New York, NY and San Luis Obispo, CA (PRWEB) March 4, 2008
Channelstone Partners, a New York -based venture investment firm, announced today the acquisition and growth capital funding of Manduka, Inc., a leading designer and distributor of yoga accessories. Terms of the transaction were not disclosed.
Channelstone Partners, a firm specializing in the acquisition and development of small and medium sized businesses, led a group of private investors in acquiring and funding Manduka, Inc.
Manduka, located in San Luis Obispo, CA, has produced high performance yoga accessories since 1998, including its signature Black Mat and the recently launched “eKO” line of yoga mats and other eco-responsible yoga accessories. Manduka products are available at yoga studios and specialty yoga retailers across North America and throughout Europe and Asia, as well as online at Manduka.com.
In this acquisition, Channelstone is backing a management team comprised of knowledgeable yoga, health and wellness industry executives, including Sky Meltzer (CEO), whose previous experience includes a management position at Yoga Works. Peter Sterios, Manduka founder, will remain an owner of the company and be actively involved in new business and product development.
"I am excited to continue working with Manduka while being able to devote more time to my family, my yoga practice, and my teaching," Sterios said.
"We had several parties interested in Manduka, but Manduka has always been about maintaining our core values of delivering high performance, eco-friendly products. My new partners share my dedication to that vision and have the best interests of the company and our customers at heart."
Sky Meltzer, incoming CEO, added, "Manduka’s strength is rooted in a commitment to its customers and delivering them the highest-quality products to inspire the practice of yoga."
"This investment sets the stage for new growth and development at Manduka. We are excited about the future of Manduka," said R.T. Arnold, a Founding Member of Channelstone. "We are partnering with an exceptional management team, and we are pleased that Peter will continue to work actively with the company."
Since 1998, Manduka has been a leading designer, marketer and wholesaler of yoga mats and accessories. Manduka is committed to producing high performance, eco-friendly yoga mats and accessories for avid yoga practitioners and delivering exceptional service to its customers. For more information, please visit http://www.manduka.com.
About Channelstone Partners
Channelstone Partners is a New York-based venture investment firm with a particular focus on enhancing the value of small and medium-sized companies with attractive growth potential. In partnership with existing management teams, Channelstone has raised capital both to fund new ventures and to acquire existing companies. For more information, please refer to the Channelstone website at http://www.channelstone.com.
For additional information, contact:
Phone: +1 212 757 7399