Chuze Fitness, San Diego, has received an investment from private equity firm Main Post Partners, San Francisco.
The amount of the investment was not disclosed in the April 18 media release announcing the partnership between the high-volume, low-price fitness chain and the firm.
"As the first investment out of Main Post's inaugural fund, Chuze fits well with our strategy to back driven management teams with disruptive business models," Jeff Mills, managing partner, Main Post Partners, said in a statement.
Founded in 2008 by Cory Brightwell and Ray Barshick, Chuze Fitness offers monthly memberships starting at $9.99 with no annual commitment at its 16 locations in California and Arizona. The company will be opening "several locations" in Denver over the coming months and is targeting more than 20 total locations by the end of 2016.
"When we founded Chuze, we wanted to do more for our members than just provide a high-value fitness membership," Cory Brightwell, CEO, Chuze Fitness, said in a statement. "From day one we put a huge focus on consistently delivering an exceptional experience to our guests through immaculately clean facilities and unmatched customer service. We wanted to find a way to accelerate our growth and needed a partner who could appreciate our Company's unique culture -- we are not a typical gym operator."
Chuze Fitness clubs are typically more than 30,000 square feet. Amenities include cardio and fitness equipment, team training, group fitness, pools, Jacuzzis, steam rooms, saunas, hydro massages, cycling rooms, functional training and turf areas, Chuze cinemas, smoothie bars and child care.
"The Main Post team's track record of successfully partnering with family-owned businesses and building best-in-class multi-unit operators were critical factors in our decision to go-forward with the transaction," Barshick said in a statement.
Main Post Partners is focused on investing $25 million to $75 million in profitable, growing companies across the consumer value chain, services and manufacturing sectors, according to the media release. Main Post Partners invests in both majority and minority positions primarily in first institutional capital situations where founders, entrepreneurs and management teams are looking for an experienced partner to help build their companies.
"We are excited to support Cory and his team as they become the category killer in big box fitness," Aaron Garcia, vice president, Main Post Partners, said in a statement.