Partners has more than $3 billion under management. A spokesperson for the firm told the Wall Street Journal that YogaWorks was an appealing acquisition because of its robust brand recognition. Also, Great Hill’s research reportedly has shown that yoga class attendance is increasing at a rate of more than 10 percent per year.