Avidbank Corporate Finance Provides $1.5 Million Term Loan to YogaWorks

PALO ALTO, Calif.--()--Avidbank Corporate Finance, a Division of Avidbank, has provided YogaWorks with a $1.5 million term loan. The proceeds of this facility expansion term loan will be used to help build and open additional studios in California and New York.

“YogaWorks has a solid brand within the fitness marketplace, an excellent management team and top tier equity investors,” stated Avidbank Corporate Finance Executive Vice President and Division Manager, Scott Chamberlin. “These quality attributes make YogaWorks a great addition to our portfolio as we continue to expand our presence in the market.”

Based in Los Angeles, YogaWorks is building the first nationally branded chain of alternative health fitness centers. With a network of 23 studios in California and New York, YogaWorks offers a large variety of yoga and Pilates classes, numerous workshops and retreats, and retail services. In addition, the Company offers a proprietary teacher training program and has trained many of the leading yoga instructors in the U.S. With a 25-year history in Los Angeles, YogaWorks is considered the industry pioneer offering multiple yoga styles and innovative programs. The Company employs over 600 qualified teachers and offers more than 1,700 classes per week serving over 85,000 active students. www.yogaworks.com

“We are excited to have a committed partner in Avidbank to help us as we look to expand our studio facilities more vigorously,” stated Jay DeCoons, YogaWorks’ President. “The quality of the team and the partnership focus at Avidbank is what attracted us to work with them. We have been greatly impressed by how responsive and diligent Avidbank has been since our first meeting.”

“I am pleased we are able to assist YogaWorks with their expansion,” added Avidbank Corporate Finance Senior Vice President, Jeffrey Javier. “They have a proven track record and an intelligent plan for increasing their presence in this rapidly growing market. They are exactly the type of company that we are looking to work with.”

About Avidbank

Our goal at Avidbank is to advance our clients’ success by offering innovative financial solutions and service. Our experienced people provide a unique and individualized banking experience based on mutual effort, ingenuity and trust, creating long-term banking relationships. Avidbank specializes in the following markets: commercial and industrial, corporate finance, technology and asset-based lending, real estate construction, commercial real estate lending and real estate bridge financing.

Contacts

Avidbank
Steve Leen, 650-843-2204
Chief Financial Officer
www.avidbank.com

Contacts

Avidbank
Steve Leen, 650-843-2204
Chief Financial Officer
www.avidbank.com