LAS VEGAS, Jan. 25 /PRNewswire/ -- Arthur Patrick Partners, a Las Vegas private equity firm, today announced the signing of a definitive agreement to acquire a majority stake in Fit Fuel, LLC for an undisclosed amount. Fit Fuel operates e-commerce site FitFuel.com, a retailer of healthy living products. The company also manages a network of Fit Fuel-branded, media-capable "healthy" vending machines, and has recently introduced a proprietary line of dietary supplements.
Ashton Swimmer, a Managing Partner at Arthur Patrick who was named to the company's Board, said, "We are extremely excited about building the Fit Fuel brand. Fit Fuel has built strong operations in both the United States and South Africa, and is gaining traction in Asia, which is quite impressive for an early state growth company. The management team has assembled a unique combination of assets." The capital that Arthur Patrick is contributing will fund additional IT infrastructure, including mobile applications, as well as sales & marketing and a project code named 'Lucy' which, according to Arthur Patrick Partners, will revolutionize the way people access food in America.
FitFuel.com is aggressively expanding its non-supplement offerings to include pet care, personal care, "green" products and other "broader-health" products. Fit Fuel Founders Luke Burgis and Sean Kelly will maintain their positions as Managing Director and President of the company, but will focus primarily on Project Lucy and its derivatives. Fit Fuel, founded in 2004, has revenue growth in the triple digits and has been cash flow positive for two years.
"Fit Fuel fits into our investment strategy because the company has bridged the gap between health, technology and media. We believe that we can provide tangible, measurable results within a short period of time due to the synergies that exist with our other holdings."
About Arthur Patrick Partners (http://www.arthurpatrick.com)
Arthur Patrick Partners is a Las Vegas private equity firm that primarily invests in early stage health, technology and media companies. Arthur Patrick was founded by entrepreneurs in 2005. The firm takes a hands-on approach to building value and has invested in 12 companies to date. Arthur Patrick is in the process of raising a second fund, APP II, which will focus on media companies.
About Fit Fuel (http://www.fitfuel.com)
Fit Fuel, founded in 2005, operates the website FitFuel.com and a network of healthy vending machines with media capabilities. The company also markets two lines of proprietary dietary supplements outside of the e-commerce and food service channels. Fit Fuel is a premier provider of convenient health options for corporations and individuals and has extended its online presence with physical access points and growing distribution of its product line.
|SOURCE Fit Fuel, LLC|
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