TORONTO, Ontario (February 17, 2016) – Penfund, an independent provider of junior capital to middle market companies in the United States and Canada, announced today the completion of a $20 million expansion of the existing $70 million 2nd lien credit facility provided to GoodLife Fitness Centres Inc.
The proceeds of this expansion financing together with an additional $75 million provided by a syndicate of banks will be used to finance the acceleration of GoodLife’s new club program with a particular emphasis on the company’s fast growing value banners, Fit4Less by GoodLife and Éconofitness by Énergie Cardio. GoodLife now operates over 350 clubs and is the largest fitness club chain in Canada. As a result of its rapid growth in recent years, the company has become the fourth largest operator of fitness clubs in the world.
According to John Bradlow, a partner of Penfund, “Penfund takes great pride in our long association with GoodLife and our participation in the extraordinary accomplishments of this fine company.” Mr. Bradlow also noted that Penfund has provided and arranged an aggregate of $330 million of junior debt for GoodLife in six separate financings.
David ‘Patch’ Patchell-Evans, GoodLife’s founder and CEO, said, “Our rapid growth over the last decade would not have been possible without the consistent support of Penfund and our other financing partners. Their support has allowed us to pursue our purpose of giving every Canadian the opportunity to live a fit and healthy good life.”
About GoodLife Fitness
Proudly Canadian since 1979, GoodLife Fitness is the largest fitness club chain in Canada and the fourth largest in the world. With over 350 clubs from coast-to-coast, including GoodLife Fitess, Énergie Cardio, Fit4Less by GoodLife and Éconofitness Clubs, approximately 14,400 employees and more than 1.2 million members, GoodLife is helping to transform the heath and wellness of 1 in 30 Canadians every day.
Penfund is a leading provider of junior capital to middle market companies throughout North America. The firm is owned by its management team and is currently investing its most recently established fund, Penfund Capital Fund V. Penfund manages funds sourced from Canadian pension funds, insurance companies, banks, family offices and high-net-worth individuals and has invested more than $3 billion in over 225 companies since its establishment in 1979. Assets and capital under management presently amount to about $1 billion.