McLEAN, VA -- Sport & Health Clubs, which has 23 clubs in the Virginia, Maryland and Washington, DC, areas, has received $25 million in financing through Pittsburgh-based PNC Mezzanine Capital and Wynnewood, PA-based CMS Mezzanine Fund.
The financing will enable Sport & Health Clubs to restructure senior debt and allow the company to acquire and construct new clubs in the Washington, DC, area, according to a company press release. The company plans to add three new clubs per year.
One of the new clubs will be a 43,000-square-foot facility with indoor and outdoor pools. Several more clubs will receive new flat-screen TVs, cardio equipment with personal viewing screens and entertainment packages. Other clubs will expand and receive locker room renovations.
“Our priority remains to strengthen our position as the Washington metropolitan area’s preeminent family of health clubs, offering our members the best in fitness equipment and programming,” Jonathan Adler, Sport & Health CEO, said in a statement.
Mark Fisher, president and COO of Sport & Health, added: “While the turbulent economy has many industries tightening budgets and cutting back on expansion plans, Sport & Health is swimming against the current: expanding now to meet the needs of our members and to grow our footprint in the Washington, DC, area.”
Sport & Health Clubs ranked 13th on Club Industry’s Fitness Business Pro’s Top 100 clubs list last year, reporting $85.5 million in revenue in 2007.