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April 2013

Penfund Leads $40 Million Expansion Financing for GoodLife Fitness Centres Inc.

TORONTO, Ontario (April 5, 2013) – Penfund, an independent provider of junior capital to middle market companies in North America, announced today the completion of a $40 million expansion of the existing $125 million subordinated secured credit facility provided to GoodLife Fitness Centres Inc. by a group of lenders in March 2011.

The proceeds of the expansion financing will be used by GoodLife to finance the acquisition of 13 fitness clubs in the Greater Toronto Area previously owned by Extreme Fitness Inc. and to finance other growth initiatives. Including the Extreme clubs, GoodLife now operates over 300 fitness clubs in Canada and is Canada’s largest fitness company. GoodLife is also the fifth largest operator of fitness clubs in the world.

Penfund acted as agent and lead investor in the $40 million expansion financing. The remaining funds were provided by Macquarie Bank Limited, Manulife Capital, GRI Investments, The Canadian Medical Protective Association and the Teachers’ Retirement Allowances Fund Board.

According to John Bradlow, a partner of Penfund, “Penfund and its lending partners are delighted to continue supporting GoodLife’s remarkable growth story. We view GoodLife as demonstrable evidence of Canadian entrepreneurial success, achieved by a dynamic leader and a highly accomplished management team.”

According to David Patchell-Evans, GoodLife’s Founder and CEO, “We greatly appreciate the continuing support of Penfund and our other lenders. The $40 million expansion financing is the fourth in a series of financings provided and arranged by Penfund. The patient, long-term capital provided by our lenders has allowed us to accelerate our growth and to continue to pursue our vision of giving every Canadian the opportunity to live a fit and healthy good life.”


About GoodLife

Founded in 1979, GoodLife Fitness is the largest fitness company in Canada. With over 300 clubs from coast-to-coast, over 12,600 Associates and more than 877,000 members, GoodLife is helping to transform the health and wellness of 1 in 39 Canadians every day.  Motivated by GoodLife’s vision of giving every Canadian the opportunity to live a fit and healthy good Life, David Patchell-Evans, Founder & CEO, strives to develop innovative partnerships and collaborations in all areas of health, fitness and wellness, as GoodLife continues to play a significant role in the healthcare system in Canada.  GoodLife has achieved Platinum Status Canada’s 50 Best Managed Companies, as well as Platinum Level Canada’s 10 Most Admired Corporate Cultures.


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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:

Krista Maling

Director of Public Relations, GoodLife Fitness

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