International Fitness Acquires Edmonton-based Fitness Club Chain CLUBFIT
International Fitness Holdings, Inc. ("World Health Club" or "the Company"), a leading fitness club operator in Alberta and a portfolio company of North Castle Partners, announced today that it has acquired the assets of Club Fit, Inc. ("CLUBFIT"), an operator of 5 fitness clubs in the city of Edmonton. The terms of the transaction were not disclosed.
North Castle Partners acquired the assets of World Health Club in March 2008. Doug Lehrman, Managing Director at North Castle, stated, "We are excited about the opportunity to acquire a strong operator like CLUBFIT. The acquisition represents an important step in achieving our long-term strategic vision of establishing International Fitness Holdings as the leading fitness club operator in Western Canada."
As a result of the transaction, International Fitness Holdings, Inc. currently operates 19 fitness clubs under the World Health Club and CLUBFIT brand names across the province's two largest cities, Calgary and Edmonton, with 9 clubs and 10 clubs located in each city, respectively. The Company provides health clubs services to approximately 65,000 members offering fitness memberships and other ancillary services including personal training and group fitness classes. The member value proposition is based on three key competitive drivers: value, convenience and loyalty.
"The combination of these two market leaders will significantly strengthen our presence in the Alberta market. We look forward to implementing best practices from both World Health Club and CLUBFIT throughout our organization and improving upon our business model as we continue to expand into the marketplace," said Rob Leach, CEO of International Fitness Holdings, Inc.
David Hardy, President of CLUBFIT has maintained a significant portion of his investment in International Fitness Holdings, Inc. and will serve as a consultant to the Company and assume a position on its Board of Directors. Blake MacDonald, COO of CLUBFIT, will continue with his responsibilities running the CLUBFIT operation in Edmonton.
This is North Castle's fifth investment in the past year. In addition to the World Health Club and CLUBFIT investments, North Castle has acquired a controlling interest in Cascade Helmet Holdings, Atkins Nutritional Holdings, Inc. and Performance, Inc.
About World Health Club
World Health Club is Alberta's leader in offering convenient and affordable fitness services. The Company is built on the philosophy of great service, convenient locations, state-of-the-art equipment and knowledgeable staff, all for an affordable price. The Company's goal is to be a part of our community by helping people to live healthy and active lives. With 14 clubs in Alberta to serve its community, we are changing lives each and every day.
About CLUBFIT
CLUBFIT is a leading operator of 5 fitness clubs in the city of Edmonton in the province of Alberta. The CLUBFIT brand has been prominent in Edmonton for over 20 years and has generated significant goodwill in the fitness industry. The Company is built on a philosophy of providing great environments for its members and staff, convenient locations, state-of-the-art equipment and world class programs, all for an affordable price. CLUBFIT has been voted the #1 fitness facility in Edmonton by Consumer's Choice Awards for four years in a row.
About North Castle Partners
North Castle Partners is a leading private equity firm focused exclusively on investments in consumer-driven product and service businesses that benefit from "Healthy Living and Aging" trends. North Castle is a hands-on, value-added investor in high-growth, middle market companies in the (i) aesthetics and personal care, (ii) consumer health, (iii) fitness and recreation, (iv) home and leisure and (v) nutrition industries.
North Castle's current portfolio includes such well-known brands as Atkins Nutritionals, gloProfessional, Red Door Spas, Enzymatic Therapy, Performance Bicycle, Cascade Helmets, Octane Fitness and World Health Club. Prior portfolio company holdings include Equinox Fitness, EAS, CRC Health Group, Doctor's Dermatologic Formula, Naked Juice Company and Avalon Natural Products.
North Castle is led by a seasoned investment team including 15 proactive operating advisors who bring a wide range of operational and investment capabilities as well as an extensive knowledge base and network. The strength of the North Castle team, combined with our focus and network, provides significant competitive advantages in building world-class companies. North Castle is headquartered in Greenwich, CT.
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