“Praesidian Capital Investors, a leading provider of mezzanine capital for small and mid-sized companies, has invested $10 million of senior secured debt in Meridian Sports Clubs California, LLC. Operating under the brand ‘Meridian's Bodies in Motion,’ Meridian operates 11 ‘upper middle market’ health clubs in California and one in Hawaii. Meridian's Bodies in Motion offers state of the art equipment, personal support and a social experience through a wide variety of group exercise programs, such as kickboxing, yoga, dance and cycling classes. The Company's staff of trainers and instructors consists of Olympic athletes, world champions and current contenders in their respective sports. ‘This is a business with a resilient and stable revenue base,’ said Jason Drattell, Managing Partner at Praesidian. ‘We are very pleased to be working closely with this proven management team, which has consistently grown sales, both organically and through acquisitions, while effectively managing costs.’ ‘We are very proud of what Meridian has accomplished to date and also very excited about our future prospects,’ said Chuck Grieve, chief executive officer of Meridian. ‘Praesidian understands our business and this gives me great confidence that they are the ideal partner to help us continue our growth.’ Duane Stullich, Managing Director of FocalPoint Partners, advisor to Meridian on the transaction, commented: ‘We take great pleasure in bringing talented management teams with good businesses together with knowledgeable and responsive investors offering both strategic and financial support. We believe this transaction positions Meridian for even greater success.’”
http://news.prnewswire.com/DisplayReleaseContent.aspx?ACCT=104&STORY=/www/story/07-28-2009/0005067318&EDATE=
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