Company
Crystal Ridge Partners Invests in Plus One Holdings, Inc.
Investment Sets Stage for Further Growth of Premier Fitness & Wellness Management Company
Princeton, NJ – January 15, 2007...Crystal Ridge Partners (CRP) is pleased to announce that it has completed a recapitalization of Plus One Holdings, Inc. (Plus One). Based in Manhattan, New York, Plus One is the leading manager of corporate fitness centers, wellness programs, spas, and physical therapy clinics for corporations, community centers, hotels, and other institutional customers. The recapitalization was led by CRP, the Company’s founder, and members of the senior management team.
In addition to providing liquidity to certain shareholders, the transaction provided Plus One with equity capital to finance its acquisition of the private fitness center management contracts of Fitcorp, a provider of workplace fitness and wellness services in New England.
In the recapitalization, Crystal Ridge Partners saw the opportunity to back a strong management team, led by President & CEO Mike Motta, in an attractive and growing industry. Founded in 1986 by Mike Motta, Plus One has grown considerably in recent years and was looking for a partner to help it accelerate that growth.
According to Mr. Motta, “We are very excited about our new partnership with Crystal Ridge Partners. This is great news for our company, our employees, and our customers. It will serve us well as we expand our operations and continue to build upon our leading position in the industry.”
Crystal Ridge Partners will continue to seek add-on acquisitions and investment opportunities in the fitness and wellness space.
About Plus One
Plus One is the leading manager of corporate fitness centers, wellness programs, spas and physical therapy clinics. Catering to some of the finest organizations in the world, Plus One’s clients include Fortune 500 companies, four and five star luxury properties, leading professional services firms, and other institutional clients. Plus One manages over 60 locations and employs over 1,000 professionals nationwide. For more information, visit our website at www.plusone.com.
About Crystal Ridge Partners
Crystal
Ridge Partners (CRP) of Princeton, New Jersey, is an investor in
lower-middle-market companies in the eastern half of the United
States. Since its launch in 2005, CRP has focused on management
buyouts and recapitalizations and has invested in six companies to
date. Prior to founding CRP, the firm’s four investment
professionals successfully completed over 60 private equity
transactions.
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