PITTSBURGH, PA May 15, 2017 – PCG Capital, a venture capital firm headquartered in Pittsburgh, PA, announced today the purchase of the well-established Oxford Athletic Club located in Pine Township, PA. Oxford Athletic Club, formerly owned by Oxford Development Company, is known for its high-quality service and sprawling 20-acre campus located in the growing North Hills of Pittsburgh. This off-market transaction has created an opportunity for Oxford Development Company and their investors to redeploy capital into their core asset classes while allowing PCG Capital to expand its presence in the sports and entertainment industry. PCG Capital currently owns Cool Springs Sports Complex in Bethel Park, PA and has a broad portfolio that also spans the fintech and commercial real estate industries, which makes this relationship an ideal fit for the venture.
Over the next two years PCG Capital plans to make a substantial investment of $3 – $5 million dollars to renovate the facility. The most dynamic proposals are centered around dining, aquatics, fitness, spa services, tennis facilities and creating a premier social experience and concierge service unparalleled by any other facility in the region. The capital firm has also enlisted the architectural design firm H. Chambers Company (http://www.chambersusa.com/), who has recently completed the beautiful St. Clair Country Club and award-winning Duquesne Club, to facilitate the renovation plan and membership outreach program. Knowledgeable in reinvigorating luxury brands around the world, H. Chambers Company is sure to provide a unique, first-class experience for the Oxford Athletic Club members. Their approach will be tailored around focus groups, surveys and the ever-evolving Pittsburgh market to develop a detailed and thoughtful plan. PCG Capital’s mission will be to make Oxford Athletic Club the area’s premier health and fitness facility, completely exclusive and private for its members.
The Club’s new General Manager, John Cressler, shares his excitement regarding the relationship and renovation. As a proven leader with Oxford for nearly 20 years, John will ensure a smooth transition of ownership and provide a deep knowledge of the industry that is key in the development. “I truly look forward to how motivated PCG Capital’s group is to turn this facility into something very special for our members and this community. I believe that with PCG Capital’s involvement and commitment, partnered with the traditions and experience that already exist here, Oxford Athletic Club will become a nationally recognized facility.“ says John.
This relationship is paired with the extensive real estate and sports entertainment industry knowledge of investors Brian Shanahan and Jeremy Kaylor of PCG Capital, who see the Oxford Athletic Club as a great way to connect the community and to revitalize the grounds.
“Today we have an amazing 140,000 square foot facility that has served this community well for the last 20 years. We see tomorrow as an opportunity to expand the amenities that truly bring a community together. Those amenities will give our members the chance to live, work and play at the Oxford Athletic Club,” shares Kaylor.
This deal also includes the rights to the leases on the property, which includes The Cabana Bar and Grazie. To update and improve the footprint of the campus, alongside offering members exclusive amenities, The Cabana Bar will be closing permanently on June 5, 2017. The renovation of the existing layout will require temporary closures throughout the building, but the approach to construction will be tailored to not interfere with the member experience.
About Oxford Athletic Club
Oxford Athletic Club is the most extensive private health and fitness club in the Pittsburgh area and is nationally recognized by the International Health, Racquet, and Sports Association (IHRSA) for excellence. The members, their friends and families have enjoyed a quality environment designed for total fitness, family and fun since its opening in 1998. For information, visit http://www.oxfordathleticclub.com/ .
About PCG Capital
PCG Capital is a strategic investment company focusing on three core areas: real estate, fintech, and sports entertainment. Founded by financial leader Brian Shanahan, PCG Capital offers a wide array of services and opportunities for companies with strategic growth potential. The firm’s deep experience level and proven track record provide transformative insights to its portfolio of investments. For more information, please visit http://www.pcgcapital.com.