Daily News: August 15, 2012

Avidbank Corporate Finance Provides Term Loan to YogaWorks

Avidbank Corporate Finance said it has provided YogaWorks with a $1.5 million term loan. The proceeds of this facility expansion term
loan will be used to help build and open additional studios in California and New York.

“YogaWorks has a solid brand within the fitness marketplace, an excellent management team and top tier equity investors,” stated Avidbank Corporate Finance executive vice president and division manager, Scott Chamberlin. “These quality attributes make YogaWorks a great addition to our portfolio as we continue to expand our presence in the market.”

Los Angeles, CA-based YogaWorks is building the first nationally branded chain of alternative health fitness centers. With a network of 23 studios in California and New York, YogaWorks offers a large variety of yoga and Pilates classes, numerous workshops and retreats, and retail services.

The company employs over 600 qualified teachers and offers more than 1,700 classes per week serving over 85,000 active students.