Canadian private equity firm PenFund has provided a $70 million loan to GoodLife Fitness Centres Inc. GoodLife is a fitness company in Canada.
TORONTO, ONTARIO–(Marketwired – April 6, 2015) – Penfund, an independent provider of junior capital to middle market companies in North America, announced today the completion of a $70 million 2nd lien credit facility provided to GoodLife Fitness Centres Inc.
The proceeds of the facility together with the proceeds of a $175 million 1st lien term and revolver facility provided to GoodLife by a syndicate of banks will be used principally to refinance existing debt of the company.
GoodLife is the largest fitness company in Canada, and the fourth largest operator of fitness clubs in the world with over 335 clubs in Canada operating under the banners of GoodLife Fitness and Fit4Less by GoodLife, as well as Énergie Cardio and Éconofitness par Énergie Cardio in Quebec.
According to John Bradlow, a partner of Penfund, “Penfund takes great pride in our continuing involvement in GoodLife’s extraordinary growth which we expect to continue.”
David ‘Patch’ Patchell-Evans, GoodLife’s founder and CEO, said, “We greatly value the continuing support of Penfund and our other lenders. The $70 million facility provided by Penfund is the fifth in a series of financings provided and arranged by Penfund, aggregating $310 million in total. This patient, long term and flexible capital has allowed us to accelerate our growth and to pursue our purpose of giving every Canadian the opportunity to live a fit and healthy good life.”
Founded in 1979, GoodLife Fitness is the largest fitness company in Canada. With over 335 clubs from coast-to-coast, over 13,000 Associates and more than 1 million members, GoodLife is helping to transform the health and wellness of 1 in 34 Canadians every day. Motivated by GoodLife’s purpose of giving every Canadian the opportunity to live a fit and healthy good Life, David Patchell-Evans, Founder & CEO, strives to develop innovative partnerships and collaborations in all areas of health, fitness and wellness, as GoodLife continues to play a significant role in the healthcare system in Canada. GoodLife has achieved Platinum Status Canada’s Best Managed Companies, as well as Platinum Level Canada’s 10 Most Admired Corporate Cultures.
Penfund is a leading Canadian private equity firm specializing in providing junior capital to middle market companies throughout North America. Penfund provides high yield, 2nd lien and mezzanine debt, control and minority equity, as well as bridge facilities, standby lines, underwritten facilities and financial guarantees. The firm is owned by its management team and is currently investing its most recently established fund, Penfund Capital Fund IV which has $460 million of committed capital. Penfund manages institutional funds sourced from Canadian pension funds, insurance companies, family offices and banks and has invested more than $2.7 billion in over 225 companies since its establishment in 1979.