PITTSBURGH, Jan. 5 /PRNewswire/ -- Cardio Fitness Center, Inc., a
privately-held company led by Louis Bellino, former director of operations of
Cardio-Fitness Corp. and Kevin Sagafi, former chief executive officer of New
York Health & Racquet Club announced today that it has acquired from H. J.
Heinz Company (NYSE: HNZ) the assets of its New York fitness club business,
Cardio-Fitness Corp. Terms of the transaction were not disclosed.
Cardio Fitness Center, Inc., will operate the four Cardio Fitness(R)
executive health and fitness clubs located in New York City. Cardio-Fitness
Center, Inc., is the leading operator of health and fitness centers for
executives in New York City.
"The sale of Cardio-Fitness Corp. is in line with Heinz's announced
strategy to focus on its core food businesses," said William R. Johnson,
president and CEO of H.J. Heinz Company. "It follows the successful sale in
September 1999 of the Weight Watchers classroom business as we exit from
retail-oriented businesses. This will enable us to concentrate on global
growth strategies for our leading food brands, such as Heinz ketchup, Ore-Ida
frozen potatoes, Smart Ones and Boston Market frozen meals, Star-Kist tuna and
9-Lives cat food."
Mr. Sagafi, president and chief executive officer of Cardio Fitness
Center, Inc., said, "The Cardio Fitness(R) brand is an outstanding brand that
is well recognized in New York for its dedication to fitness services targeted
to executives. We plan to build on that heritage by expanding the service
offerings within our current facilities, opening new facilities in selected
cities, and making further acquisitions."
The financing for the transaction was arranged by Cardio Ventures, LLC, a
private New York City investment group.
SOURCE Cardio Fitness Center, Inc.
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Related links:
http://www.broadgate.com
CONTACT:
William Jenks of Broadgate Consultants,
212-232-2222, for Cardio Fitness Center, Inc.; Debbie Foster,
Director - Corporate Communications, 412-456-5778, Jack Kennedy,
General Manager - Strategic Communications, 412-456-5923, both of
H.J. Heinz Company
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