GREENWICH, Conn. and BROOKLYN PARK, Minn., May 22 /PRNewswire/ -- North Castle Partners today announced that it awarded Dennis Lee, CEO of Octane Fitness, the North Castle 2007 CEO of the Year Award. North Castle, a leading private equity firm focused exclusively on investments in consumer-driven product and service businesses that benefit from "Healthy Living and Aging" trends, presented the award to Mr. Lee at its Spring 2008 CEO Conference for his extraordinary contribution to the success of North Castle over the past 12 months.
Under Dennis Lee's leadership, Brooklyn Park, Minnesota-based Octane has consistently achieved its financial goals, including growing sales and EBITDA in 2007 by 27% and 36%, respectively. Since North Castle's initial investment in January 2005, Octane has grown to be the #1 market share leader, up from #3. As a result of this growth, 100% of North Castle's initial investment has been returned within 26 months.
"Each year during our CEO Conference, one of the highlights for the Partners of our firm is to name the North Castle CEO of the Year," said Chip Baird, North Castle's Founder and Managing Director. "This award is a tradition that is now in its eighth year and is based on our commitment to ourselves that, as busy as we all are, we will periodically stop to celebrate our successes, particularly the successes of our CEOs.
"For North Castle, investing is not only about the numbers; it also is about building great companies within a set of core values," continued Mr. Baird. "Dennis Lee has grown his team from nine to more than 35 motivated professionals; executed a dual-sourcing strategy for manufacturing; successfully designed and introduced 15 new products; secured new patents; established a nationwide third party service network to support direct commercial growth; and created a European joint venture, just to name a few."
Dennis Lee said, "I am honored to receive the North Castle CEO of the
|SOURCE North Castle Partners|
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