NEWPORT BEACH, CALIF., January 11, 2021 – Marking the culmination of a highly disciplined and wide-reaching process to secure a stalking horse and best bid, Force 10 Partners led the successful sale of YogaWorks, Inc. to GoDigital Media Group, LLC. At the 12-hour, 4-bidder auction on December 7, 2020, GoDigital’s winning bid netted $9.6 million of cash and royalties on YogaWorks’ future revenue.
The successful Section 363 sale was part of a robust restructuring overseen by Force 10 co-founder Adam Meislik after YogaWorks’ voluntary bankruptcy filing on October 14, 2020. To maximize value for YogaWorks, the California-based advisory firm tapped its vast network of potential bidders, generating more than 55 expressions of interest.
Keeping the yoga company ongoing, online, and stable during this process was a priority, making the reorganization an “inflight business transformation,” according to Meislik. Force 10 applied its customary deep-dive, high-impact approach, which included advice on day-to-day operations, cash management, and executive decision making.
“While COVID-19 has stressed revenue across the fitness sector, YogaWorks’ clients are uniquely committed to their practice and the brand. Force 10 immediately understood that the restructuring was about more than money — it was about preserving a cornerstone of people’s wellbeing,” said Meislik. “We are proud to have helped YogaWorks’ mission and set them on solid footing for the future.”
YogaWorks became a subsidiary of GoDigital Media Group on January 1, 2021.
“It has been a complicated journey for the company and I am grateful to have navigated the Chapter 11 process with Force 10,” said Brian Cooper, CEO of YogaWorks at the time of the sale. “They applied their experience to procure a quality stalking horse structure and debtor-in-possession loan that has secured the future of YogaWorks.”
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.