Trivest Partners Acquires Lady Of America Franchise Corporation
Miami, FL (February 2, 2005) Trivest Partners, L.P. today announced that it has acquired a controlling interest in Lady of America Franchise Corporation ("Lady of America" or the "Company").
Lady of America, based in Ft. Lauderdale, Florida, is the second largest franchisor of women only fitness centers. Operating under the brands of Lady of America, Ladies Workout Express, Health Clubs of America and Workout Express, the Company has grown to over 800 franchise locations since 1984.
Trivest Partner Derek A. McDowell said, "We are very excited about our partnership with Lady of America and Roger Wittenberns, the founder. The Company has demonstrated tremendous growth and has developed a great workout solution for the women's fitness market."
Trivest Partners, L.P. is a Miami-based leading provider of equity for middle market corporate acquisitions, recapitalizations, and growth capital financings. Since its founding in 1981, Trivest has sponsored 120 acquisitions and recapitalizations, totaling in excess of $2.0 billion in transactional value. Trivest is currently investing in middle market companies through Trivest Fund III, L.P. with $316 million in capital commitments. Additional information is available on the Internet at www.trivest.com.
"We welcome and appreciate our new partnership with Trivest. We strongly believe that our 800+ franchisees will immediately see the benefit of guidance, leadership and support that few franchisors in the fitness industry have ever had been able to provide to franchisees," stated Roger Wittenberns, founder of Lady of America. "Our first order of business will be adding a strong field support system focusing directly on increasing franchisee profits," added Wittenberns.
The acquisition will also see the reassignment of Mr. Charles Cavuto, a 40 year veteran in the health club industry and currently the International Franchise Director of Lady of America, to the position of President.
Also joining Lady of America as CFO will be Mr. Mark Kacer. Mr. Kacer brings depth to the organization with significant finance and accounting experience from his previous positions of Chief Financial Officer with two publicly traded firms, vFinance, Inc. and Equinox Systems, Inc.
For more information:
Derek A. McDowell, Partner
Trivest Partners, L.P.
305-858-2200
©2008 Trivest Partners, L.P. All Rights Reserved.
