Youfit, Deerfield Beach, FL, announced it has received a $45 million credit facility from GE Capital.
The investment will be used to support Youfit's growth plans and for general working capital needs, according to a company press release. Youfit, which announced it raised growth capital from PWP Growth Equity in April, has more than 75 clubs in 13 states.
"As we expand into new markets and support our existing locations, we needed a lender who could provide us with both financing and expertise," Rick Berks, founder and CEO of Youfit, said in a statement. "GE Capital offers us both, which will help us realize our growth plans."
This is not the first foray into the health club industry for GE Capital, which invested $40 million in Planet Fitness in 2010.
"Our financial solution will help Youfit with their short- and long-term business goals," Bob McCarrick, chief commercial officer of lending at GE Capital, Corporate Finance, said in a statement. "Additionally, we are excited to provide access to insight and expertise from the greater GE network to the Youfit team, which we feel will help their company reach the next level of success."