Lane Berry Advises Sport & Health on Its Acquisition Financing; Largest Health Club Owner and Operator in Metro-Washington D.C. Sold to Local Investors Led by Former CEO

Business Wire, Jan 12, 2006

BOSTON -- Lane, Berry & Co. International, LLC announced today that it served as exclusive placement agent to Sport & Health Holdings, LLC ("S&H Holdings") in arranging a $46 million debt financing package with respect to its recent acquisition of Sport & Health. Sport & Health is the largest family of privately-owned health clubs serving more than 80,000 members with 26 locations in Virginia, Maryland and D.C. CIT Group led the senior debt facilities and FriedbergMilstein, LLC led the subordinated debt. Terms of the transaction were not disclosed.

Don Konz, the new CEO of Sport & Health and former co-founder and CEO of the Company remarked on the new financing package, "The population continues to focus on getting fit and they prefer the full-service environment that our clubs provide. The area is in need of more high quality fitness centers and the purpose of the facility is to fund the acquisition of Sport & Health as well as to provide additional capital to fund potential club acquisitions or expansions."

Jeffrey DelPorto, Managing Director and Head of Private Placements commented, "It was a pleasure to work with Don Konz, S&H Holdings and the Sport & Health team. As a growing player in the expanding regional health and wellness sector, Sport & Health has a bright future in the hands of its experienced ownership group. The health club sector is an area of focus for Lane Berry so we were particularly pleased to be able to work on this successful acquisition financing."

Frederick C. Lane, CEO of Lane Berry said, "We are pleased to have served as financial adviser to S&H Holdings. Lane Berry's private placement role in this significant transaction demonstrates Lane Berry's suite of investment banking capabilities that include all forms of capital raising and restructuring in addition to advisory services for mergers, acquisitions and divestitures. Led by Jeff DelPorto, Lane Berry's private placement team leveraged its extensive industry knowledge, expertise and important relationships with lenders to provide hands-on execution and achieve a superior outcome for all parties."

About Sport & Health

Since 1973, Sport & Health has grown to be Washington's largest family of full-service health clubs and day spas with 26 locations in Virginia, Maryland and D.C. The Company has more than 80,000 members and its revenues exceed $80 million, making it one of the top-10 largest in the U.S. The clubs feature state of the art fitness equipment with cardiovascular conditioning, strength training and free weight equipment, group exercise classes for all levels including Pilates, yoga, step, high and low impact, kickboxing and more. Many clubs feature tennis, racquetball, squash, basketball, swimming and a Kidz Klub. The Kidz Klub features a nursery, climbing maze, dance classes, camps and a variety of junior programs for children of all ages. Several of the clubs feature Serenity Day Spas that provide therapeutic massage, body treatments, nail and skin care and hair styling and design. For more information on Sport & Health visit www.sportandhealth.com.

About CIT

CIT Group Inc. (NYSE: CIT), a leading commercial and consumer finance company, provides clients with financing and leasing products and advisory services. Founded in 1908, CIT has over $60 billion in assets under management and possesses the financial resources, industry expertise and product knowledge to serve the needs of clients across approximately 30 industries. CIT, a Fortune 500 company and a component of the S&P 500 Index, holds leading positions in vendor financing, factoring, equipment and transportation financing, Small Business Administration loans and asset-based lending. With its Global Headquarters in New York City, CIT has approximately 6,000 employees in locations throughout North America, Europe, Latin and South America and the Pacific Rim.

About FriedbergMilstein, LLC

FriedbergMilstein was formed in February 2003 by Barry Friedberg and Howard Milstein as an alternative investment management firm that specializes in credit strategies, private equity and real estate, through direct private investments. Mr. Friedberg was formerly head of Investment Banking and a member of the Executive Committee of Merrill Lynch. Mr. Milstein is Chairman and Chief Executive Officer of Emigrant Savings Bank, the largest privately owned bank in the country.

About Lane Berry

Lane, Berry & Co. International, with offices in Boston, New York and Denver, provides investment banking services to corporations, their Boards, Special Committees of Boards and shareholders on matters relating to mergers, acquisitions, divestitures, debt and equity financings, debt restructurings, recapitalizations and corporate governance issues. Lane Berry offers sophisticated, objective advice and transaction execution based upon the extensive experience of its senior investment bankers. For more information about Lane Berry's services, transactions and recruitment opportunities, visit www.laneberry.com