GoodLife Indeed; Penfund Leads Expansion of Credit Facility
April 8, 2013
Penfund, a Canadian investment firm, has expanded the credit facility for portfolio company GoodLife Fitness by CAD40 million. The expansion builds on the company's existing CAD125 million subordinated secured credit facility, which it received in March 2011. Founded in 1979, GoodLife operates over 300 fitness clubs throughout Canada, serving over 877,000 members and employing more than 12,000 people. The proceeds from the expansion will help finance the acquisition of 13 fitness clubs in the Greater Toronto Area and other growth initiatives.