Grace Matthews advises companies, entrepreneurs, and private equity groups on business sales, acquisitions, recapitalizations, and management buyouts.

Courthouse Athletic Club Completes $22.5 Million Sale-Leaseback

MILWAUKEE –(December 5, 2005) – Grace Matthews announced today that Courthouse Athletic Club has completed a $22.5 million sale-leaseback of five of its health club facilities with Spirit Finance Corporation.  Grace Matthews, a Milwaukee-based investment bank, advised Courthouse on the transaction. 

“We structured a transaction that allowed the owners of Courthouse to achieve their estate planning and liquidity objectives while also maintaining ownership of the company.  The sale-leaseback approach allowed the owners to realize proceeds from the sale of the real estate assets that met their objectives, and they still own the operating company,” said Grace Matthews Managing Director Doug Mitman.  

“We ran a competitive process in order to maximize sale proceeds while achieving the greatest operating flexibility available.  It was critical to obtain lease terms that would allow the company to meet its objectives post-closing,” said Grace Matthews Vice President Amy Kuemmel.

Courthouse Athletic Club operates five health clubs and a tennis club in the greater Salem, Oregon area.  It has been in business for over 28 years and serves nearly 20,000 members.  Its full-service offering and unique fitness coach program have made Courthouse the leading health club in the Salem market.

“Grace Matthews presented us with a creative solution that we had not previously considered.  Their approach resulted in a tremendous outcome,” said Dick Kreitzberg, one of the Courthouse owners.

Milwaukee-based Grace Matthews, Inc. provides merger, acquisition, and corporate finance advisory services to corporate and private clients.  Grace Matthews’ principals have successfully completed over 100 transactions on behalf of clients ranging from private, middle market companies to large foreign and U.S.-based multi-nationals.  For more detailed information on Grace Matthews, Inc., visit www.gracematthews.com.

Spirit Finance is a publicly traded REIT (NYSE: SFC) that focuses on single tenant, operationally essential properties.  Spirit’s portfolio totals over $1.2 billion of gross investments in industries including movie theaters, restaurants, specialty retailers, and educational facilities.

 

CONTACT:
Amy Kuemmel Connolly
414-278-1120
aconnolly@gracematthews.com