On February 17, 2022, ONCAP announced it had purchased a majority stake in Merrithew International Inc., partnering with the founders, Lindsay and Moira Merrithew. Merrithew, established in 1988 and based in Toronto, Ontario, is a global leader in mindful movement, specializing in Pilates equipment, accessories, content, and education. The company's programs include well-known brands such as STOTT PILATES®, ZEN•GA®, Total Barre®, Halo® Training, Merrithew Fascial Movement, and CORE™ Athletic Conditioning and Performance Training™. Since its inception, Merrithew has trained over 60,000 instructors and partners globally.

Lindsay G. Merrithew, President & CEO of Merrithew, expressed enthusiasm for the new partnership, highlighting ONCAP’s strong track record in supporting founder-led businesses. Wole James, Managing Director with ONCAP, praised Merrithew for its global recognition for high-quality and innovative products, exceptional customer service, and commitment to excellence.

The investment was facilitated through ONCAP IV, Onex Corporation’s $1.1 billion fund. Although the terms of the transaction were not disclosed, the deal marks a significant step in Merrithew's plan for global growth and expansion through both organic initiatives and acquisitions.