Private equity firm LNK Partners has purchased Fitness Connection for an undisclosed amount.
Fitness Connection, headquartered in McLean, Va., is a chain of health clubs that offer gym services for between $9.95 and $19.95 per month. The gyms offer personal training, exercise classes and swimming pool. Fitness connection consists of 28 locations in North Carolina, Texas and Nevada.
LNK plans to expand the chain into new markets. The White Plains, N.Y. private equity firm is also invested in Au Bon Pain, Natural Food Holdings and Beachbody, which it invested in last December. The firm has about $800 million in capital under management.
WestView Capital Partners, a private equity firm based in Boston, sold Fitness Connection. The firm usually commits between $5 million and $30 million to investments.
Fitness Connection was advised by Robert W. Baird & Co. Additional financing for the deal was provided by Golub Capital. Kirkland & Ellis LLP provided legal advice to LNK, while Latham & Watkins was Fitness Connection’s legal counsel.