PNC Mezzanine Capital has committed to provide Mountainside Fitness, an Arizona-based fitness chain, with growth capital of up to $40 million in order to expand the company.
“We are extremely excited about our partnership with PNC Mezzanine Capital,” said Tom Hatten, President of Mountainside Fitness. “This is the next step in our ability to grow not only locally, but in markets across the country.”
Mountainside Fitness operates 10 fitness centers in the metro-Phoenix area that have approximately 45,000 members. Each of the company’s centers offer free fitness classes, strength equipment, cardiovascular equipment, basketball courts, childcare, kids exercise equipment, theatre rooms and cafés. The company has three additional Arizona fitness centers currently under construction in Arrowhead, Desert Ridge and Queen Creek (www.mountainsidefitness.com).
“Mountainside Fitness is now poised to expand the brand that the team has worked so hard to establish over the past 23 years,” said Douglas Brosius, Partner at PNC Mezzanine Capital. “We are proud that the company has selected PNC Mezzanine Capital as its partner to support the next phase of their growth.”
PNC Mezzanine Capital, a division of The PNC Financial Services Group, provides financing for buyouts, acquisitions, recapitalizations and growth for companies in a range of industries, including consumer and business services, niche manufacturing and value-added distribution. PNC Mezzanine Capital was founded in 1989 is based in Pittsburgh (www.pncmezzanine.com).
© 2014 PEPD • Private Equity’s Leading News Magazine • 2-12-14
