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February 2019

Penfund Announces $100 Million Financing for GoodLife Fitness Centres Inc.

TORONTO, Ontario (February 21, 2019) – Penfund, an independent provider of junior capital to North American middle market companies, announced today the completion of a $100 million second lien credit facility provided to GoodLife Fitness Centres Inc.

The proceeds of this financing together with the proceeds of a $310 million first lien term loan and revolving credit facility provided by a syndicate of banks will be used principally to refinance existing debt. 

GoodLife is the largest fitness club operator in Canada, operating more than 400 clubs under the banners of GoodLife Fitness, Fit4Less, and Éconofitness.  GoodLife is also the fourth largest operator of fitness clubs in the world.  GoodLife and its management team have received numerous awards recognizing the company’s remarkable achievements, such as Canada’s Best Managed Companies – Platinum Status, Interbrand’s 150 Most Iconic Brands in Canada, Ontario Chamber of Commerce Community Builder Award, and more.

According to John Bradlow, a partner of Penfund, “Penfund is extremely proud of our long relationship with GoodLife and is delighted to have played a small role in GoodLife’s tremendous success.”  Mr. Bradlow also noted that Penfund has provided and arranged more than $430 million of junior debt for GoodLife in seven separate financings.

David ‘Patch’ Patchell-Evans, GoodLife’s founder and CEO said, “Our ability to help over 1.5 million Canadians pursue and achieve their health and fitness goals would not have been possible without the consistent support of Penfund and our other financing partners.  For the past decade, their consistent financial support has allowed us to provide a superior level of service and expertise in our first-class facilities across the country.”

About GoodLife Fitness

Proudly Canadian since 1979, GoodLife Fitness is the largest fitness club operator in Canada and the fourth largest in the world. With more than 400 clubs from coast-to-coast, including GoodLife Fitness, Fit4Less and Éconofitness Clubs, approximately 12,000 employees and more than 1.5 million members, GoodLife is helping to transform the health and wellness of 1 in 25 Canadians every day.


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About Penfund

Penfund is a leading provider of junior capital to middle market companies throughout North America. The firm is currently investing its most recently established fund, Penfund Capital Fund VII. Penfund manages funds sourced from pension funds, insurance companies, banks, family offices and high-net-worth individuals located in Canada, the United States, the Middle East, and Europe. Penfund has invested more than $3 billion in over 225 companies since its establishment. Assets under management are approximately $2.8 billion.

For further information, please contact:

Richard Bradlow



Jeremy Thompson



Adam Roberts

Public Relations Specialist, GoodLife Fitness

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