ST. PETERSBURG, FL — Lifestyle Family Fitness received an equity investment of $8 million to be used for future expansion of the business. Financing was led by Ballast Point Ventures, L.P. (an affiliate of Raymond James Financial, Inc.) and included existing investor Quantum Capital Partners Inc. and new investor, The Burton Partnerships.
Geoff Dyer, president and CEO of Lifestyle, said the new financing positions the company well for future growth. This capital infusion, coupled with additional debt financing, will enable the company to add 30 to 35 new fitness facilities during the next five years, he said.
Quantum Capital Partners previously provided Lifestyle with $6.25 million in expansion capital during 2000 and 2001. Drew A. Graham, managing partner of Ballast Point Ventures, L.P., will join the Lifestyle's board of directors. Lifestyle Family Fitness currently owns and operates 19 fitness facilities with more than 80,000 members throughout West and Central Florida and plans to add several new facilities throughout Florida during the next 12 months.
In addition, Lifestyle Family Fitness purchased CPD Fitness in Orange Park, FL from 24 Hour Fitness. The 42,000-square-foot facility will be the largest in the the chain.