Parthenon Capital Invests in Captive Media Holdings (dba Health Club Panel Network)


BOSTON, MA – Parthenon Capital, a private equity firm with offices in Boston and San Francisco, announced today a significant investment in Captive Media Holdings, the largest provider of advertising and marketing opportunities to national brands through US health clubs.

Captive’s management team and its operations and sales staff will be remaining with the company.

“We’re thrilled with this transaction,” said Michael Lederer, co-founder and Executive Vice President of Captive. “It validates all the great work and the tremendous success the company has experienced since we launched in 1995, while providing a strong endorsement to the present and long term potential of the place-based media industry overall. We’re getting a great business partner in Parthenon, who can help us both with strategic planning as well as fund our aggressive growth plans,” he added.

Captive reaches about 7 in every 10 health club members in the 20 largest media markets in the US and its network encompasses nearly 3,000 health clubs nationwide. The company offers its customers a full spectrum of advertising and marketing services designed to reach the fitness club audience, including digital advertising, print indoor billboards, and more tailored coupon and sampling programs. Captive Media is also known by its trade name Health Club Panel Network.

Jon Grad, a Partner at Parthenon Capital involved in the firm’s business services investments, stated “Mike and Gene Lederer have built one of the leading companies in the alternative site advertising industry and we are excited to be investors in the company. Captive Media’s fitness chain and ad agency relationships, in particular, are extremely valuable assets that we plan to further develop in partnership with management.”

Lederer also mentioned that Captive and Parthenon will begin exploring many other tangential growth opportunities, including strategic acquisitions and/or investments in other relevant place-based media platforms.

About Parthenon Capital:
Parthenon Capital is a leading mid-market private equity firm based in Boston and San Francisco. Parthenon utilizes niche industry expertise and a deep execution team to invest in growth companies in service industries. Parthenon seeks to be an active and aligned partner to management, either through recapitalization transactions or by backing new executives. Parthenon has particular expertise in business services, financial and insurance services and healthcare, but seeks any service, technology or delivery business with a strong value proposition and proprietary know-how. Parthenon’s 25 person investment team has deep experience in corporate strategy, capital markets and operations, enabling the firm to pursue complex, multi-faceted value creation opportunities. For more information, visit

About Captive Media:
Founded in 1995 by Gene and Mike Lederer, Captive Media has grown to become the largest and most reputable player in the field of health club advertising and marketing. Captive Media’s exclusive network now extends to nearly 3,000 clubs across 49 states and 120+ DMAs. Captive Media’s clients include Kraft, Unilever, P&G, Nissan, Pfizer, American Express, Coca-Cola and many others. Club owners benefit from Captive Media through the generation of additional non-dues revenue, enhanced member retention and additional traffic driven from promotional events sponsored by Captive Media’s advertising clients. Captive Media is headquartered in Los Angeles. For more information about Captive Media visit