Castanea Partners has purchased a minority interest in TRX, formerly known as Fitness Anywhere, San Francisco, Castanea Partners announced today.
Transaction details were not disclosed. However, Castanea Partners, a Newton, MA-based private equity fund, typically invests between $15 million and $75 million of equity in companies within specifically targeted industries, the company stated in its release about the investment.
Steve Berg, partner for Castanea, was a fan of TRX before investing in the company. He said the investment will help TRX accelerate customer adoption with programming and digital content, broaden the product line and expand internationally.
Randal Hetrick, founder of TRX, which makes the TRX Suspension Trainer, said in a release, “As we sought a capital infusion to help fund our strategic growth opportunities, it became clear that Castanea’s experience guiding high growth companies and building lasting brands positioned them as the ideal partner to help us get there.”
Partnership Capital Growth, a full-service boutique investment bank in San Francisco, represented TRX in the transaction.
“Castanea brings additional fire power with deep experience in growing consumer brands as well as expertise in new media and content delivery, which further allow TRX to capitalize on its large and growing market opportunity,” said Brian Smith, director of Partnership Capital Growth.