Friday, May 28, 2010

David Patchell-Evans of GoodLife Fitness Awarded CVCA’s 2010 ‘Entrepreneur of the Year’ Award

“Canada’s Venture Capital & Private Equity Association, is pleased to announce that David Patchell-Evans of GoodLife Fitness, is the recipient of CVCA’s 17th Annual ‘Entrepreneur of the Year Award’. Established in 1992, the purpose of CVCA’s ‘Entrepreneur of the Year Award’ is to promote, highlight and celebrate the achievements of entrepreneurs who lead private equity or venture-backed Canadian companies. “ From the purchase of his first club in 1979, Patch, as he likes to be called, has built the largest chain of fitness clubs in Canada; the fifth largest in the world; and the largest in the world owned by a single individual, with 275 clubs across Canada. Patch is Chairman of IHRSA (International Health, Racquet and Sportsclub Association) the largest health and fitness association in the world representing 78 countries. In an effort to inspire kids to get active, Patch founded the GoodLife Kids Foundation in 1999. In 2007 he was awarded the Medal of Honour by the Canadian Medical Association for his passionate support of autism research and the founding of The Kilee Patchell-Evens Autism Research GroupGoodLife has been an investee company of Penfund, the CVCA nominating member, since March 2006, and the company has shown consistent revenue and profit increases through acquisitions and organic growth. Annual EBITDA has increased by 219% from 2005 to 2009 with the increase expected to grow to almost 350% through fiscal 2010. With 750,000 members today, one in every 45 Canadians is a GoodLife member. Penfund has experienced excellent risk-adjusted returns on its investments in GoodLife. ‘Patch’s vision and tenacity make him an outstanding entrepreneur,’ said John Bradlow, a Partner at Penfund. ‘He is also a generous philanthropist who gives back to his community. I cannot think of a candidate more deserving of this award.’”