North Hills, CA — Meridian Sports Clubs California LLC, operator of 12 health clubs under the brand Meridian's Bodies in Motion, has received $10 million of senior secured debt from Praesidian Capital Investors, New York.
Meridian Sports Clubs ranked No. 41 in this year's Top 100 clubs list by Club Industry's Fitness Business Pro. Meridian reported revenue of $30 million in 2008.
“We are very proud of what Meridian has accomplished to date and also very excited about our future prospects,” Chuck Grieve, Meridian CEO, said in a statement. “Praesidian understands our business, and this gives me great confidence that they are the ideal partner to help us continue our growth.”
Of the 12 Bodies in Motion clubs that Meridian owns, 11 are in California and one is in Hawaii. Meridian also manages 12 other clubs.
“This is a business with a resilient and stable revenue base,” Jason Drattell, managing partner at Praesidian, said in a statement. “We are very pleased to be working closely with this proven management team, which has consistently grown in sales, both organically and through acquisitions, while effectively managing costs.”