Wingspire Equipment Finance, an equipment finance provider for private equity-backed, middle market companies, has extended $13 million in committed capital to a growing chain of full-service fitness clubs. The financing, structured as an operating lease, will allow the fitness company to acquire cardio machines, free weights, strength training stations, AV equipment, lockers and furniture for new locations. The operating lease structure also covers equipment acquisition soft costs.
Wingspire Equipment Finance designed a financial package to meet the equipment needs of each new location and support the company’s overall growth strategy. The fitness company previously faced challenges securing financing for its new locations, as lenders were hesitant due to the perceived risks associated with the industry. However, Wingspire Equipment Finance secured the capital to outfit nine new locations.
With Wingspire Equipment Finance’s funding, the fitness company is projected to continue to grow its top-line revenue by expanding its membership base in its new facilities.
“We are excited to announce the successful funding of this opportunity, which significantly bolsters our client’s nationwide footprint,” Erik Blanch, vice president of business development at Wingspire Equipment Finance, said. “This investment reflects our commitment to support businesses that contribute to health and wellness in our communities. We look forward to their continued expansion and are proud to be part of their journey impacting people’s lives through fitness.”
