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PNC Bank Backs KPS Capital Partners’ Buyout of Life Fitness

August 08, 2019, 08:55 AM
Filed Under: Mergers & Acquisitions
Related: PNC Bank

PNC Bank, National Association, announced the closing of a $235 million senior secured credit facility to support New York-based KPS Capital Partners’ (KPS) acquisition of Life Fitness.

Life Fitness is the global leader in commercial fitness equipment and game tables. The company manufactures and sells its strength and cardiovascular equipment and billiards tables and accessories under the brand names Life Fitness, Hammer Strength, Cybex, Indoor Cycling Group, SCIFIT and Brunswick Billiards. The company’s products are sold in more than 160 countries.

“The financing solution PNC provided will enable Life Fitness to implement a new strategic plan focused on renewed product development and other investments,” said John Lundberg, senior vice president and business development officer, PNC Business Credit. “We are delighted to provide the company with a customized solution to support its ongoing growth.”

Loan proceeds will be used to partially finance the acquisition and provide for ongoing working capital needs. PNC Bank, N.A., served as administrative agent.

“Given our long-term relationship, KPS knew PNC would be able to meet our aggressive timeline,“ said Jay Bernstein, a Partner of KPS. “We are pleased to have PNC’s support of our investment in the leading global brand in fitness equipment with the largest global installed base of equipment, representing approximately two million pieces of cardiovascular and strength equipment used regularly by over 60 million people worldwide.”

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