SOURCE: Mountainside Fitness
PHOENIX, AZ--(Marketwired - February 14, 2014) -
Mountainside Fitness, Arizona's largest locally-owned fitness chain, announces its partnership with PNC Mezzanine Capital, a division of The PNC Financial Services Group, Inc. This new partnership will provide Mountainside Fitness with growth capital of up to $40 million. It is projected that Mountainside will add 1,500 to 2,000 new jobs both in Arizona and nationally as a result.
"We are extremely excited about our partnership with PNC Mezzanine Capital," said Tom Hatten, President of Mountainside Fitness. "This is the next step in our ability to grow not only locally, but in markets across the country."
With 10 current locations across metro-Phoenix, Mountainside Fitness' growth is on the fast track with three additional fitness centers under construction in 2014. New Arizona locations will include Arrowhead, Desert Ridge and Queen Creek.
"Mountainside Fitness is now poised to expand the brand that the team has worked so hard to establish over the past 23 years," said Douglas Brosius, Partner at PNC Mezzanine Capital. "We are proud that the company has selected PNC Mezzanine Capital as its partner to support the next phase of its growth."
About Mountainside Fitness
Mountainside Fitness is one of the largest locally-owned fitness chains in the country. With 10 centers, including a location inside Chase Field stadium in Downtown Phoenix, Mountainside Fitness strives to help its members incorporate exercise into their lifestyle. Mountainside Fitness proudly aims to make their centers friendly, fun and cutting-edge while maintaining a sense of comfort to all its 45,000 members. The centers offer 80 free classes each week, state-of-the-art strength equipment, cardiovascular equipment individually equipped with a TV, basketball courts, extensive childcare, kids exercise equipment, theatre rooms and cafés. For more information, please visit www.mountainsidefitness.com or call 1-866-MTN-FITT.
About PNC Mezzanine Capital
PNC Mezzanine Capital is focused on providing financing for buyouts, acquisitions, recapitalizations and growth for companies in a wide range of industries, including consumer and business services, niche manufacturing and value-added distribution. Since 1989, PNC Mezzanine Capital has been a stable, thoughtful junior capital partner for sponsor groups, entrepreneurs and management teams, with the approach of underwriting the long-term business strategy of our portfolio companies. As a result, PNC Mezzanine Capital has made 113 investments in 66 companies, in support of 191 transactions. For more information on PNC Mezzanine Capital, please visit www.pncmezzanine.com or call 412-768-6809.