World Exercise franchisee purchases 15 clubs in Cleveland, Akron-Canton markets

Lisa D. Small

A World Fitness franchisee from Camp Hill, Pa., declared it has acquired 15 World Fitness golf equipment in the Cleveland and Akron-Canton markets, additionally 1 in central Pennsylvania, from two different sellers.

The private equity-backed franchisee, Countrywide Fitness Associates, did not disclose the obtain cost, or the identification of the sellers, for the 16 golf equipment. A spokeswoman claimed in an email that the 15 acquired places in Ohio have a total of 160 personnel. With the acquisitions, Countrywide Health Partners, regarded as NFP, has additional than 1,000 personnel and 94 Planet Health and fitness locations in the adhering to marketplaces: central Pennsylvania Philadelphia southern Delaware Charlotte, N.C. the Triad, N.C. South Carolina and Cleveland and Akron-Canton.

NFP, started in 2016, is a portfolio company of Argonne Money Group LLC, an Atlanta-centered non-public financial investment organization. In a information release, NFP claimed the transaction was financed with junior capital from resources managed by the credit score group of Ares Administration Corp. (NYSE: ARES).

Stephen Kindler Jr., president and CEO of NFP, claimed in a assertion that his company is “bullish on the in the vicinity of-expression restoration prospective customers and prolonged-time period expansion of the Earth Physical fitness brand, as encouraging membership and utilization tendencies continue to position to a thriving emergence from the COVID-19 pandemic.” He stated the acquisitions “will develop our access into significant new markets and strengthen our attempts to make sure extra folks have entry to low-expense fitness alternatives.”

Layton Grisette, handling director of Argonne Capital, said in a assertion that the acquisition of 16 additional clubs is “a special option that will enable NFP to improve its base enterprise and diversify its current geographic footprint and cash move, when positioning the corporation for considerable progress alternatives as the COVID-19 pandemic recedes.”

This is a checklist of the 15 obtained spots in Northeast Ohio:

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