Antares Capital is serving as administrative agent and joint lead arranger on a $111 million senior secured credit facility to support the growth and recapitalization of Movati Athletic Group by Norwest Equity Partners (NEP).
Founded in 1997, Windsor, Ontario based Movati is a premium fitness concept that offers amenities such as group fitness classes, pools, basketball courts, women’s-only sections, childcare and a common area for weight training and cardio to more than 95,000 members.
Minneapolis, Minnesota based Norwest Equity Partners acquired Movati Athletic Group in October 2014.
“Antares has supported a prior fitness industry investment of ours, so we knew they would bring strong sector experience to this transaction,” said Andy Cantwell, partner at NEP. “We’ve worked with Antares for over 20 years and value their extensive financing and capital markets expertise.”
“Movati is uniquely positioned to gain share in the premium health club market in Canada,” said Dave Swanson, managing director with Antares. “With best-in-class member retention rates, a strong management team, and a proven investor with significant industry experience, we are excited about the continued growth potential for Movati.”
With offices in Atlanta, Chicago, Los Angeles, New York, Norwalk and Toronto, Antares Capital is a credit manager and provider of financing solutions for middle-market, private equity-backed transactions.
photo credit: Movati Athletic