An Atlanta private equity firm focused on health and wellness has raised $50.6 million, according to a filing with the U.S. Securities and Exchange Commission.
The basics: Level 5 Capital Partners is in its second fund, according to the SEC filing. The firm invests in health, wellness and family markets and focuses on franchising, according to its website.
Investments: Its portfolio includes CorePower Yoga, skincare company Heyday Wellness LLC and children’s swim lesson company Big Blue Swim School.
Big picture: In the past few years, more people are starting to prioritize wellness, which includes mental and physical health, according to a 2021 report from consulting firm McKinsey & Co. The company estimates the global wellness market to be more than $1.5 trillion, growing up to 10% each year. In terms of spending, consumers are prioritizing services, such as physical training or nutrition coaches. Across the nation, private equity deals are skyrocketing. Private capital market researcher PitchBook Data Inc. called 2021 “the best year yet to raise a fund” and predicts 2022 to be even better.
Meet the team: Chris Kenny is the firm’s managing partner and co-founded one of Level 5’s affiliate companies in 2009, the same year Level 5 Capital Partners launched. Charles Meyers, CEO of digital infrastructure company Equinix, is the chairman.
More details: The second fund has 39 investors and required a minimum investment of $50,000, according to the filing. The firm previously raised $106.7 million for its first fund, according to an August 2021 SEC filing. A representative of the company declined to comment on either raise.
Recent deals: Level 5 Capital Partners bought 122 Orangetheory Fitness studios through its franchisee platform, L5 Fitness, according to a December 2021 press release. Earlier that year, Level 5 announced plans to add 40 Heyday stores through franchising after leading a $20 million investment in the company.
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