Corporate Fitness Works (CFW), St. Petersburg, Florida, has been sold to Beth and Michael Vivio, the former director of a Texas Girl Scouts council and a marketing and publishing executive, respectively, the parties announced on August 9. The purchase price was not publicly disclosed.
CFW reported $15.72 million in 2017 revenue with 130 sites managed in 23 states, according to its submission for the 2018 Club Industry Top 100 Health Clubs list, on which it ranked No. 55. It reported 701 employees and 65,000 memberships.
Effective immediately, the Vivios possess full ownership of CFW, with Beth maintaining a majority stake so as to continue the company’s longstanding women-owned tradition. The company’s name and branding will remain unchanged, according to a media release.
“When we started our search for a business to buy, we wanted to find one with a meaningful mission,” Beth said in the release. “Corporate Fitness Works fit our criteria because we believe in the way the company positively impacts clients’ cultures and, in turn, helps improve the quality of people’s lives.”
CFW, founded in 1988 by Brenda Loube and Sheila Drohan, offers health club solutions in design and management to more than 80 clients nationwide, including Sprint, American Strategic Insurance and Tech Data. Loube will help the Vivios with transition planning and maintaining its relationship with the Women’s Business Enterprise National Council (WBENC), while Drohan will also continue to work with CFW as a consultant.
“Sheila and I are extremely proud of what we’ve built from scratch and the amazing team that helped get us to where we are today,” Loube said in the release. “Our people are our greatest asset, so it was a priority to sell the company to people who value our culture and services. The Vivios were a natural fit for us.”
Beth previously worked for the Girl Scouts Bluebonnet Council, Waco, Texas, first as a fund development director and then as executive director. Michael is the former CEO of Valpak Direct Marketing, St. Petersburg, Florida, and publisher of the Austin American-Statesman, Austin, Texas.
The Vivios live in St. Petersburg with their two sons and are active in the community, with Beth serving as a board member for Johns Hopkins All Children’s Hospital Foundation, St. Petersburg Free Clinic and Shorecrest Preparatory School.
“We look forward to getting to know the [CFW] team and giving them the tools they need to grow and succeed,” Michael said in the release.