North Castle Partners Exits International Fitness
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North Castle Partners Exits International Fitness

international fitness nf1North Castle Partners has sold its portfolio company International Fitness Holdings to TriWest Capital.

International Fitness is an operator of fitness clubs in the province of Alberta, Canada operating under two brands – World Health and Spa Lady. International Fitness is based in Calgary Alberta (www.ifhinc.ca).  The company was formed through the acquisition of three fitness club operators: World Health Club, acquired in March 2008 (www.calgary.worldhealth.ca); CLUBFIT, acquired in July 2008 (no website found); and Spa Lady, acquired in October 2009 (www.spalady.ca).

jon canarick nf1“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.”

North Castle makes control investments in consumer-driven product and service companies located in North America with enterprise values ranging from $50 million to $500 million.  Sectors of interest include: beauty & personal care; consumer health; fitness, recreation & sports; home & leisure; and nutrition. North Castle is headquartered in Greenwich, CT (www.northcastlepartners.com).

“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,” said Rob Leach, Chairman, International Fitness.

chip baird nf2“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.”

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 companies 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.

TriWest, the buyer of International Fitness, invests in companies with operating earnings or EBITDA in the range of $10 million to $50 million. Sectors of interest include service, manufacturing and distribution. The firm has raised $775 million in committed capital through four funds and has invested in 27 companies to date. TriWest was founded in 1998 and is based in Calgary (www.triwest.ca).

PwC Corporate Finance served as financial advisor to North Castle Partners and the management team of International Fitness in connection with this transaction. Click HERE to access the webpage of PwC Corporate Finance.

2014 PEPD • Private Equity’s Leading News Magazine • 9-4-14

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