Private equity money continues to flow into the industry. Case in point: On June 30, Boise, ID-based Bodybuilding.com sold a controlling interest to Lancaster, PA-based equity firm Milestone Partners.
Terms of the deal were not disclosed. New York-based investment bank Goldsmith Agio Helms represented the sellers in the transaction.
In addition to its namesake Website, Bodybuilding.com operates Athletes.com. Both sites sell nutritional supplements as well as fitness equipment and apparel. The company, which has been growing at a rate of 75% annually since 2001, expects sales to exceed $60 million this year.
The company was founded in 1999 by Ryan DeLuca when he was 21 years old. This year DeLuca was number 5 on “Inc.” magazine’s list of the top 30 entrepreneurs under 30 years old.While Milestone acquired a controlling interest, the DeLuca family will retain substantial ownership.
According to Jim Clancy, a director with Goldsmith Agio Helms and lead banker on the transaction, Milestone will help Bodybuilding.com improve its sophistication in terms of systems and infrastructure while supporting the editorial content in the company’s Websites. Milestone has set a target revenue of $150 million within a few years.