“After evaluating many health and wellness opportunities in recent years, we are delighted to have found this outstanding company,” said Topspin Managing Director Leigh Randall. “HCOA’s management team and employees have impressed us since our early conversations, and we look forward to supporting them as the company continues to build upon its strong foundation as the leading fitness company in Puerto Rico.”
The sellers will remain significant equity holders and active partners in the business.
Topspin completed the acquisition with debt financing from Brookside Mezzanine Partners, which provides subordinated and unitranche loans to small- and mid-sized companies. Brookside also invested alongside Topspin’s equity in the transaction.