Franvest Capital Partners portfolio company Edmonton Fitness Holdings Inc. announced that it, along with a group of Edmonton based co-investors, has acquired the Edmonton assets of World Health Club Inc. (World Health). As part of the investment, Edmonton Fitness Holdings will acquire 10 fitness clubs in Edmonton, Canada and one under construction in Sherwood Park, Canada. The terms of the transaction were not disclosed.
“We are excited about the opportunity to acquire the World Health business in Edmonton,” said David Hardy, the president of Franvest, in a statement. “Edmonton is a unique market that rewards companies who bring a high corporate standard and sense of community to the city. We believe that by returning ownership and management to a group of Edmonton based individuals, we can leverage our community connections and local presence to benefit both the citizens of Edmonton and the business.”
Edmonton Fitness Holdings Inc. plans to spend $8 million to renovate and upgrade many of the existing facilities.
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Rachel Zabonick-Chonko is the editor-in-chief of Club Solutions Magazine. She can be reached at rachel@peakemedia.com.
