North Castle Partners today announced that it has completed an investment in Curves International, Inc., the largest fitness club franchisor in the world with approximately 7,300 locations in 90 countries of clubs specifically designed for women. North Castle is a leading private equity firm focused exclusively on health, wellness and active living companies. The terms of the investment by North Castle and its co-investors were not disclosed.
“As a firm focused on businesses that promote Health, Wellness, and Active Living, an investment in Curves was natural for us,” said Chip Baird, North Castle’s Founder and Managing Partner. “We are excited to partner with the company’s founders, Gary and Diane Heavin, to reinvigorate this world renowned company by applying our knowledge and experience in fitness and wellness from our current and prior investments, including International Fitness, Equinox Fitness, EAS and Octane Fitness.”
Gary Heavin said, “Bringing in a partner, the right partner, can be an arduous process. We set out to find a partner with a commitment to values and the knowledge and experience to guide our company to its next level of success. When we met North Castle, we knew that they understood not only our industry but the passion that has driven us to create Curves. We believe our partnership with North Castle will allow us to continue to improve the lives of women.”
Curves, the most widely recognized fitness brand in the world, offers members a convenient and effective workout in an environment that is safe and supportive. A Curves workout combines strength training and sustained cardiovascular activity in a coached environment.
“Curves is the number one brand in the world in women’s fitness,” said Jon Canarick, North Castle Managing Director. “The concept of creating a safe environment specifically designed for women where participants can work out in comfort was revolutionary and that’s in part why Curves grew so rapidly and why it remains in demand. We believe Curves can evolve to continue to address the changing needs of today’s consumer in the U.S. and abroad by offering a more complete solution for women to meet their all-around wellness goals. In addition, Curves has a strong growing business in many international markets, including the leading position in Japan, with considerable white space for expansion throughout Asia.”
September 11, 2012