Source: Core Health and Fitness
Vancouver, Washington, January 9, 2013 - Core Health and Fitness, LLC, the holding company for Core Industries, LLC (d/b/a Star Trac) and Core Fitness, LLC (d/b/a StairMaster), effective December 14th, 2012, have closed on a $43 million debt facility with PNC Bank, N.A., a member of The PNC Financial Services Group, Inc. (NYSE: PNC) and UPS Capital Corporation. This move dramatically increases the financial agility and stability of these two well-known brands and positions them for continued growth in 2013 and beyond.
PNC is one of the largest and most successful business lenders in the US. UPS Capital Corporation is the financial services arm of UPS, the world’s largest package delivery company and a leading global provider of specialized transportation and logistics services. $40 million of the facility is in the form of an asset based revolver with a $3 million senior term note.
Chief Financial Officer for Core Health and Fitness, LLC Ean Reves commented, “Our new relationship with PNC and UPS Capital provides working capital flexibility as we continue to grow our world class brands, while substantially lowering our cost of capital. The commitment of these two well respected lenders speaks to our recent success in stabilizing and strengthening our financial position.”
This new financing will result in Core Health and Fitness, LLC delivering additional products and services to its customers through the Star Trac and StairMaster brands. This financing is a pivotal component to Core Health and Fitness Founder Michael Bruno’s overall vision to deliver innovative solutions and services to the health and wellness industry.
“Our work with PNC and UPS Capital demonstrates our commitment to build this company into the leading provider of innovative equipment and service for our customers. 2013 is going to be a great year and this financing is an important step in our plans”, according to Dustin Grosz President and COO of Core Health and Fitness, LLC.
Core Health and Fitness, LLC and its Star Trac and StairMaster brands are financially positioned to accelerate an expansion strategy which includes a launch of several new products in 2013.
“We look forward to helping Core Health and Fitness achieve its goals through this new facility,” said William Kosis, President of the asset-based lending division of PNC.
About Core Health and Fitness, LLC
Headquartered in Vancouver, Washington Core Health and Fitness, LLC is the holding company for Core Industries, LLC (d/b/a Star Trac) and Core Fitness, LLC (d/b/a StairMaster) two of the most well known fitness solutions providers in the fitness and wellness industry today. Founded by Micheal Bruno, Core Health and Fitness, LLC’s mission is to be a leading health and fitness solutions company.
The growth of the organization will be driven by product and program innovation, customer experience and profitability and will be delivered through internationally recognized, powerful brands. For more information of Core Health and Fitness, LLC call 1-360-836-3622.
About Star Trac
Core Industries, LLC (d/b/a Star Trac) has been a leader in developing advanced equipment for the fitness industry for over three decades and is focused on providing products and programs to mold lifelong habits for health and fitness. Its user-focused product innovations are reflected in the complete line of cardiovascular products, Spinning® group cycles and a complete selection of strength equipment.
The vision of the company is to increase the number of people who adopt a healthy and active lifestyle by lowering the barriers and improving the experience and results. Today more than four million people in over 75 countries use Star Trac exercise equipment daily, enjoying its unparalleled functionality and style. For more information about Star Trac call 1-800-228-6635 or visit www.startrac.com.
Core Fitness, LLC (d/b/a StairMaster) is a leader in developing and marketing advanced cardio equipment for the fitness Industry. Core Fitness, LLC was founded by Michael Bruno who acquired the StairMaster brand and the commercial license rights to Schwinn Fitness from Nautilus Inc. in December 2009.
StairMaster markets and distributes the legendary StairMaster StepMill® and StairMaster StairClimber® along with Schwinn® indoor cycling bikes worldwide. The legendary Stairmaster continues to be known as the “toughest workout in the gym”. For more information about StairMaster call 1-888-678-2476 or visit our website at www.stairmaster.com.