EVANSTON, Ill., Nov. 24, 2014 /PRNewswire/ -- Silver Oak Services Partners ("Silver Oak"), a lower middle market private equity firm focused exclusively on service businesses, announced today that it has made an investment in VASA Fitness LLC ("VASA") in partnership with the founders and management.
VASA, headquartered in Provo, UT, is the largest operator of health clubs in the Utah market, serving approximately 150,000 members in 17 locations (with one new location opening in December). Clubs vary in size with a cluster of large, full-service clubs (45k square feet and over) and small, express clubs (15 – 25k square feet). The clubs provide a variety of services and amenities including personal training, child-care, group exercise classes, cardio cinemas, swimming pools and tanning. The Company offers memberships at value price points that range from $9.99 - $19.99 per month, with terms that include both month-to-month and yearly contracts. Prior to the recapitalization, the clubs operated as a franchisee of a national health club brand. Immediately following the investment by Silver Oak, the clubs will be relaunched under their new brand, VASA Fitness.
Silver Oak invested alongside the founders and management in the transaction. VASA was founded by CEO Scott Felsted in 1996. "We couldn't be more excited about our partnership with Silver Oak and the launch of our new brand, VASA Fitness. We have gotten to know Dan and the Silver Oak team over the past six years and are very optimistic about what we can collectively achieve with VASA. They understand the health club space and their expertise in growing businesses like ours will be valuable as we look to improve our product and expand into new markets," said Scott Felsted, founder of VASA Fitness. Scott, along with long-time COO, Troy Peterson, will continue on in their current roles with VASA and are retaining significant ownership stakes in the business.
As part of their sector-focused investing strategy, Silver Oak first identified health clubs as an attractive sector for investment in 2007. Dan Gill, Managing Partner at Silver Oak, said, "We have enjoyed building our relationship with Scott, Troy and their team and are thrilled to have the opportunity to be their partner. The VASA team are experienced operators who have built the dominant market leader in Utah. VASA is well-positioned to become a leading health club chain in the Western United States by reinvesting in their clubs and growing into adjacent markets."
Please contact Dan Gill or Andrew Gustafson of Silver Oak for additional information.
Silver Oak invests in business, consumer and healthcare services companies in the lower middle market, typically with EBITDA of $3 million to $20 million.
Contact: Chris Tofalli
Chris Tofalli Public Relations
SOURCE Silver Oak Services Partners