A while back we had heard rumors that Barry’s Bootcamp was no longer franchising their brand. True or not, it did make us wonder what this group fitness phenomenon was up to. And now, it’s clear, as Barry’s has just received an investment from fitness-focused private equity firm, North Castle Partners, to fund a Soul Cycle-like expansion.
Barry’s Bootcamp, Los Angeles, received a strategic investment from North Castle Partners, Greenwich, Connecticut, on Tuesday.
The investment will fuel growth and expansion of the Barry’s Bootcamp brand in new markets and develop additional locations in existing markets, according to a joint media release. Terms of the investment were not disclosed.
North Castle was said to value Barry’s Bootcamp at about $100 million, according to a Wall Street Journal report in June that cited unnamed sources familiar with the talks.
Joey Gonzalez will become the CEO of Barry’s Bootcamp in a move outgoing CEO John Mumford called a “perfect choice.” Mumford, who co-founded Barry’s Bootcamp in 1998 with Rachel Mumford and Barry Stitch, will serve on the new company board and will be the managing director of international strategy.