Gridiron Capital has made an investment in Cubii, a direct-to-consumer fitness equipment company, in partnership with the company’s founders and management team.
Cubii manufactures and sells compact seated elliptical exercise equipment and accessories. The Chicago-based company was founded in 2014 by the husband-wife team of Arnav Dalmia and Shivani Jain, and entrepreneur Ryota Sekine.
Cubii also supports an online network of more than 50,000 individual users, the “Cubii Communitii”, and provides services to help members track their fitness progress and goals, and to allow for connection with other Cubii users from around the world.
“Cubii has seen tremendous growth in the last few years because we make products that are effective and accessible,” said CEO Arnav Dalmia. “We picked Gridiron as a partner to take Cubii to the next level, not only because of their invaluable experience working with consumer brands but because their empathy and culture aligned with Cubii and what makes this company special.”
“We are honored to partner with Arnav, Shivani, and the entire Cubii team as we work together to accelerate the next phase of growth,” said Kevin Jackson, a managing partner at Gridiron. “Cubii’s unique product set serves a large, attractive, underserved consumer market with favorable trends of increasingly in-home, and connected health and wellness solutions.”
“We love Cubii’s mission-driven culture and uniquely designed products that help people to live better,” added Marshall Dahneke, an operating partner at Gridiron and the former CEO of Performance Health. “Cubii will help more people achieve lasting change as the company scales through new channels with an expanded offering, enabling a growing cohort to benefit from simple, accessible, and consistent lifestyle change.” Performance Health, an Akron-based maker of rehabilitation and wellness products, was acquired by Gridiron in 2012 and sold to Patterson Medical, a portfolio company of Madison Dearborn Partners, in 2016.
“Cubii has built an exceptional team culture, that combined with multiple growth opportunities to expand product categories, enter new channels and markets and to invest in digital and analytics capabilities, make this an exciting partnership for Gridiron,” said John Warner, a managing director at Gridiron. “We are looking forward to helping build Cubii into a leading wellness brand that serves customers of all ages and abilities.”
Gridiron invests in manufacturing, service, and specialty consumer companies with enterprise values from $75 million to $575 million and EBITDA from $8 million to $50 million. Sectors of interest include branded consumer, business-to-business and business-to-consumer services, and niche industrial. Gridiron is headquartered in New Canaan, Connecticut.
Private Equity Professional | October 14, 2020
The post Gridiron Invests in Cubii appeared first on Private Equity Professional.
