One of the country’s leading providers of authentic yoga instruction, YogaWorks, Inc., has retained Force 10 Partners to lead its restructuring effort, following the company’s voluntary bankruptcy filing on October 14, 2020.
YogaWorks, Inc, has entered into a purchase agreement with Serene Investment Management LLC as part of the process. Pursuant to the agreement and still subject to a court order, Serene will serve as the stalking horse bidder and has agreed to acquire the YogaWorks digital and education business and intellectual property.
The process to secure Serene as a stalking horse bidder was overseen by Force 10’s Adam Meislik, who is leading the California-based consulting firm’s engagement with YogaWorks. With Meislik helming negotiations, Serene also agreed to commit as debtor-in-possession lender, providing the necessary liquidity to support YogaWorks through its reorganization.
Serene will set the floor of the auction as part of a process to ensure YogaWorks receives the best offer possible. Parties interested in YogaWorks should contact Force 10’s Darryl Myers who is overseeing the sale.
“Important people in my life are YogaWorks practitioners and I now share their passion and loyalty,” said Meislik, a co-founder of Force 10. “We are delighted to play a role in navigating YogaWorks’ future.”
“Once COVID hit, YogaWorks’ management went into overdrive to protect the safety of its teachers and practitioners by pivoting to the best yoga at home experience available,” continued Meislik.
Force Ten Partners, LLC, is an advisory firm with deep domain knowledge in financial and operational corporate restructuring, valuation, forensic accounting, and complex litigation support. Force 10 serves middle-market companies as well as their creditors, stakeholders, and professionals by providing turnaround-management services (CRO), financial advisory services, expert witness support, and investment banking and M&A advisory services.