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Snap Fitness Gets Shot in Financial Arm


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Snap Fitness, the franchisor of 24/7 fitness clubs based in suburban Minneapolis, followed its acquisition of Steele Fitness late last year by adding financial muscle.

TZP Capital Partners of New York bought the second largest stake in the company, behind founder and CEO Peter Taunton’s, from Boston-based Summit Partners. Summit had wanted to exit the brand it purchased in 2008, so TZP represents a committed new partner.

Steele Smiley, the founder of Steele Fitness and now a marketing executive at Snap after Taunton bought his company, called the acquisition “a significant opportunity for us to find the right partner. Our vision is to take the company from its size today to double that in the next five years.”

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Tom KaiserTom Kaiser is associate editor of Franchise Times. He can be reached at 612.767.3209, or send story ideas to tkaiser@franchisetimes.com.
 
Beth EwenBeth Ewen is editor-in-chief of Franchise Times. She can be reached at 612.767.3212, or send story ideas to bewen@franchisetimes.com.
 
Nicholas UptonNicholas Upton is staff writer at Franchise Times. He can be reached at 612.767.3226, or send story ideas to nupton@franchisetimes.com.
 
Mary Jo LarsonLaura Michaels is managing editor of Franchise Times. She can be reached at 612.767.3210, or send story ideas to lmichaels@franchisetimes.com.
 
Mary Jo LarsonMary Jo Larson is the publisher of Franchise Times Magazine and the Restaurant Finance Monitor.  You can find her on Twitter at
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Nancy WeingartnerNancy Weingartner is editor-at-large of Franchise Times magazine and the editor of the Food On Demand media project. You can reach her at 612-767-3200 or at nancyw@franchisetimes.com.
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