North Castle Partners has made an investment in Barry’s Bootcamp, a health and fitness provider of cardio and strength training interval workout programs.
Barry’s Bootcamp’s signature hour-long workouts include 25-30 minutes of interval cardiovascular treadmill routines and 25-30 minutes of strength training utilizing free weights, resistance bands, medicine balls and other equipment. Barry’s Bootcamp’s instructors have been featured on programs such as Access Hollywood, CNN “Piers Morgan Live,” Fox 5 New York, The Weather Channel, Fox 5 San Diego and “Good Day LA.” Barry’s Bootcamp has 17 locations in the US (13), the UK (2) and Norway (2). The company was founded in 1998 by John Mumford, Rachel Mumford, and Barry Jay and is based in Hollywood (www.barrysbootcamp.com).
With the closing of this transaction, Joey Gonzalez will become the new chief executive officer of the company replacing John Mumford who will serve on the company’s Board of Directors and he will assume the new title of Managing Director of International Strategy.
“When Rachel, Barry and I founded Barry’s Bootcamp in 1998, I knew we had something amazing on our hands,” said Mr. Mumford. “Now, after 17 years as CEO, I am grateful that I played a small role in improving thousands of lives. My friend and partner Joey Gonzalez is the perfect choice to succeed me as CEO.”
Mr. Gonzalez began his tenure at Barry’s in 2004 as an instructor, then later as a manager and most recently as COO and Partner. “The collaboration with North Castle Partners is a natural fit due to their extensive experience with fitness club operators,” said Mr. Gonzalez. “It is apparent to us that North Castle possesses a true understanding of the DNA of Barry’s Bootcamp and we’re confident they will support our corporate team to help expand and strengthen the business.”
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 and personal care; consumer health; fitness, recreation and sports; home and leisure; and nutrition. North Castle is headquartered in Greenwich, CT (www.northcastlepartners.com).
“With our prior experience in the fitness industry from our successful fully realized investments in fitness club operators Equinox Fitness and International Fitness Holdings and current investments in Curves International and fitness equipment supplier Octane Fitness, we will leverage our established network and knowledge in the industry to build Barry’s Bootcamp into one of the premier boutique fitness studio operators and brands in the world,” said Jon Canarick, North Castle Managing Director.
Moelis & Company acted as the exclusive financial advisor to Barry’s Bootcamp. Buchalter Nemer was the company’s legal advisor. North Castle Partners was represented by Morrison Cohen LLP.
© 2015 PEPD • Private Equity’s Leading News Magazine • 7-28-15
