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BRS and Performance Equity Management Announce Acquisition of Eos Fitness  

NEW YORK, NY – January 30, 2015 – Bruckmann, Rosser, Sherrill & Co. (“BRS”) and Performance Equity Management (“PEM”) today announced the acquisition of Eos Fitness Holdings, LLC (“Eos Fitness” or the “Company”). Eos Fitness, based in Phoenix, Arizona, is a “High-Value Low-Price” fitness club chain operating 16 locations in Phoenix, Las Vegas and Southern California. Eos Fitness combines highly affordable and flexible membership plans with a full range of fitness club amenities, including cardio and strength-training equipment, personal training, group exercise, spinning, cardio theaters, women’s-only rooms, locker rooms, saunas, steam rooms, child care and 24-hour access. Since its founding by Brad Neste in 1985, the Company operated as a franchisee of a national health club brand. In conjunction with the acquisition, the Company re-launched under its new brand, Eos Fitness.

Sean Paxton, President and CEO of Eos Fitness, said, “We worked very closely with BRS since 2013, and were impressed with their deep expertise in the fitness club space and in the retail and consumer industries as a whole. We learned how BRS took Town Sports International from 22 clubs to 162 clubs and an IPO in 10 years. We believe BRS will bring great value as a partner to Eos Fitness, and are excited to begin a new growth phase with them.”

Bruce Bruckmann, co-founder and Managing Director of BRS, said, “Sean leads the best team of managers we have encountered among independent fitness club chains. This, combined with a category-killing operating model, is expected to result in strong returns for Eos and its investors. We are very pleased to partner with such an exceptional team and Company.”

John Clark, Managing Director of Performance Equity, added, “We have been a partner to BRS since its inception in 1996, and are pleased to work with them again. Bruce and his team have extensive experience in this space, and we believe the combination of their insight and management’s expertise position Eos Fitness for growth and success.”

Fifth Street Finance Corp. and Stellus Capital Investment Corp. provided debt financing and co-invested in the equity in the transaction. Dechert LLP acted as legal advisor to BRS. Integrity Square acted as the financial advisor and Ballard Spahr acted as legal advisor to Brad Neste.

About BRS
BRS is a New York based private equity firm with $1.4 billion of committed capital under management in three investment partnerships, focused on investing in middle market consumer goods and services businesses. Since 1996, BRS has purchased over 40 portfolio companies for aggregate consideration of over $6.4 billion. In addition, BRS portfolio companies have completed approximately $1.9 billion of add-on acquisitions. Prior to forming the firm, the founders of BRS were in the private equity business at Citicorp Venture Capital where they closed 25 transactions with aggregate transaction values totaling $5.8 billion. Former and current investments include Town Sports International (NASDAQ: CLUB), the largest chain of fitness clubs in the Northeast and Mid-Atlantic regions of the U.S.; DTLR, the leading specialty retailer targeting the young, urban male; InMotion Entertainment Group, the largest airport-based retailer of headphones, mobile device accessories and other consumer electronics; and Magpul, the leading brand in firearm accessories.(www.brs.com)

About Performance Equity Management
Performance Equity Management is a leading global private equity firm. Their mission is to provide high quality private equity investment access, both partnership and direct, to institutional clients worldwide. With committed capital of over $20 billion as of the most recent quarter end, Performance Equity’s experience encompasses all areas of private equity investing and has earned them a reputation for excellence in the marketplace.(www.peqm.com)

For additional information and questions please contact:

Mark Semer or Ruth Pachman, Kekst, 212-521-4800

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