Increased Opportunity for Health
Six-million members work out at these gyms across the country. These members include people across all paths of life because anyone can use these gyms and remain comfortable. The company was founded in the nineties and has been the backdrop for reality tv weight loss programs. They believe that it is at their gyms that you can create a lasting, active lifestyle. They understand that their product is actually a tool that can be used by anyone—there is not a specific mold that you have to fit. This company works hard to guarantee that every one of its members feels like they belong to this gym. In return for helping everyone feel as if they belong, this company is hoping that their members go out into the world and make others feel like they belong in the community. There are more than a thousand locations.
In addition to financing weight lifting and cardio equipment, Onset was able to approve soft costs including tenant improvements, lockers, flooring, and even things like legal and architectural fees. The $6M in leased equipment was a large amount since their total revenue was $25M at the time we began underwriting. However, their business model was a huge success and the customer experienced incredible growth during the term of our lease.
The Lessee experienced 100% growth as a result of our financing and was able to accelerate its target from opening four new gym locations the first year with Onset, to eight!