Manduka Llc acquires yogitoes Inc, Meriwether Group advises
Eco-friendly yoga gear maker Manduka Llc acquired Skidless towel maker yogitoes Inc in a deal advised by the Meriwether Group. Manduka, best known for its Black Mat PRO among yoga enthusiasts, had grown exponentially since it started ten years ago. Sky Meltzer is the CEO of Manduka. yogitoes, meanwhile, was founded by Susan Nichols in 2003. Her Skidless towel innovation enabled yogis to perform yoga poses without constantly slipping on the mat. A patented design, Skidless is also environment-friendly as it is made of recycled materials.
Meriwether Group Founder and CEO David Howitt said that the deal was "a perfect match between two amazing companies with strong cultures deeply rooted in aspirational business principles." He added, "The relationship between environmental ethics and human health is deeply linked, and both companies are dedicated to helping each other to thrive on this collective vision."
Howitt also explained that Meriwether had backed up yogitoes in 2012 and 2013 when the company was still formulating its market strategy. "Meriwether also enlisted Cascadia Capital as an investment bank to help Susan Nichols gain access to the resources she needed to begin her next journey. It is a win for everyone," he added.