Castanea Partners Inc., a consumer-focused middle-market private equity firm, invested in fitness franchisee West Coast Fitness LLC.
Paul Marcus and Brendon Ayanbadejo, founders of West Coast Fitness, will remain shareholders and lead the company in its expansion in California and seek acquisition opportunities in other markets.
West Coast Fitness is a franchisee of Orangetheory Fitness studios in Los Angeles and San Francisco's South Bay area.
The terms of the transaction were not disclosed.
Latham & Watkins served as legal counsel to Castanea, while Davis Wright Tremaine served as legal counsel to West Coast Fitness, and Piper Jaffray & Co. served as its financial adviser.