PNC Mezzanine Capital announced its recent 25 percent preferred stock investment to complete a minority recapitalization of Arizona-based Mountainside Fitness. PNC Mezzanine Capital and the Mountainside management team, led by Tom Hatten, plan to continue to expand the Company’s leadership position in the Arizona fitness community and beyond through continued reinvestment into the Company’s existing fitness clubs, additional de novo expansion and the selective pursuit of strategic acquisitions.
Tom Hatten, CEO of Mountainside, added, “The management team at Mountainside Fitness is excited to again partner with PNC Mezzanine Capital. They were a responsive, supportive, and value-added investor for us to help expedite our growth from 2014 to 2017 as a mezzanine lender. Now as a true equity partner we are confident the relationship will be even stronger for years to come.”
Doug Brosius, Partner at PNC Mezzanine Capital, added, “We are thrilled to have the unique opportunity to invest in Mountainside Fitness for a second time; and to partner with Tom Hatten and the rest of the management team lead the Company into its next stage of growth. We believe our experience over the last decade investing and guiding companies in the fitness industry along with our partnership-oriented approach and additional capital will allow us to provide value-added support to Mountainside moving forward.”