Robious Sports Purchased by Private Equity Firm
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RICHMOND, VA -- Robious Sports & Fitness was sold by its hospital owner to a private equity firm last week, according to media reports.
CJW Medical Center, which is a part of the Hospital Corporation of America, sold the Richmond-VA club to Boxwood Partners, Richmond, VA, for an undisclosed price. However, according to RichmondBizSense.com, the county in which the club is located assessed Robious’ land and buildings at $7.4 million earlier this year.
Robious Sports & Fitness had $3.4 million in revenue and 2,600 memberships in 2008, according to the company’s Top 100 club form submitted to Club Industry’s Fitness Business Pro this year.
Patrick Galleher, a principal at Boxwood, told RichmondBizSense.com, that the firm will spend $1 million to $1.5 million to renovate the club, including a possible expanded child care area, more indoor tennis courts, new carpeting and a 24-hour area accessible to members by key cards.
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