North Castle Partners has acquired Curves International

Lincoln International (“Lincoln”), a leading global mid-market investment bank, has announced the successful completion of a financing in support of North Castle Partners’ (“North Castle”) acquisition of Curves International, Inc. (“Curves” or the “Company”). Headquartered in Waco, Texas, Curves is the world’s largest fitness center franchisor with approximately 7,300 women’s-only franchises located in 90 countries. Curves provides members a comprehensive suite of fitness and wellness services comprised of strength training, coaching and diet products, all offered in a safe and supportive environment.

Lincoln acted as exclusive financial advisor to the Company and North Castle, helping to structure, arrange and negotiate the financing. The financing consisted of a $70 million senior secured term loan provided by affiliates of a major insurance company. Terms of the financing were not disclosed.

Jon Canarick, a Managing Director of North Castle, commented, “We couldn’t be more pleased with Lincoln’s process. Outsourcing the Curves financing with Lincoln allowed us to broaden our reach beyond North Castle’s existing relationship lenders to find the ideal financing partner for this transaction. In addition, the Lincoln team did an excellent job of conveying the Curves story to the market, which resulted in a significant amount of interest from prospective lenders.”

Ron Kahn, Managing Director and co-head of Lincoln International’s Debt Advisory Group, added, “We were thrilled to work alongside Jon and his team on this exciting opportunity for North Castle. The financing package gives North Castle the flexibility it was seeking to invest in the Company’s product and service offerings and propel Curves towards its next level of success.”

About Curves International, Inc.

Curves, founded in 1992, is the largest franchisor of fitness clubs in the world serving over 1.5 million members across 90 countries. Founders Gary and Diane Heavin are considered the innovators of the express fitness phenomenon that has made exercise available to millions of women worldwide. With over 7,300 locations, Curves aims to help women achieve their fitness and overall wellness goals. For a location near you or more information, please visit www.curves.com.

About North Castle Partners

North Castle is a leading private equity firm focused on investments in consumer product and service businesses that promote Health, Wellness, and Active Living. North Castle is a hands-on, value-added investor in high-growth, middle market companies in the beauty & personal care, consumer health, fitness, recreation & sports, home & leisure and nutrition sectors, among others. North Castle, and its operating executives and advisors, partner with management to bring a wide range of strategic and operational capabilities, as well as an extensive knowledge base and network to build world-class companies. North Castle is headquartered in Greenwich, CT. For more information, visit www.northcastlepartners.com.

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