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New Owners for Cardio-Fitness Centers

An investment group purchased the New York clubs from H.J. Heinz Co.

NEW YORK-The newly formed Cardio Fitness Center Inc. has acquired Cardio-Fitness Corp. from H.J. Heinz Co., which has been exiting retail-oriented businesses to concentrate on its food products. Cardio Ventures, a private New York City investment group, arranged the financing for the transaction.

A privately held company, Cardio Fitness Center assumes operations for Cardio-Fitness Corp.'s four facilities. Located in New York, the Cardio-Fitness clubs target executives with its services.

Louis Bellino, former director of operations of Cardio-Fitness Corp., and Kevin Sagafi, former CEO of New York Health & Racquet Club, lead Cardio Fitness Center. They plan to expand the company by offering new services within current facilities, opening new facilities in selected cities and making further acquisitions.

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