What is the relationship between SEB SPV Guarantor LLC and Basecamp Fitness?
Basecamp_Fitness Franchise · 2025 FDDAnswer from 2025 FDD Document
SEB SPV Guarantor LLC ("SEB SPV") is a direct, wholly owned subsidiary of Anytime Fitness. SEB SPV and its subsidiaries were formed during 2021 in connection with the SEB securitization transaction. SEB SPV is the holding company of and guarantees the obligations of SEB Funding LLC ("SEB Funding or Issuer").
SEB Funding is a direct, wholly owned subsidiary of SEB SPV. SEB Funding is the sole member of SEB Franchising Guarantor LLC, Healthy Contributions SPV LLC, PV Distribution LLC, SEB Distribution SPV LLC, and SEB Systems LLC. SEB Funding is the Issuer of the Series 2021-1 and the Series 2024-1 Notes (Note 5).
Source: Item 23 — RECEIPTS (FDD pages 62–248)
What This Means (2025 FDD)
According to Basecamp Fitness's 2025 Franchise Disclosure Document, SEB SPV Guarantor LLC is part of a complex ownership structure ultimately connected to Anytime Fitness, LLC. Specifically, SEB SPV Guarantor LLC is a direct, wholly-owned subsidiary of Anytime Fitness. This means Anytime Fitness owns 100% of SEB SPV Guarantor LLC. SEB SPV Guarantor LLC functions as a holding company and guarantees the obligations of SEB Funding LLC.
SEB Funding LLC, in turn, is the sole member of SEB Franchising Guarantor LLC, Healthy Contributions SPV LLC, PV Distribution LLC, SEB Distribution SPV LLC, and SEB Systems LLC. SEB Systems LLC comprises the franchising entities, including Basecamp Fitness Franchisor LLC. SEB Franchising Guarantor LLC guarantees the obligations of Basecamp Fitness Franchisor LLC.
In simpler terms, SEB SPV Guarantor LLC sits atop a chain of subsidiaries, one of which (SEB Franchising Guarantor LLC) provides a financial guarantee for Basecamp Fitness's franchise obligations. This arrangement provides a level of financial security to Basecamp Fitness franchisees, as SEB Franchising Guarantor LLC is committed to ensuring Basecamp Fitness fulfills its financial and contractual duties.
For a prospective Basecamp Fitness franchisee, this complex structure indicates that the franchise is backed by a larger organization with established financial mechanisms. While the structure itself is intricate, the key takeaway is that a guarantor (SEB Franchising Guarantor LLC, ultimately under SEB SPV Guarantor LLC and Anytime Fitness) is in place to support Basecamp Fitness's obligations to its franchisees.