PNC Bank, National Association, closed a $235 million senior secured credit facility to support New York-based KPS Capital Partners’ acquisition of Life Fitness, a manufacturer commercial fitness equipment and game tables that is headquartered in Rosemont, Illinois.
Life Fitness 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,” PNC Business Credit SVP and business development officer John Lundberg said, in a statement.
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.
KPS, through its affiliated management entities, is the manager of the KPS Special Situations Funds, a family of investment funds with approximately $5 billion of assets under management, as of Mar. 31, 2019.