M&A Deal Summary

Roark Capital Group and Golub Capital Acquire Fitness Connection

On February 4, 2019, private equity firm Roark Capital Group and lender Golub Capital acquired consumer services company Fitness Connection from LNK Partners, Fifth Street Capital and Golub Capital

Acquisition Highlights
  • This is Roark Capital Group’s 3rd and Golub Capital’s 5th transaction in the Consumer Services sector.
  • This is Roark Capital Group’s 34th and Golub Capital’s 55th transaction in the United States.
  • This is Roark Capital Group’s 1st and Golub Capital’s 2nd transaction in Virginia.

M&A Deal Summary
Date 2019-02-04
Target Fitness Connection
Sector Consumer Services
Buyer(s) Roark Capital Group
Golub Capital
Sellers(s) LNK Partners
Fifth Street Capital
Golub Capital
Deal Type Secondary Buyout
Advisor(s) Jefferies
Piper Jaffray Companies (Financial)
Kirkland & Ellis (Legal)

Target

Fitness Connection

McLean, Virginia, United States
Fitness Connection is a category leader in the HVLP fitness segment, offering the full range of amenities and services of a large, full-service premium club for as low as $10 per month. Memberships include access to state-of-the-art strength/cardio equipment, functional training areas, women's only workout areas, short-term child care, cycling studios, as well as other amenities and services. Fitness Connection was founded in 1999 and is based in McLean, Virginia.

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Buyer(S) 2

Buyer

Roark Capital Group

Atlanta, Georgia, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2001
PE ASSETS 33.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Roark Capital Group is a private equity firm that focuses on middle-market investment opportunities. The Firm targets family-owned business transfers, management/corporate buyouts, recapitalizations, going-private transactions, and corporate divestitures. Roark Capital Group pursues companies with revenues between $20 million and $5 billion, and EBITDA of $10 to $500 million. Roark Capital primarily invests in consumer and business services companies, with a particular interest in the franchise, food and restaurant, specialty retail, direct marketing and financial services sectors. Roark Capital Group was formed in 2001 and is headquartered in Atlanta, Georgia.

DEAL STATS #
Overall 36 of 44
Sector (Consumer Services) 3 of 5
Type (Secondary Buyout) 19 of 20
State (Virginia) 1 of 1
Country (United States) 34 of 42
Year (2019) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-01-04 Honors Holdings

Atlanta, Georgia, United States

Honors Holdings is a franchisee of Orangetheory Fitness with studio locations in Georgia, Tennessee, South Carolina, Oregon, Washington, and international locations in the United Kingdom. Honors Holdings is based in Atlanta, Georgia.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-09-12 Il Fornaio

Corte Madera, California, United States

Il Fornaio is an upscale restaurant concept serving creatively prepared, premium-quality Italian cuisine based on authentic regional recipes. Il Fornaio's wholesale bakeries produce over 100 varieties of hand-made breads, pastries and other artisan baked goods for sale at their own locations. Il Fornaio was founded in 1980 and is based in Corte Madera, California.

Sell -
Buyer

Golub Capital

New York, New York, United States

Investor Investor Investor Investor Investor

Category Lender
Founded 1994
PE ASSETS 55.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Golub Capital is a private investment firm focused on making debt and equity investments in US based middle-market companies. Golub looks to invest between $5 and $75 million in businesses with established operating cash flow, strong customer relationships, and 'sustainable proprietary positions in their markets'. Prospective investment structures include refinancings, recapitalizations, buyouts, and growth financings. Sectors of interest include consumer products, business and consumer services, defense, manufacturing, value-added distribution, media, healthcare services and restaurants. Golub Capital was formed in 1994 and maintains offices in New York City, Atlanta, and Chicago.

DEAL STATS #
Overall 57 of 68
Sector (Consumer Services) 5 of 7
Type (Secondary Buyout) 24 of 27
State (Virginia) 2 of 3
Country (United States) 55 of 66
Year (2019) 1 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-12-18 CRH Healthcare

Atlanta, Georgia, United States

CRH Healthcare is a patient-focused operator of urgent care centers in Georgia, Florida, and Alabama. CRH operates a "family of brands", leveraging a different brand name in each state, while always being focused on the CRH Mission, "to deliver the Perfect Patient Experience every time". To achieve this mission, everything they do is focused on the 5 C's: Convenient, Courteous, Caring, Competent, and Compliant. All of CRH's clinics are equipped to help diagnose and treat a wide range of non-life-threatening illnesses and injuries as well as to provide occupational health services to local employers. CRH Healthcare was founded in 2012 and headquartered in Atlanta, Georgia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-06-10 Aspen Medical Products

Irvine, California, United States

Aspen Medical Products is a designer, developer, manufacturer, and marketer of upper and lower spinal orthopedic bracing products. Aspen primarily sells its products through the acute care market, as they offer a high level of motion restriction and are used by patients in need of short-term treatment from severe injuries, have urgent medical conditions, and are recovering from surgery. Aspen Medical Products was founded in 2000 and is based in Irvine, California.

Buy -

Seller(S) 3

SELLER

LNK Partners

White Plains, New York, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2005
PE ASSETS 400M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

LNK Partners is a private equity investment firm that focuses on the consumer and retail sectors. LNK looks to commit up to $250 million of equity capital in a variety of transactions, including growth capital financings, recapitalizations, buyouts, and PIPEs. LNK looks to partner with management in pursuing opportunities. LNK was formed in 2005 with two former principals at Apax Partners and the former CEO of Staples. LNK Partners is based in White Plains, New York.

DEAL STATS #
Overall 5 of 8
Sector (Consumer Services) 1 of 2
Type (Secondary Buyout) 1 of 1
State (Virginia) 1 of 1
Country (United States) 5 of 8
Year (2019) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-11-08 Au Bon Pain

Boston, Massachusetts, United States

Au Bon Pain is a bakery cafe operator with almost 300 Company-owned and franchised stores globally. By providing its quality offering in high-density, high-traffic locations. The Company's menu includes freshly baked goods, made-to-order sandwiches, soups, and cafe beverages. Au Bon Pain was founded in 1978 and is based in Boston, Massachusetts.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-05-09 Dogfish Head Craft Brewery

Milton, Delaware, United States

Dogfish Head Craft Brewery, Inc. is a production brewery and distillery featuring, The Tasting Room & Kitchen. Dogfish Head Craft Brewery, Inc. was founded in 1995 and is based in Milton, Delaware.

Sell -
SELLER

Fifth Street Capital

Category Lender
Founded 1998
Size Mega
Type Sector Agnostic
DESCRIPTION

Fifth Street Capital is a public investment firm focused on providing mezzanine financing to support expansions, acquisitions, recapitalizations, and management buyouts of middle-market US based companies. Fifth Street looks to invest between $5 and $50 million per transaction. Sectors of interest include consumer products, healthcare services, manufacturing, medical device manufacturing, food services, business services, restaurants, speciality retail, logistics, and value added distribution. Fifth Street Capital is based in White Plains, New York.

DEAL STATS #
Overall 55 of 59
Sector (Consumer Services) 4 of 4
Type (Secondary Buyout) 18 of 20
State (Virginia) 3 of 3
Country (United States) 54 of 58
Year (2019) 3 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-01-07 Garretson Resolution Group

Cincinnati, Ohio, United States

Garretson Resolution Group is a neutral provider of services to parties who are settling personal injury claims. Company provides outsourced medical lien resolution and complex settlement administration services for law firms, corporations, insurance companies, plaintiffs and defendants in mass tort, class action and single event litigations.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-03-27 CPS

Dublin, Ohio, United States

CPS is a provider of outsourced pharmacy services to hospitals and integrated health systems. CPS offers a suite of services, information technology and data informatics, including pharmacy management, technology-based tools and data analytics. CPS was founded in 1971 and is based in Dublin, Ohio.

Sell -
SELLER

Golub Capital

New York, New York, United States

Investor Investor Investor Investor Investor

Category Lender
Founded 1994
PE ASSETS 55.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Golub Capital is a private investment firm focused on making debt and equity investments in US based middle-market companies. Golub looks to invest between $5 and $75 million in businesses with established operating cash flow, strong customer relationships, and 'sustainable proprietary positions in their markets'. Prospective investment structures include refinancings, recapitalizations, buyouts, and growth financings. Sectors of interest include consumer products, business and consumer services, defense, manufacturing, value-added distribution, media, healthcare services and restaurants. Golub Capital was formed in 1994 and maintains offices in New York City, Atlanta, and Chicago.

DEAL STATS #
Overall 16 of 41
Sector (Consumer Services) 2 of 4
Type (Secondary Buyout) 9 of 19
State (Virginia) 1 of 1
Country (United States) 16 of 39
Year (2019) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-12-18 CRH Healthcare

Atlanta, Georgia, United States

CRH Healthcare is a patient-focused operator of urgent care centers in Georgia, Florida, and Alabama. CRH operates a "family of brands", leveraging a different brand name in each state, while always being focused on the CRH Mission, "to deliver the Perfect Patient Experience every time". To achieve this mission, everything they do is focused on the 5 C's: Convenient, Courteous, Caring, Competent, and Compliant. All of CRH's clinics are equipped to help diagnose and treat a wide range of non-life-threatening illnesses and injuries as well as to provide occupational health services to local employers. CRH Healthcare was founded in 2012 and headquartered in Atlanta, Georgia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-06-10 Aspen Medical Products

Irvine, California, United States

Aspen Medical Products is a designer, developer, manufacturer, and marketer of upper and lower spinal orthopedic bracing products. Aspen primarily sells its products through the acute care market, as they offer a high level of motion restriction and are used by patients in need of short-term treatment from severe injuries, have urgent medical conditions, and are recovering from surgery. Aspen Medical Products was founded in 2000 and is based in Irvine, California.

Buy -
Mergr

Product

Company

Legal