Perpetual Capital Partners has acquired In-Shape Solutions, the company that operates 44 clubs under the In-Shape Health Clubs brand, according to an announcement from In-Shape. Perpetual Capital also owns California Family Fitness, which has 19 clubs in California.
The purchase price was not disclosed.
The clubs for both companies will retain their separate names.
The In-Shape leadership team remains intact and now reports to Randy Karr, who had been CEO of California Family Fitness and now is CEO of In-Shape Family Fitness LLC, which is the new entity within private investment group Perpetual Capital that owns the two club brands, according to an In-Shape spokesperson.
“We are extremely excited to bring together these two great companies,” Karr said. “With 63 premium, full-service clubs in California, we are the premier provider of fitness for the whole family in the state.”
Paul Rothbard, who sold his ownership of In-Shape and is exiting the company, said in the announcement: “For nearly 20 years, the various owners of In-Shape and California Family Fitness have seen the strategic potential of joining these two complementary brands, and I am excited to finally make it happen.”
Rothbard’s father founded In-Shape more than 40 years ago, and Paul Rothbard had led the company for many years before stepping down as CEO in 2016 but staying on the board. However, in December 2020, the company filed for Chapter 11 restructuring due to the effects of the state-mandated temporary club shutdowns caused by the COVID-19 pandemic.
In February 2021, Rothbard returned to the company when he, Aquiline Capital Partners LLC and other investors purchased the company out of bankruptcy.