Snap Fitness, which is backed by Summit Partners, is up for sale, three banking sources said.
Chanhassen, Minn.-based Snap Fitness, a franchisor of fitness clubs, has tapped North Point Advisors and William Blair to run the process, two sources said. It is unclear how much Snap Fitness will fetch but the deal is believed to be small.
In 2003, CEO Peter Taunton founded Snap Fitness, which aims to provide consumers with a “convenient and affordable” workout. The clubs, which number nearly 1,500 globally, are open 24 hours.
Summit acquired a minority stake in Snap Fitness in 2008. Summit, which manages credit and VC funds, is currently investing out of its eighth growth equity pool, which collected $2.7 billion in 2012. Summit’s prior growth fund raised $3 billion in 2005.
The fitness sector has seen much private equity activity. In July, Catteron Partners acquired CorePower Yoga, while LNK Partners bought Fitness Connection from WestView Capital in October. TSG Consumer Partners, in January, invested in Planet Fitness. Last year, BVM Capital provided seed financing to Fitness Interactive Experience. And, in September, Jawbone, a fitness wristband maker, raised $113 million in debt and equity.
North Point Advisors and William Blair also teamed to advise Sentinel Capital in its sale of Massage Envy to Roark Capital last year.
Officials for Snap Fitness, Summit, North Point and William Blair did not return calls or messages for comment.