Sport&Health Clubs, a McLean, Va.-based operator of health clubs in the Washington D.C. area, has raised $25 million in mezzanine financing from PNC Mezzanine Capital and CMS Mezzanine Fund.
Sport&Health Clubs, the largest health and fitness company in the Washington D.C. area, announced today that it has received $25 million in mezzanine financing provided through Pittsburgh-based PNC Mezzanine Capital and CMS Mezzanine Fund. The financing will enable the company to restructure senior debt in addition to enhancing the company’s capacity to grow and improve its network of health and fitness clubs throughout the Washington, D.C. metropolitan area.
“The infusion provided by PNC Mezzanine Capital and CMS Mezzanine Fund will enable Sport&Health to continue it’s growth strategy,” said Sport&Health CEO Jonathan Adler. “Our priority remains to strengthen our position as the Washington metropolitan area’s preeminent family of health clubs, offering our members the best in fitness equipment and programming.”
The company has plans for expansion, including acquisition and construction of new clubs including a 43,000 square foot state-of-the-art athletic facility with indoor and outdoor pools located at the Brambleton Town Center. Immediate renovations are scheduled at Tysons Sport&Health, doubling its current cardio and strength training areas and adding a new fully equipped Pilates and yoga studio. The Bethesda Club will also begin an immediate major renovation doubling the size of its cardio and strength training areas and adding a boxing studio. Many more clubs will be renovated plus a number of clubs will be upgraded to receive new flat screen televisions, cardio equipment with personal viewing screens and entertainment packages, while others receive expansion and locker room renovations.
“While the turbulent economy has many industries tightening budgets and cutting back on expansion plans, Sport&Health is swimming against the current: expanding now to meet the needs of our members and to grow our footprint in the Washington, D.C. area,” said Mark Fisher, President and COO of Sport&Health. “We bring more than just another fitness facility to town. Sport&Health’s promise in the market place is to deliver a community culture and lifestyle that can support and help our members through good times and bad.”
About Sport & Health
Since 1973, Sport & Health Clubs has grown to be Washington’s largest family of full-service health clubs and day spas with 23 locations in Virginia, Maryland and D.C. Locally owned and operated, Sport&Health Clubs are built around integrating fun and fitness into the busy lifestyles that define our nation’s capital and its ever-expanding communities. The Company serves the health and fitness needs of more than 90,000 Washingtonians, with over 2,000 employees, and is one of the top health club companies in the U.S. (based on annual revenues). The clubs feature state-of-the-art fitness equipment, individual and group personal training, group exercise classes for all levels including Pilates, yoga, step, high and low impact, Mixed Martial Arts and more. Many clubs feature tennis, racquetball, squash, basketball, swimming and a Kidz Klub, which features a nursery, climbing mazes, dance classes, camps and a variety of junior programs for all ages. Several clubs feature Serenity Day Spa that provides therapeutic massage, body treatments, nail and skin care and hair styling and design. For more information, visit www.sportandhealth.com.