US operator Fitness Connection, which has 41 health clubs across three states, has been acquired by private equity firm Roark Capital.
The financial details of the deal – which sees Roark Capital take over a majority stake in the company from LNK Partners – were undisclosed.
Founded in 1999, Fitness Connection was one of the first low-cost operators in the US.
Offering full-service memberships for as low as US$10 per month, the company has gradually grown its club estate which now serves around 500,000 members.
“As we embark on the next phase of growth, we could not be more excited about having Roark as our partner to lend their guidance and expertise in multi-unit, consumer-facing investments," said Phil Howard, CEO of Fitness Connection.
"We look forward to working closely with the Roark team as we continue to execute our national growth strategy of making high value, affordable fitness accessible to all.”
Roark Capital focuses on investing in franchised and multi-unit businesses in the consumer and business services sectors.
