Curves International, Waco, TX, says it is close to an equity deal agreement with private-equity firm North Castle Partners.
Curves CEO Gary Heavin says negotiations surrounding the transaction are in the final stages.
“North Castle and Curves are working closely together as the investment becomes finalized,” Heavin said in a statement released to Club Industry. “We will send out a notice to inform everyone when the transaction is official and follow up with details about upcoming changes shortly after that.”
Terms of the pending transaction were not disclosed.
North Castle Partners, Greenwich, CT, is a firm focused on the health, wellness and active living sector. Its investments range from $10 million to $200 million. Included in its portfolio are equipment manufacturer Octane Fitness, Brooklyn Park, MN, and Canadian clubs World Health and Spa Lady.
How the deal would affect the company roles of Heavin and his wife, Diane, who co-founded Curves in 1992, is unknown. Full details regarding any changes in the corporate structure will be released when the deal is finalized, according to the company.