Golub Capital Provides One-Loan Debt Facility to Support the Acquisition of Fitness Connection by Roark Capital

Press Release
February 26, 2019

CHICAGO, February 26, 2019 – Golub Capital recently announced that, as Administrative Agent, Sole Lead Arranger and Sole Bookrunner, it provided a GOLD facility to support the acquisition of Fitness Connection (“the Company”) by affiliates of Roark Capital. GOLD financings are Golub Capital One-Loan Debt facilities.

Fitness Connection is an emerging leader in the fitness industry, providing customers with access to state-of-the art facilities offering a full suite of amenities at a compelling price point. The Company currently operates 41 locations in Texas, North Carolina and Nevada. Gym amenities include state-of-the-art equipment, fully certified trainers, group classes, babysitting services, swimming pools, basketball, racquetball and more.

“For over a decade, we have enjoyed a mutually beneficial partnership with Roark,” said Troy Oder, Managing Director at Golub Capital. “Roark’s disciplined approach to investing in leading, multi-location consumer concepts aligns well with our growing consumer, restaurant and retail platform.  We are also excited to continue our relationship with the Fitness Connection team, and believe the Company is well-positioned for continued success through its partnership with Roark.”

“Golub Capital has been a great partner to Roark for many years,” said Erik Morris, Co-Chief Investment Officer and Senior Managing Director at Roark. “They delivered a thoughtful and flexible financing solution in the Fitness Connection transaction, and we truly appreciate their continued support for both Roark and the Company.”

About Golub Capital Middle Market Lending

Golub Capital’s Middle Market Lending group provides financing for middle market, private equity-backed transactions with hold positions of up to $600 million and is an arranger of credit facilities up to $1 billion. Golub Capital’s award-winning team specializes in delivering reliable, creative and compelling financing solutions to U.S. middle market companies backed by private equity sponsors.

Golub Capital is a market-leading, award-winning private debt platform with over $30 billion of capital under management. The Middle Market Lending team has particular domain expertise in select industries, including software, technology services, healthcare, consumer and restaurant and retail. The firm’s credit expertise also forms the foundation of its Late Stage Lending business and its Broadly Syndicated Loan investment program. Across its activities, Golub Capital nurtures long-term, win-win partnerships that inspire repeat business from its private equity sponsor clients and investors. Founded in 1994, Golub Capital today has over 400 employees and lending offices in Chicago, New York and San Francisco. For more information, please visit golubcapital.com.

About Roark

Roark focuses on investing in franchised and multi-unit businesses in the consumer and business services sectors. Since inception, affiliates of Roark have invested in 67 franchise/multi-unit brands, which collectively generate $37 billion in annual system revenues from 36,000 locations in 50 states and 81 countries. Please visit www.roarkcapital.com to learn more.

About Fitness Connection

Founded in 1999, Fitness Connection is a category leader in the HVLP fitness segment, offering the full range of amenities and services of a large, full-service premium club for as low as $10 per month. Memberships include access to state-of-the-art strength / cardio equipment, functional training areas, women’s only workout areas, short-term child care, cycling studios, as well as other amenities and services. In addition, memberships typically include 30+ unique group workout classes including spin, yoga, pilates, kickboxing and high intensity interval training, among the other 50+ classes per week. The Company today operates 41 gyms in Texas, North Carolina, and Nevada. For more information, visit www.fitnessconnection.com.


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