Retro Fitness Secures New Investment from Arena Capital Partners to Expand into the Boston Area
Leading Fitness Franchise continues to Expand Following a Strong Increase in Demand throughout the Pandemic
Oct 14, 2020, 08:37 ET
WEST PALM BEACH, Fla., Oct. 14, 2020 /PRNewswire/ -- Today, Retro Fitness, a leader in the high-value, low price fitness space, announced a prominent investment from Boston-based venture capital firm, Arena Capital Partners. The partnership supports the high demand for the fitness franchise to expand and develop health clubs throughout the greater Boston market, with plans to initially open 10-12 locations.
Over the next year, the expansion across Boston is slated to create hundreds of jobs for the local community with the ability to service over 40,000 members, elevating the focus on health and wellness starting in Middlesex and Essex counties.
With exercise, health and overall fitness top of mind across the country, Retro Fitness saw a spike in franchise sales amid the pandemic. Over the past several months, Retro Fitness franchise sales have spiked significantly with a 300% increase from single to multi-unit ownership among existing franchisees, and a 200% increase in sales of new fitness locations. This was a direct result of its new leadership team that brings a new strategic vision and expertise to Retro Fitness' highly profitable franchise model. Amplifying their growth, this multi-million dollar investment from Arena Capital will introduce the franchise to new territories in Boston.
"We're thrilled to be able to expand Retro Fitness into the greater Boston area, delivering a world class member experience. The pandemic highlighted the immediate need for people to get fit and healthy. Exercise is medicine and health clubs are now really seen as an extension of healthcare as people need to get healthier," said Andrew Alfano, CEO of Retro Fitness. "We owe our continued growth to the commitment and experience of our new executive leadership team, independent franchisees, and investors including Arena Capital Partners, as we help to increase the awareness of exercise, health and fitness in the greater Boston market."
The investment from Arena Capital is one of the many steps Retro Fitness is taking to strategically meet and exceed their growth demands. Retro Fitness is continuing to identify new and emerging markets across the US, giving investors and area developers an opportunity to join an organization poised for growth and continuing to shatter consumer expectations in the fitness and wellness industry.
"We understand that this is a pivotal growth moment for the fitness industry and we're excited to invest in an organization that's providing unmatched opportunity for investors," says Ryan Debin, Managing Partner at Arena Capital Partners. "We are dedicated to seeking new real estate ventures and franchises that focus on the overall wellbeing of the surrounding communities and we're confident that Retro Fitness will bring great service and high-quality fitness to the Boston area."
About Retro Fitness:
Founded in 2004, Retro Fitness began as a regional gym concept in the Northeast and has evolved into a leading national fitness franchise with more than 140 gyms open or in development across the country. With a new executive leadership team led by former Starbucks Senior Executive Andrew Alfano, Retro Fitness has successfully navigated the pandemic, while not over yet, and is emerging from the crisis healthy. This coming off of the best Q1 in the history of the company prior to shutdown. Throughout their growth and experience, the brand has become skillfully adept in understanding the needs of their franchisees, now providing a full suite of support services including real estate site selection, delivering a turnkey box, offering training and development both on-site and at our support center as well as having all marketing and brand support being done in-house.
For more information on being a Retro Fitness franchisee, please visit http://www.retrofitness.com/franchising.
SOURCE Retro Fitness
