Mountainside Fitness, Tempe, AZ, announced a partnership with PNC Mezzanine Capital, which will provide the club company with up to $40 million in growth capital.
Some of the money will go toward three new facilities that are under development while other portions of it will help the company launch a studio brand and expand in Arizona and other states, according to Billy Malkovich, CEO of Mountainside Fitness.
With the growth, Mountainside expects to add 1,500 to 2,000 new jobs in Arizona and nationally, according to Tuesday's announcement by the company.
"We are extremely excited about our partnership with PNC Mezzanine Capital," Tom Hatten, president of Mountainside Fitness, said in a statement. "This is the next step in our ability to grow not only locally but in markets across the country."
Mountainside Fitness has 10 locations in the metro Phoenix area, including one inside Chase Field, home of baseball's Arizona Diamondbacks. The company completed renovations on six of those clubs in the past 12 months, Malkovich says.
"Mountainside Fitness is now poised to expand the brand that the team has worked so hard to establish over the past 23 years," Douglas Brosius, partner at PNC Mezzanine Capital, said in a statement. "We are proud that the company has selected PNC Mezzanine Capital as its partner to support the next phase of their growth."
Mountainside Fitness was No. 36 on Club Industry's Top 100 Clubs list last year with a reported $30.3 million in 2012 revenue. It also made the Inc. 5000 list in 2013, having also made it in 2010, 2011 and 2012.