solidcore founder sells shares to New York private equity firm

Nearly a decade after founding solidcore in D.C., Anne Mahlum has sold her shares to a New York private equity firm.

Why it matters: solidcore turned into a homegrown fitness sensation nationwide. It has 99 fitness studios across 24 states, many in the Washington region and New York City, the Washington Business Journal reports.

Background: solidcore’s first pilates core workout studio opened in Adams Morgan in 2013.

• Within a few years, it became a hit, and more studios opened. Even Michelle Obama was a fan.

What they’re saying: “Creating and scaling solidcore has been one of the greatest joys of my life," Mahlum said, per WBJ.

• Mahlum said she is putting “millions of dollars” from the sale into a fund to distribute to employees who have worked at the company for at least a year prior to the sale, WBJ reports.
• "Sharing some of the financial upside with my team is just the right thing to do," she said.

The terms of the deal with New York-based Kohlberg & Co. were not disclosed.

What’s next: Bryan Myers, who was named CEO two years ago, says he will oversee solidcore’s “growth and expansion.”