Ares has deepened its exposure to Equinox, providing equity capital and taking part in the debt refinancing for a strategic recapitalisation of the luxury fitness operator.
The refinancing strengthens Equinox's balance sheet and gives it more than $1bn of capital to invest in its club portfolio, member experience, and growth initiatives. As part of the deal, Jim Miller, president of Ares Capital Corporation, has joined the Equinox board.
"As an existing lender to Equinox, we have a deep appreciation for the strength of the company's brand, business and leadership team," Miller said. He added that Ares was pleased to back the company alongside Silver Lake and Related, both long-standing relationships for the firm.
The move marks a shift from Ares's role as a lender to a more direct stake in the luxury fitness operator's future, with the $1bn capital injection positioning Equinox for expansion.
Source: PE Insights · Summarized by HeadlinesBriefing