North Castle Partners Invests
in World Health Club
 |
 |
GREENWICH, CT – North Castle Partners, along with its co-investors, has announced that it has acquired the Alberta-based World Health Club chain. North Castle is a leading American private equity firm focused on investments in consumer-driven product and service businesses that benefit from healthy living and aging trends.
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 in 2006.
“We are excited to re-enter 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. “As World Health Club grows, we intend to apply the knowledge we have acquired from our successful investments in Equinox and Octane, and we 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 & Sportsclub Association (IHRSA).”
World Health Club currently operates 14 fitness clubs in Calgary and Edmonton. The company provides services to approximately 40,000 members offering fitness memberships and other ancillary services including personal training and group fitness classes.
“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® and Alba Botanica® 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.
For more information, visit www.northcastlepartners.com and www.worldhealthclub.com.
Popularity: 10% [?]
