From DTC to National Retail: Assembled Brands Provides the Capital Backbone for STEPR’s 450-Store Rollout

Assembled Brands is pleased to announce the closing of a new senior credit facility for STEPR, the pioneer of the compact, connected stair climber. This partnership provides the strategic funding required to support the brand’s transition from a high-growth digital disruptor to a dominant omnichannel powerhouse.

Unlocking Liquidity for the National Stage

In the evolving home fitness market, scaling a category-defining brand requires more than just momentum; it requires a financial architecture built for the long game. The team at STEPR has officially reached the stage where entrepreneurial momentum meets the need for a modern and tailored capital structure.

Our non-dilutive solution allows the company to unlock dormant capital within its inventory and high-quality receivables to fuel its supply chain without the friction of traditional banking. This facility arrives at a transformative milestone: a 450-store rollout into DICK’S Sporting Goods, a move that establishes a significant footprint at the forefront of the national retail landscape.

A Foundation for Rapid Growth

“STEPR is the embodiment of a brand that has successfully bridged the gap between a DTC business and a national category leader,” said Abby Jonathan, AVP of Originations at Assembled Brands. “What stood out to us was their disciplined unit economics and the massive scale of their current expansion into hundreds of DICK’S Sporting Goods locations. By providing the needed working capital, we are ensuring the brand has the financial backing required to meet this surge in demand and dominate the connected fitness category.”

The Strategic Drivers of the Partnership:

• Solving the Wholesale Cash Gap: Leveraging a high-volume accounts receivable portfolio to provide immediate liquidity, allowing for reinvestment in the next product cycle while navigating retail payment windows.
• Eliminating Growth Friction: Delivering a flexible facility with no personal guarantees and no restrictive lockboxes, providing the founders the autonomy to scale without the constraints of traditional legacy lending.
• Optimizing the Global Supply Chain: Providing the "always-on" funding needed to navigate international manufacturing lead times and stay ahead of seasonal demand spikes.

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“As we hit this inflection point, we required a partner that understood the unique cadence of high-growth hardware,” said Nick Goodman, COO of STEPR. “Assembled Brands stood out because they offered a scalable structure that respects our autonomy. This partnership ensures we have the fiscal foundation to meet worldwide demand today, while preparing our business for the institutional world of tomorrow.”

Moving in Sync with Modern Brands

With disciplined leverage and market-leading acquisition metrics, STEPR is now equipped with the financial agility to match its vision for 2026. This partnership ensures that as the brand continues its ascent, its capital structure remains as resilient as its hardware—enabling the team to move in sync with the needs of a modern, iconic brand.

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