North Castle Partners announced this week that it has sold International Fitness Holdings to TriWest Capital for an undisclosed sum. North Castle had been an investor in International Fitness since 2007, alongside York Street Mezzanine Partners. International Fitness, based in Calgary, is known for its World Health Club and Spa Lady brands.
GREENWICH, Conn., Sept. 3, 2014 /PRNewswire/ — North Castle Partners, a leading private equity firm focused on investments in consumer-driven companies that promote Healthy, Active and Sustainable Living, announced today the sale of International Fitness Holdings, Inc. to TriWest Capital. Details of the transaction were not disclosed.
International Fitness is a leading operator of fitness clubs in the province of Alberta, Canada operating under two distinct brands, World Health and Spa Lady. International Fitness provides its members with a value proposition based on three key competitive drivers: value, convenience and personal training.
“Our investment in International Fitness is the most recent example of our successful partnerships in the Fitness and Recreation sector,” said Jon Canarick, Managing Director. “As a focused fund, utilizing our knowledge from our current and prior investments, including Equinox Fitness Clubs, Octane Fitness, and Curves/Jenny Craig, as well as our extensive network of industry leaders, enables North Castle to partner with entrepreneurs to bring businesses to their next level of success. We believe the World Health Club and Spa Lady brands are well positioned to continue to provide their members with exceptional health and fitness opportunities.”
“Our goal has always been to inspire Albertans to live a healthy and active lifestyle,” said Rob Leach, Chairman, International Fitness. “From our initial meeting through the date of sale, North Castle understood our passion and provided our company with a competitive advantage based on their relevant knowledge and industry network.”
“We are proud to have played an integral role in bringing these two great brands together and to promote their strengths under the International Fitness umbrella,” said North Castle’s Managing Partner Chip Baird. “We continue to look for opportunities across the Healthy, Active and Sustainable Living markets to leverage our knowledge, network and experience in building market leaders like International Fitness.”
PwC Corporate Finance served as financial advisor to North Castle Partners and the management team in connection with this transaction.
About North Castle Partners
North Castle Partners is a leading private equity firm focused on investments in consumer-driven product and service businesses that promote Healthy, Active, and Sustainable Living. North Castle is a hands-on, value-added investor in high-growth, middle market companies in the (i) beauty & personal care, (ii) consumer health, (iii) fitness, recreation & sports, (iv) home & leisure and (v) nutrition sectors, among others. North Castle’s current portfolio includes such well-known brands as Curves International/Jenny Craig, Palladio Beauty Group, Mineral Fusion, Red Door Spas, Performance Bicycles, Octane Fitness, Ibex Outdoor Clothing, Contigo, Doctor’s Best, and Flatout Flatbreads. Prior portfolio company holdings include Atkins Nutritionals, Cascade Helmets, Bora-Bora Organic Foods, gloProfessional, Equinox Fitness, EAS, Enzymatic Therapy, CRC Health Group, Doctor’s Dermatologic Formula, Naked Juice Company, and Avalon Organics / Alba Botanicals. 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 www.northcastlepartners.com.
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