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Tuesday, Jun 6, 2023

YogaWorks Continues Buying Spree

Santa Monica’s YogaWorks announced it has purchased seven yoga studios in Baltimore on Thursday, its fourth acquisition this year.

The purchase of the Charm City Yoga branches underscores the company’s ongoing plan to put down roots on the East Coast.

Phil Swain, chief executive of YogaWorks, said that the latest acquisition is part of a burst of growth that would continue over the next 18 to 24 months.

“It fills in our geographical strategy,” Swain said, adding the company also wants to expand between Baltimore and Washington, D.C., where it also owns a store.

The company’s other East Coast locations include New York City and Boston. It has a number of locations on the West Coast, including 17 in Southern California. YogaWorks is also planning to open studios in Playa Vista and Koreatown by the end of the year, which will bring its total number of studios to 50.

In addition to the geographic appeal of Charm City Yoga, Swain said that YogaWorks was also excited by increased access to an expanded talent pool.

“Our goal is to integrate the teachers,” he said. “When we do an acquisition, you’re buying the leases and the assets, but you’re also getting great people.”

Kim Manfredi, who co-founded Charm City Yoga studio in 2000, said that she was excited to partner with YogaWorks to expand the yoga community.

“YogaWorks is a well-respected name in the yoga world and we believe that our students, staff and teachers will be able to benefit with additional opportunities and over 25 years of experience that YogaWorks brings,” said Manfredi, in a statement.

Terms of the deal were not disclosed.

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