Franchise and Business Opportunities Articles

HIGHLANDS RANCH, Colo. – Fitness Together Holdings, Inc., parent company of Fitness Together Franchise Corporation and elements therapeutic massage, inc., has named a new chief financial officer and announced three new board members, further positioning the company for its continued strategic growth.

"These recent additions within our already strong executive team and board reiterate that Fitness Together Holdings is poised for continued growth and success across our brands," said Jeff Jervik, president and CEO of Fitness Together Holdings. "We are passionate about building a team of leaders that support our company, our current and future franchisees and the clients they serve."

Dan Colbourne was named executive vice president and chief financial officer of Fitness Together Holdings. Colbourne will oversee all finance, accounting and IT functions at the parent and operating companies, providing strategic financial leadership. Prior to joining Fitness Together Holdings, Colbourne served as senior vice president and CFO of Comex Group, Inc., formally known as Professional Paint, Inc. There he was a member of the senior management team that formed the company and acquired a $340 million business, operating 225 stores and five manufacturing facilities across North America.

Charles Van Gundy was promoted to vice president of finance and accounting for both brands, previously serving as interim CFO and corporate controller from November 2008 to August 2009. In his new role, Van Gundy will be responsible for the end-of-year financial audit and will direct the day-to-day operations of accounting, account payable, payroll and financial reporting. Van Gundy has 15 years experience in financial management, and prior to joining Fitness Together Holdings served as controller for PostNet International Franchise Corp., a privately held shipping franchisor, where he increased collections by $1 million and reduced outstanding accounts receivables to 30 days.

In addition, Fitness Together Holdings has named three new members to its Board of Directors: John Adams, Tom Auth and Debra Koenig.

Adams, CPA, CIA, CFE, CDE, is a founding member of National Retail Concepts Partners, LLC, a consulting and investment firm specializing in services to the retail and franchise sectors. Adams also provides consulting services to Nolaris USA, LLC, a company developing commercial solutions for concentrated solar power technology. Prior, Adams served as president of Big O Tires, LLC from 2000 until his retirement in 2008. He continues to serve as a consultant on mergers and acquisitions for Big O Tires and its parent company, TBC Corp. Adams was an Olympic Torchbearer in the 1996 Summer Olympic Games and the 2002 Winter Olympics Games.

Auth is a general partner of Enhanced Equity Fund, L.P. (EEF). Prior to joining EEF, Auth was a member of ACI Capital Co., LLC, a generalist middle market private equity fund focused on value-oriented buyouts and growth investments across industries. Auth also co-founded Concordant Rater Systems, a services company focused on improving efficiencies in clinical trials. He is a member of the Junior Board of the Cancer Research Institute and is the Chairman of Row New York, a charitable organization focused on exposing inner city kids to rowing. Auth was a member of the U.S. Olympic Rowing Teams in 1996 and 2000.

Koenig is the president of Power of 3 Solutions, an innovative practice focused on unit execution and profitability and part of the Red Book Solutions family of companies. She is also co-owner of Koenig Sales, LLC, a collector car sales and restoration company operating in the global market. Prior to her current roles, Koenig served as CEO of VICORP Restaurants, a $466 million private equity portfolio company in the hospitality and manufacturing industries. She also served as president of the Southeast Division of McDonald's Corporation, with corporate responsibility for 2,600 locations across 14 states. Koenig serves on the Board of Evolve, a company providing custom designed corporate apparel.

About Fitness Together Holdings, Inc.:

Based in Highlands Ranch, Colo., Fitness Together Holdings, Inc., is one of the world's largest wellness organizations. The parent company oversees Fitness Together Franchise Corporation, a one-on-one personal training fitness franchisor established in 1983 that began franchising in 1996, and elements therapeutic massage, inc., a massage therapy franchisor that began franchising in 2006. Today, the combined franchise network has hundreds of franchises sold across the United States, Costa Rica, Israel, Ireland, and Canada. Fitness Together and elements therapeutic massage are each actively selling franchises.