New Evolution Ventures (NeV), Lafayette, CA, has added private equity firm Vision Capital as an investment partner.
NeV operates Crunch, UFC Gym and Madonna’s Hard Candy Fitness, among other fitness club companies around the world.
“We are excited about our new partnership with Vision Capital,” NeV Chairman Mark Mastrov said in a statement. “Vision Capital brings an innovative approach to the private equity business, and we believe they will be a fantastic partner for NeV as we continue to grow our existing brand portfolio and execute on new opportunities.”
Mastrov, along with Jim Rowley and Mike Feeney, founded NeV in 2008, when it was then known as New Evolution Fitness Company. Since then, NeV has taken on investments in the sports and media arenas and has operations in more than 20 countries.
In addition to the fitness club industry, Vision Capital, which has offices in New York and London, has made hotel and industrial investments. In September 2010, Vision Capital acquired Terphane, the manufacturer of specialty polyester films in Latin America.