Daily News: August 8, 2019

PNC Bank Provides $235MM Facility for KPS Capital Partners

PNC Bank served as administrative agent for a $235MM senior secured credit facility to support New York-based KPS Capital Partners’ acquisition of Life Fitness.

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,” said John Lundberg, senior vice president and business development officer, PNC Business Credit. “We are delighted to provide the company with a customized solution to support its ongoing growth.”

Loan proceeds will be used to partially finance the acquisition and provide for ongoing working capital needs.