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Friday, March 14, 2008
North Castle Partners Invests in World Health Club, Inc. Increasing Its Presence in the Fitness Industry
GREENWICH, Conn., and CALGARY, Alberta, March 14 /PRNewswire/ -- North
Castle Partners, along with its co-investors, announced today that it has
acquired the assets of International Fitness, Inc. ("World Health Club" or
the "Company"). World Health Club is a leading operator of fitness clubs in
the province of Alberta, Canada. North Castle is a leading private equity
firm focused exclusively on investments in consumer-driven product and
service businesses that benefit from "Healthy Living and Aging" trends. The
terms of the investment were not disclosed.
North Castle's investment in World Health Club further extends the
firm's expertise in the Fitness and Recreation sector. North Castle
currently holds investments in Octane Fitness Holdings, Inc., a leading
designer and distributor of premium low-impact cardio fitness equipment,
Cascade Helmet Holdings, a leading provider of premium athletic protective
headgear, and Performance, Inc., the largest independent bicycle dealer and
direct marketer of bicycles and cycling accessories in the United States.
North Castle previously owned Equinox Fitness Holdings, a leading operator
of upscale fitness clubs, which it sold to The Related Group in 2006. "We are excited to reenter the world of fitness club operators with Rob
Leach, our partner and the CEO of World Health Club," said Doug Lehrman, a
North Castle Managing Director and developer of the firm's Fitness and
Recreation vertical. "As World Health Club grows, we intend to apply the
knowledge we have acquired from our successful investments in Equinox and
Octane, and seek to add further value by leveraging our expansive network
of industry leaders, including Augie Nieto, founder and former CEO of Life
Fitness and John McCarthy, founding Executive Director of the International
Health, Racquet, and Sportsclub Association (IHRSA)." World Health Club currently operates 14 fitness clubs in Alberta's two
largest cities, Calgary and Edmonton. The Company provides health club
services to approximately 40,000 members, offering fitness memberships and
other ancillary services including personal training and group fitness
classes. The World Health Club member value proposition is based on three
key competitive drivers: value, convenience and personal training. "It is with great pleasure that we enter this new era at World Health
Club and our new partnership with North Castle," said CEO Rob Leach. "North
Castle brings a wealth of knowledge and expertise in business and health
club operations which will provide an important competitive advantage as we
grow the World Health Club brand across Western Canada and continue to
build our business into a world class organization with a best practices
commitment to excellence." Mr. Leach has maintained a significant portion of his investment in
World Health Club, and he and other members of senior management will
continue in their current positions. This is North Castle's fourth investment in nine months; three of these
investments have been made in the Fitness and Recreation sector. In
addition to the World Health Club investment, North Castle has acquired a
controlling interest in Cascade Helmet Holdings, Atkins Nutritional
Holdings, Inc., and Performance, Inc. In 2007, North Castle recapitalized Octane Fitness (returning a
dividend equal to 1.0x its 2005 investment) and sold three companies to
strategic acquirers, the sale of Avalon Organics(R) and Alba Botanica(R)
natural and organic personal care brands to The Hain Celestial Group, Inc.,
the Naked Juice Company to PepsiCo, and HDS Cosmetics Lab, Inc., the
manufacturer and marketer of Doctor's Dermatologic Formula (DDF) skin care,
to The Procter & Gamble Company. World Health was represented by Partnership Capital Growth
(http://www.pcg-advisors.com) as its exclusive financial advisor. About North Castle Partners North Castle Partners is a leading private equity firm focused
exclusively on investments in consumer-driven product and service
businesses that benefit from "Healthy Living and Aging" trends. North
Castle is a hands-on, value- added investor in high-growth, middle market
companies in the (i) aesthetics and personal care, (ii) consumer health,
(iii) fitness and recreation, (iv) home and leisure and (v) nutrition
industries. North Castle's current portfolio includes such well-known brands as
Atkins Nutritionals, gloProfessional, Red Door Spas, Enzymatic Therapy,
Performance Bicycle, Cascade Helmets and Octane Fitness. Prior portfolio
company holdings include Equinox Fitness, EAS, CRC Health Group, Doctor's
Dermatologic Formula, Naked Juice Company and Avalon Natural Products. North Castle is led by a seasoned investment team including 12
proactive operating advisors who bring a wide range of operational and
investment capabilities as well as an extensive knowledge base and network.
The strength of the North Castle team, combined with our focus and network,
provides significant competitive advantages in building world-class
companies. North Castle is headquartered in Greenwich, CT. For more
information, visit http://www.northcastlepartners.com. About World Health Club World Health Club is Alberta's leader in offering convenient and
affordable fitness services. The company is built on the philosophy of
great service, convenient locations, state-of-the-art equipment and
knowledgeable staff, all for an affordable price. The company's goal is to
be a part of our community by helping people to live healthy and active
lives. With 14 clubs in Alberta to serve its community, we are changing
lives each and every day. Learn more about World Health Club at
http://www.worldhealthclub.com. Contact: Todd Fogarty
Kekst and Company
212-521-4854
SOURCE North Castle Partners
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