Snap Fitness Poised for Accelerated Growth with New Investment
CHANHASSEN, Minn. - Jan. 9, 2014 // PRNewswire // - Snap Fitness, Inc. ("Snap"), one of the world's leading health and wellness brands with approximately 2,000 clubs open or under development in 15 countries, announced that it has taken on an investment from TZP Capital Partners II, L.P. ("TZP"), a private equity fund focused on investments in U.S.-based lower middle market business and consumer services companies.
"This new investment positions us to build on the dramatic success we have enjoyed over the last few years. Going forward, we couldn't have a better partner than TZP," said Peter Taunton, Founder, President and CEO of Snap. "With more than a million members in 15 countries and 20-25 new clubs added monthly, we feel confident that the future of health and wellness will be driven by no-contract, 24/7 programs like ours—programs that balance best-in-class fitness products with cutting-edge nutritional consultation while offering guaranteed results. This is an exciting time for us."
In addition to strong brands with attractive offerings, Taunton attributes the firm's stellar growth to the response of the business community. "Making the transition to owning a business as easy as possible and making financing available to prospective franchisees will continue to be an important part of our strategy."
"We are thrilled that Peter chose to partner with the TZP team in our first investment by TZP Capital Partners II. Snap Fitness is a recognized leader in the health and wellness marketplace and we believe that the company's platform will allow it to continually enhance its current family of fitness brands, as well as develop new health and wellness brands for its customer base," said TZP's Managing Partner, Samuel L. Katz. "With an extremely strong management team led by Peter and our significant expertise in helping to grow multiple franchised brands, we believe we can build on Snap's strong foundation of high quality, targeted fitness concepts that provide franchisees with a compelling reason to be independent business owners within the Snap Fitness system."
About Snap Fitness, Inc.
Founded in 2003 by CEO and President Peter Taunton, Snap has won tremendous popularity and market share within the healthy lifestyle arena. The firm offers consumers guaranteed results by blending convenient, effective and affordable fitness concepts—24-hour health clubs, kickboxing-based 30-minute fitness clubs, group fitness/boot camp workout clubs and high-end personal training—with quality nutritional consultation. Snap's portfolio of brands includes Snap Fitness, Kosama, 9Round Fitness and STEELE Fitness, all offered on a no-contract basis, with full access to locations worldwide. Snap has also been recognized as a technology leader thanks to in-club tracking and training innovations and more. The Chanhassen, Minnesota based franchisor, which is dedicated to providing consumers as well as franchisees with superior value, is experiencing phenomenal growth with nearly 2,000 clubs worldwide and approximately 20-25 new clubs added monthly. For more information, please visit www.snapfitness.com
About TZP Group
Founded in 2007, TZP Group LLC is a private equity firm focused on control investments in business and consumer services companies with enterprise values generally between $50 million and $250 million. TZP targets companies with solid historical profitability and sustainable value propositions, and seeks to be a "partner of choice" for business owners and management teams. TZP is focused on business and consumer services verticals where the firm's investment professionals have significant operating and transaction experience. These include: franchising, outsourced business and IT services, marketing and media services, travel and hospitality services, real estate services and specialty finance. TZP has over $500 million of capital under management and is currently investing out of its second committed fund. For more information, please visit www.tzpgroup.com.
SOURCE Snap Fitness, Inc.