NEWS AND INSIGHTS FROM FINTRX
Opportunities to allocate capital directly are more prevalent now than ever, and family offices are at the center of this growing trend. In utilizing the FINTRX family office data and research platform, which provides intel into thousands of direct deal transactions made by 3,090+ family offices worldwide, we explore three family offices directly investing in fitness and health companies.
Established in 2009, Martin Ventures (Charlie Martin Family Office) is a Nashville, Tennessee-based single-family office managing the wealth of Charlie Martin, a prominent executive throughout the healthcare space. In 1980, Martin launched General Care Corp, a company that owned and operated nursing homes, which was later acquired by Hospital Corporation of America for $78M. Martin also served as Executive Vice President Hospital Corporation of America and handled the companies Mergers and Acquisitions group. In the mid-1980s, Martin and several colleges from HCA spun off Health Trust Inc., which owned over 100 hospitals. Upon this, Martin acquired Republic Health, a hospital chain that would ultimately sell in 1997 for $1.7B.
Today, Martin Ventures invests in a range of opportunities, primarily across the healthcare and biotechnology spaces. Additional sectors and industries of interest include technology, fitness, and business services, among others. The firm allocates directly to early-stage companies, venture capital, and real estate. When making direct investments, the firm targets growth-stage companies seeking equity investments and hands-on investors.
In May 2015 and August 2020, Martin Ventures directly invested in Ovia Health, a Boston, Massachusetts-based maternity and family benefits solution for employers and health plans. Ovia Health's benefits help women and parents grow their families and their careers while reducing healthcare costs, improving clinical outcomes, and helping employers retain and attract talent. Since launching in 2012, Ovia Health has supported over 10 million people and is a leading health app for women and families.
In August 2015, Martin Ventures made a direct investment in Zest Health, a consumer-focused mobile health solution empowering members to get the most out of their healthcare benefits. Their mobile app uses personalization to reimagine how members access and navigate their healthcare choices, considering each member’s benefits, cost profile, and personal preferences.
Martin Ventures considers companies with $2M or greater in annual recurring revenue and 50% YoY growth. The group prefers healthcare companies with some form of technology integrated into the business model. The firm will not consider investing in medical devices, biotechnology, pharmaceuticals, or any business that requires regulatory approval. Check sizes typically range between $1M-$3M. Martin Ventures regularly co-invests alongside other like-minded family offices and investors. Past co-investment partners have included Nashville Capital Network, Providence Capital, and Heritage Group, among others.
Founded in 2006, Breakaway Ventures (Dennis Baldwin Family Office) is a Boston, Massachusetts-based single-family office serving as the family office and direct investment arm of Dennis Baldwin. Baldwin created his wealth throughout his career as a consultant, private investor, and Chief Marketing Officer of Reebok, the sportswear and shoe company, from June 1995 through June 2006. Baldwin played an integral role in Reebok's $4 billion sale to Adidas in 2006. Dennis and the Baldwin family are heavily active in philanthropy and charity throughout the Boston area and served as a trustee on the Fireman Family Foundation and the Rivers School in Weston, MA.
Baldwin also served on the Board of Directors for Team Impact, a charity for children living with chronic or life-threatening illnesses. Breakaway Ventures invests in emerging companies throughout a range of sectors including food and beverage, pets, personal care, beauty, education, household goods, children's goods, media and entertainment, retail, wine and spirits, apparel, sports, fitness, and outdoor recreation. Target companies have revenue greater than $2M seeking growth capital.
In November 2012 and November 2013, Breakaway Ventures directly invested in CoachUp, a service that connects athletes with private coaches. Thousands of coaches are using CoachUp to connect with and train athletes across the country. In April 2016, Breakaway Ventures made a direct investment in EverybodyFights, a boxing-inspired group fitness brand modeled after a real boxer's training camp. Their five-part class series incorporates every aspect of training camp, from boxing technique and conditioning to yoga and recovery. Breakaway Ventures backs companies with ambitious management teams, unique products, and brands that engage with enthusiast communities of customers. Portfolio companies operate in large markets and have established proof of concept.
Established in 2003, A-Rod Corp (Rodriguez Single Family Office) is a Coral Gables, Florida-based single-family office serving as the investment vehicle for its founder and CEO, Alex Rodriguez. Mr. Rodriguez, best known for his remarkable career as a professional baseball player, was a 14-time All-Star throughout his 22-year career in Major League Baseball. Rodriguez began investing in 2003, with the acquisition of a single duplex.
Today, A-Rod Corp manages both internal and external capital and employs over 500 professionals. The firm uses an opportunistic and flexible investment mandate, primarily focusing on opportunities spanning the media and entertainment, consumer goods, sports, fitness, and wellness industries. A-Rod Corp engages in real estate investment and development projects, including residential, commercial, and mixed-use properties.
The firm also makes venture capital, private equity, and direct investments. For instance, in February 2019, A-Rod Corp directly invested in TruFusion, a one-of-a-kind group fitness studio that offers over 200 unique fusion workout classes per week including Hot Pilates, Tru Kettlebell, HIITribe, Barefoot Bootcamp, YinFused, and more. TruFusion is a one-stop shop for all things health and fitness, offering several additional products and services including healthy food, beverages, and workout apparel.
In May 2019, A-Rod Corp directly invested in Sarva, India's leading yoga and wellness destination for a holistic transformation of the mind and body. From developing 25 unique forms of Yoga to providing personal training sessions for maximizing the effectiveness of your routine, Sarva ensures an engaging and fulfilling wellness experience. In September 2019, A-Rod Corp directly invested in Fitplan, a mobile application that provides on-demand video workout sessions. Get a workout at home or in the gym with a roster of personal fitness trainers, from Olympic athletes to celebrity personal trainers. Consumers can sign up for a subscription (monthly or annual) or access their library of free single-day workouts.
With complete coverage of over 3,090+ family offices, 15,800+ family office contacts, and 19,600+ tracked investments, FINTRX ensures direct access to accredited investor intelligence. The FINTRX platform is an essential tool in understanding the family office landscape in the U.S. and abroad, while also empowering users to uncover commonalities with these family offices for effective, personal outreach.
To see a glimpse of the technology and how we could help streamline your prospecting processes, request a demo below.
July 28, 2021
Renae Hatcher is a member of the marketing team at FINTRX - focused on delivering targeted & relevant family office and registered investment advisor content to our subscribers.