North Castle Partners Completes Curves Deal

North Castle Partners has completed its acquisition of fitness franchise company Curves International Inc. Mid-market investment bank Lincoln International acted as financial advisor to the company. The financing consisted of a $70 million senior secured term loan provided by affiliates of a major insurance company, Lincoln said in a statement. Specific terms of the financing were not disclosed. Curves is based in Waco, Texas.

Lincoln International LLC (“Lincoln International”), a leading global mid-market investment bank, has announced the successful completion of a financing in support of North Castle Partners’ (“North Castle”) acquisition of Curves International, Inc. (“Curves” or the “Company”). Headquartered in Waco, Texas, Curves is the world’s largest fitness center franchisor with approximately 7,300 women’s-only franchises located in 90 countries. Curves provides members a comprehensive suite of fitness and wellness services comprised of strength training, coaching and diet products, all offered in a safe and supportive environment.

Lincoln International acted as exclusive financial advisor to the Company and North Castle, helping to structure, arrange and negotiate the financing. The financing consisted of a $70 million senior secured term loan provided by affiliates of a major insurance company. Terms of the financing were not disclosed.

Jon Canarick, a Managing Director of North Castle, commented, “We couldn’t be more pleased with Lincoln’s process. Outsourcing the Curves financing with Lincoln allowed us to broaden our reach beyond North Castle’s existing relationship lenders to find the ideal financing partner for this transaction. In addition, the Lincoln team did an excellent job of conveying the Curves story to the market, which resulted in a significant amount of interest from prospective lenders.” Ron Kahn, Managing Director and co-head of Lincoln International’s Debt Advisory Group, added, “We were thrilled to work alongside Jon and his team on this exciting opportunity for North Castle. The financing package gives North Castle the flexibility it was seeking to invest in the Company’s product and service offerings and propel Curves towards its next level of success.”

About Curves International, Inc.
Curves, founded in 1992, is the largest franchisor of fitness clubs in the world serving over 1.5 million members across 90 countries. Founders Gary and Diane Heavin are considered the innovators of the express fitness phenomenon that has made exercise available to millions of women worldwide. With over 7,300 locations, Curves aims to help women achieve their fitness and overall wellness goals. For a location near you or more information, please visit

About North Castle Partners
North Castle is a leading private equity firm focused on investments in consumer product and service businesses that promote Health, Wellness, and Active Living. North Castle is a hands-on, value-added investor in high-growth, middle market companies in the beauty & personal care, consumer health, fitness, recreation & sports, home & leisure and nutrition sectors, among others. North Castle, and its operating executives and advisors, partner with management to bring a wide range of strategic and operational capabilities, as well as an extensive knowledge base and network to build world-class companies. North Castle is headquartered in Greenwich, CT. For more information, visit

About Lincoln International
Lincoln International specializes in merger and acquisition advisory services, debt advisory services, private capital raising and restructuring advice on mid-market transactions. Lincoln International also provides fairness opinions, valuations and pension advisory services on a wide range of transaction sizes. With thirteen offices in the Americas, Asia and Europe, Lincoln International has strong local knowledge and contacts in key global economies. The firm provides clients with senior-level attention, in-depth industry expertise and integrated resources. By being focused and independent, Lincoln International serves its clients without conflicts of interest.