U.S. mid-market lender Antares Capital said it is serving as administrative agent and joint lead arranger on a US$111 million senior secured credit facility to support the growth and refinancing of Movati Athletic Group by Norwest Equity Partners. Based in Windsor, Ontario, Movati is a health club operator that offers fitness classes, pools, basketball courts, women’s-only sections, childcare, weight training and cardio to over 95,000 members. It has been backed by Norwest, a U.S. private equity firm, since 2014. Antares, acquired by Canada Pension Plan Investment Board in 2015, said Movati is “uniquely positioned to gain share in the premium health club market in Canada.”
Antares Capital Supports Norwest Equity Partners’ Investment in Movati Athletic Group
October 16, 2017
CHICAGO–(BUSINESS WIRE)–Antares Capital announced today it is serving as administrative agent and joint lead arranger on a $111 million senior secured credit facility to support the growth and recapitalization of Movati Athletic Group by Norwest Equity Partners (“NEP”).
Founded in 1997 in Windsor, Canada, Movati is a premium fitness concept that offers amenities such as group fitness classes, pools, basketball courts, women’s-only sections, childcare and a common area for weight training and cardio to more than 95,000 members.
“Antares has supported a prior fitness industry investment of ours, so we knew they would bring strong sector experience to this transaction,” said Andy Cantwell, partner at NEP. “We’ve worked with Antares for over 20 years and value their extensive financing and capital markets expertise.”
“Movati is uniquely positioned to gain share in the premium health club market in Canada,” said Dave Swanson, managing director with Antares. “With best-in-class member retention rates, a strong management team, and a proven investor with significant industry experience, we are excited about the continued growth potential for Movati.”
About Norwest Equity Partners
Founded in 1961, NEP is a leading equity investment firm and focuses on partnering with companies to build them into industry leaders. As one of the largest and oldest equity investment firms in the Upper Midwest, NEP has a long-standing history of investment and operational success. More information on NEP and the firm’s investment history can be found on nep.com.
Antares Capital is a credit manager and leading provider of financing solutions for middle-market, private equity-backed transactions. Offices are located in Atlanta, Chicago, Los Angeles, New York, Norwalk and Toronto. Antares issued more than $18 billion in financing during 2016, and was named 2017 Lender of the Year by ACG NY and 2015 Dealmakers of the Year by Mergers & Acquisitions. Visit us at www.antares.com or follow Antares Capital on Twitter at https://www.twitter.com/antarescapital. Antares Capital is a subsidiary of Antares Holdings LP.
Carol Ann Wharton, 475-266-8053
Photo courtesy of Movati Athletic Group