JOHN CANARICK
Curves is big in Asia Pacific and has been sold to North Castle’s Asia partner
What sort of deals do you get involved with? Our primary investment type is small capital leveraged buyouts, where we enter an entrepreneurial business as the first investor and the majority shareholder. We also do some growth sector investing, in cases where there’s significant revenue growth but not yet a profitable business – where the company needs capital to grow its business, for example. Finally, we occasionally invest in turnaround situations where we feel we have relevant expertise to offer. Jenny Craig would be a good example of that, as we’d been successful in weight management before. The smallest investment we’ll get involved with is US$10m – if we see opportunity and a chance for growth – but most commonly we invest in businesses with revenues of US$25–200m. Tell us about Curves We’ve recently sold our interest in Curves, which was another turnaround effort. The thing no one knows about Curves, unless you live there, is that it’s an incredible brand and operation in Asia, and particularly in Japan where it’s the number one fi tness brand, with close to 2,000 clubs and nearly 1 million members. Why is that? Firstly, in Japan, compliance is easier to obtain. There’s also the fact that the typical Curves member is at least 55 years old, with a median age well into the 60s, and in Japan they do an incredible job of delivering an anti-ageing marketing message. In the US and Europe, Curves has two primary consumer types: both of them are older, but one of them is also quite overweight. In Japan, they don’t have nearly the same obesity percentages as we have in the UK and US, or Australia for that matter. So, in Japan, Curves primarily focuses on an anti-ageing message and women go very loyally, year in year out, three days a week. Engagement is absolutely off the 64
healthclubmanagement.co.uk May 2019 ©Cybertrek 2019
■ Jon Canarick favourites Favourite workout Barry’s Bootcamp! Favourite holiday destination I truly don’t have a go-to spot. We change it up from visiting the parents in Florida to exploring the Grand Canyon, and from beach/ pool lounging to a visit to see Mickey Mouse with my eight- and 10-year-olds Favourite restaurant Babbo Italian Eatery (NYC) Favourite book I Know This Much is True Favourite film Shawshank Redemption Favourite app Podcast aggregator (I love podcasts) The person you’d most like to meet If I had to choose, I’d be super psyched to meet Bruce Springsteen The best piece of advice you’ve ever been given To not spread myself too thin – it’s so important to focus on fewer things and do them well. I’m working on it! What you’d like to be known for Empathy and kindness