PARTNERSHIP CAPITAL GROWTH ACTS AS SOLE ADVISOR TO SPA LADY FOR ACQUISITION
BY IFH

SAN FRANCISCO, CA (January 18, 2010) -- Partnership Capital Growth, a full-service, boutique investment bank that focuses exclusively on the healthy, active and sustainable living marketplace, announced that International Fitness Holdings, Inc., (“IFH”) acquired the group of 21st Century Health Clubs companies dba Spa Lady. The company’s founders, Ed and Angie Forrest reinvested in the transaction and will continue to lead Spa Lady as a division of IFH.

With over 30 years of service, Spa Lady is the largest operator of women’s-only fitness clubs in Alberta with nearly 60,000 members and six locations throughout Edmonton and Calgary. Spa Lady provides convenience at affordable prices while offering its members full-service amenities and access to a range of value-added services including personal training, group exercise, and an exclusive pilates and yoga studio. The company has experienced consistent growth over the years, which is a testament to its quality of service and member commitment. Spa Lady is now pre-selling memberships for its newest location at the West Edmonton Mall, which is expected to open in February 2010.

“We are excited to be joining forces with the most dominant player in Alberta fitness and believe Spa Lady complements the IFH platform,” said Ed Forrest, Founder and President, of Spa Lady. “International Fitness Holdings’ unmatched organization and progressive programming will ensure a strong Spa Lady legacy.”

“We are thrilled with the opportunity to partner with Western Canada’s premier brand of women’s-only health clubs,” said Rob Leach, Founder and CEO of World Health. “The combination of Spa Lady’s great staff and well located facilities gives us a platform to expand the women’s-only market by building new clubs and better servicing the communities.”

“IFH is an ideal match for Spa Lady and we are pleased to have worked closely with Ed and Angie Forrest to help craft a strategic transaction that enables them to further invest while finding the best long-term ownership structure for their business,” said Brent Knudsen, Managing Partner of Partnership Capital Growth.

ABOUT SPA LADY
Spa Lady is the largest women’s-only health club operator in Alberta that provides best-in-class service at affordable prices. Facilities average 20,000 square feet and offer state-of-the-art cardio and strength equipment. For more information about Spa Lady, or to find the club nearest you, visit www.spalady.ca.

ABOUT INTERNATIONAL FITNESS HOLDINGS, INC.
International Fitness Holdings, Inc. is the largest health club operator in Alberta, Canada with 25 locations and over 120,000 members operating under trade names World Health (co-ed) and now Spa Lady (women’s-only). North Castle Partners acquired the assets of World Health Club and subsequently IFH acquired Club Fit in 2008. North Castle Partners is the majority equity holder of IFH and has partnered with the founders of each company to build the strongest fitness organization in Western Canada. For more information about World Health, or to find the club nearest you, visit www.worldhealth.ca.

ABOUT PARTNERSHIP CAPITAL GROWTH
Partnership Capital Growth is a boutique investment bank that provides full-service merger and acquisition, financing and capital structure advisory services to middle market companies. The company focuses exclusively on consumer products and services in the areas of healthy, active and sustainable living. Partnership Capital Growth is based in San Francisco, California. www.pcg-advisors.com

Please feel free to contact Eric Schiller at eric@pcg-advisors.com or Brent Knudsen at
brent@pcg-advisors.com to discuss this transaction.