Functional fitness equipment supplier TRX has recapitalised its business by securing capital investment from private equity firm Equity38.

The deal has been structured as a management buyout of previous investors, with Equity38 taking over their stakes.

According to Randy Hetrick TRX founder and CEO, the deal is "ideal" for the company, as it maintains the company's existing infrastructure while arming it with the capital to "further develop the TRX brand and business".

"This partnership came together in the most organic and serendipitous way imaginable," Hetrick said.

"In addition to arming us with a war chest of growth capital, Equity38 brings deep experience in our industry and their active involvement in the business and stewardship will be an important part of our next chapter."

Equity38 is a consumer-focused private equity firm co-founded in 2018 by Brent Leffel and David Cox.

Leffel and Cox have experience of the fitness sector, having previously worked as principal investors, c-level executives and board directors with prominent fitness brands such as New Evolution Ventures UFC GYM, US Fitness, Crunch Fitness, Barry's Bootcamp and Orangetheory Fitness.