NEW YORK, March 22, 2007 /PRNewswire/ — Golub Capital today announced that it has provided $30 million of revolver and senior term debt for the recapitalization of Octane Fitness LLC. The recap provided refinancing of existing debt and a shareholder dividend for North Castle Partners and its co- investors.
As the only fitness manufacturer in the world dedicated exclusively to elliptical machines, Octane Fitness quickly has become an established leader in this highly competitive industry. Founded in 2001, Octane Fitness elliptical machines can be found in high-end gyms such as Equinox, Planet Fitness and Gold’s Gym. In addition, professional sports teams such as the Arizona Diamondbacks, Chicago Bears and the San Francisco 49ers use Octane ellipticals in their team gyms. Additionally, Octane has won numerous awards for its products, including the prestigious “Best of Fitness” award from Health magazine in the category of elliptical trainers over $1,500.
“Octane Fitness has a real history of consistent growth and an outstanding management team. The Company is known for its unprecedented innovations, which are designed for the perfect elliptical exercise and better workouts,” says Andy Steuerman, a Managing Director with Golub Capital. “We are also very excited to be able to support North Castle with this acquisition. The firm is a top notch partner.”
While this is Golub Capital’s first sports equipment investment, the firm has made several investments in health clubs such as Crunch and Extreme Fitness.
About Golub Capital
Golub Capital is an active provider of one-loan financings (through the firm’s proprietary GOLD facility), senior debt, second lien and subordinated debt, preferred stock, and co-investment equity to middle market companies. The firm is committed to being a value-added and user-friendly partner to owners, senior management and transaction sponsors. With a broad investment mandate and long-term time horizon, Golub Capital has a high level of flexibility in structuring investments. Typical investments range from $5 million to $75 million, with additional capital available for future growth. Golub Capital is a national firm with offices in Atlanta, Chicago, New York and San Francisco. For more information, please visit www.golubcapital.com.
First Call Analyst:
SOURCE: Golub Capital
CONTACT: Andy Steuerman, Managing Director, +1-212-660-7280,