WEST PALM BEACH, Fla.,
Oct. 14, 2020 /PRNewswire/ -- Today,
Retro Fitness, a leader in the high-value, low price fitness space,
announced a prominent investment from Boston-based venture capital firm, Arena
Capital Partners. The partnership supports the high
demand for the fitness franchise to expand and develop health clubs
throughout the greater Boston
market, with plans to initially open 10-12 locations.
Over the next year, the expansion across Boston is slated to create hundreds of jobs
for the local community with the ability to service over 40,000
members, elevating the focus on health and wellness starting in
Middlesex and Essex counties.
With exercise, health and overall fitness top of mind across the
country, Retro Fitness saw a spike in franchise sales amid the
pandemic. Over the past several months, Retro Fitness franchise
sales have spiked significantly with a 300% increase from single to
multi-unit ownership among existing franchisees, and a 200%
increase in sales of new fitness locations. This was a direct
result of its new leadership team that brings a new strategic
vision and expertise to Retro Fitness' highly profitable franchise
model. Amplifying their growth, this multi-million dollar
investment from Arena Capital will introduce the franchise to new
territories in Boston.
"We're thrilled to be able to expand Retro Fitness into the
greater Boston area, delivering a
world class member experience. The pandemic highlighted the
immediate need for people to get fit and healthy. Exercise is
medicine and health clubs are now really seen as an extension of
healthcare as people need to get healthier," said Andrew Alfano, CEO of Retro Fitness. "We owe our
continued growth to the commitment and experience of our new
executive leadership team, independent franchisees, and investors
including Arena Capital Partners, as we help to increase the
awareness of exercise, health and fitness in the greater
Boston market."
The investment from Arena Capital is one of the many steps Retro
Fitness is taking to strategically meet and exceed their growth
demands. Retro Fitness is continuing to identify new and emerging
markets across the US, giving investors and area developers an
opportunity to join an organization poised for growth and
continuing to shatter consumer expectations in the fitness and
wellness industry.
"We understand that this is a pivotal growth moment for the
fitness industry and we're excited to invest in an organization
that's providing unmatched opportunity for investors," says
Ryan Debin, Managing Partner at
Arena Capital Partners. "We are dedicated to seeking new real
estate ventures and franchises that focus on the overall wellbeing
of the surrounding communities and we're confident that Retro
Fitness will bring great service and high-quality fitness to the
Boston area."
About Retro Fitness:
Founded in 2004, Retro Fitness
began as a regional gym concept in the Northeast and has evolved
into a leading national fitness franchise with more than 140 gyms
open or in development across the country. With a new executive
leadership team led by former Starbucks Senior Executive
Andrew Alfano, Retro Fitness has
successfully navigated the pandemic, while not over yet, and is
emerging from the crisis healthy. This coming off of the best Q1 in
the history of the company prior to shutdown. Throughout their
growth and experience, the brand has become skillfully adept in
understanding the needs of their franchisees, now providing a full
suite of support services including real estate site selection,
delivering a turnkey box, offering training and development both
on-site and at our support center as well as having all marketing
and brand support being done in-house.
For more information on being a Retro Fitness franchisee, please
visit http://www.retrofitness.com/franchising.
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SOURCE Retro Fitness