Independent facilitator of junior capital to middle market companies, Penfund, announced today the completion of a $40 million expansion of the existing $125 million subordinated guaranteed credit facility granted to Goodlife Fitness Centres in March 2011. The additional funding will be used to finance the purchase of additional 13 fitness clubs in Greater Toronto Area formerly owned by Extreme Fitness Inc including its expansion plans.

At present, Goodlife is managing more than 300 fitness clubs in Canada including that of Extreme Fitness. It is known as the largest fitness company and the fifth largest company that handles fitness clubs in the world. The new funds would help in expanding its facilities as well as improve technical capabilities.

Penfund is the lead investor in the US$40million financing consortium that includes Macquarie Bank Limited, Manulife Capital and GRI Investments. Also included are the Canadian Medial Protective Association and the Teachers' Retirement Allowances Fund Board that provided the rest of the funds.