News
NewSpring Mezzanine Capital, L.P. Announces Its Investment, a $3.8 Million Mezzanine Financing, in Internet Fitness, LLC
KING OF PRUSSIA, PA – April 21, 2006 – NewSpring Mezzanine Capital, L.P. today announced the investment of $3.8 million in Internet Fitness, LLC (www.internetfitness.com). Alongside our mezzanine investment, the equity investment was led by Penn Valley Group and a group of private investors including Greenmaster, Brian Tierney and Pat Croce.
Joe Alter, Chief Executive Officer of Internet Fitness, stated: “We really enjoyed working with the NewSpring team as part of the overall investor syndicate, and we look forward to the value they bring in helping to make Internet Fitness a success.”
Andrew Panzo, General Partner at NewSpring Mezzanine Capital, stated: “We are thrilled to add Internet Fitness to our growing portfolio. This is a company with strong operational and financial metrics that fits squarely in our investment thesis. We have a high degree of confidence in the management team and their ability to execute. We look forward to working with the Internet Fitness team as they continue to grow their business in the coming years.”
About Internet Fitness, LLC
Internet Fitness is an established marketer of a proprietary line of quality fitness equipment sourced via exclusive distribution agreements with key suppliers. The company markets its products under different brand names for each of its sales channels: (1) Smooth Fitness via the Internet; (2) EVO by Smooth to its established retail dealer network and (3) Momentum, Pulse and Strive to commercial and institutional fitness facilities. The Company operates out of a combined headquarters and warehouse location in Mount Laurel, NJ with satellite distribution centers in South Jersey and Nevada.
About NewSpring Mezzanine Capital, L.P.
NewSpring Mezzanine Capital (www.newspringcapital.com) is a regionally-focused mezzanine debt fund that invests in information technology, business services, healthcare and specialty manufacturing and is part of the NewSpring Capital family of funds. NewSpring Capital, based in King of Prussia, PA, is a family of specific purpose private equity funds which, in addition to NewSpring Mezzanine Capital, includes NewSpring Ventures, L.P., a venture capital fund providing equity capital to growth and expansion stage companies with a focus on information technology, business services and enabling technologies and NewSpring Healthcare, L.P., a venture capital fund focused on intermediate-and late-stage life sciences, medical devices and healthcare companies.
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