NEW YORK, Sept 25 (Reuters) - L Catterton, the private

equity firm backed by luxury goods giant LVMH, on

Wednesday clinched a deal to acquire a majority stake in pilates

studio operator Solidcore from its current owners.

The deal values Solidcore at between $600 million and $700

million, according to a person familiar with the matter. L

Catterton will own Solidcore through its Flagship Fund.

The company, known for its challenging 50-minute workout

classes on its "sweatlana" reformer machines, had been exploring

a sale with investment banks North Point and Piper Sandler ( PIPR ),

Reuters reported in May.

"Consumers understand that movement is medicine, with daily

strength training as a key part of their regimen for living a

longer, healthier life. Solidcore fits squarely into this

long-term evolution, and we believe there is significant runway

ahead for expansion both domestically and internationally as

more consumers discover the category and its long-term

benefits," said Marc Magliacano, a managing partner at L

Catterton's Flagship Fund, in a statement seen by Reuters.

L Catterton, which has $35 billion of assets under

management, is an experienced investor in the fitness industry.

Earlier this week, L Catterton led a $200 million funding round

at EGYM, valuing the Munich-based connected fitness startup at

more than $1.2 billion.

L Catterton has also invested in upscale fitness club

Equinox, the at-home fitness company Tonal, and fitness software

companies iFIT and ClassPass. It used to be an investor in

Peloton, cycling gym Flywheel, and barre studio Pure Barre.

Founded in 1989, the buyout firm has made over 275

investments in high-profile consumer brands such as German

sandal maker Birkenstock ( BIRK ).

Solidcore's founder Anne Mahlum launched the company in 2013

and sold her stake in the fitness chain last year. It is

currently owned by investors VMG Partners, Peterson Partners and

Kohlberg & Company.

Washington, D.C.-based Solidcore said on Wednesday it has

about 130 locations across 25 states and the District of

Columbia. Last year, it said it plans to expand internationally

to have 250 studios globally by 2028.

The fitness and wellness industry has traditionally been

attractive to private equity investors, due to the steady and

predictable cash flows businesses in the sector generate.

Gym chains and workout studios globally have witnessed a

rebound in their fortunes since the COVID-19 pandemic subsided,

as more consumers resumed in-person workout sessions.