US-chain Life Time Fitness sold in US$4bn deal

by Jak Phillips | 17 Mar 2015

US gym chain Life Time Fitness is set to become a private company in a deal valued at more than US$4bn (€3.8bn, £2.7bn).

The company announced on Monday (16 March) that it will be sold to private equity firms Leonard Green & Partners and TPG, with the transaction expected to be concluded in Q3 2015. The private equity firms will pay $72.10 (€67.97, £48.83) for each share of Life Time Fitness, a 7.3 per cent premium from its close of $67.20 (€63.35, £45.51) on Friday (13 March).

Following news of the deal, Life Time Fitness shares rose $3.48 (€3.28, £2.36), or 5.2 per cent, to close yesterday at $70.68 (€66.63, £47.87). The merger is subject to approval from Life Time’s shareholders and other customary closing conditions.

“Following a comprehensive review by Life Time’s board of directors of strategic alternatives to enhance shareholder value, we are pleased to have reached this agreement, which provides our shareholders with immediate and substantial cash value representing a significant premium to our unaffected share price,” said CEO Bahram Akradi, who is to remain in his role following the deal.

“There are no words to describe my gratitude for the confidence and significant commitment Leonard Green & Partners, TPG and LNK Partners have made to Life Time and our management team.”

Currently operating 114 gyms across the US and Canada, Life Time Fitness offers fitness classes, spa amenities, personal training and other services in its sites. The Chanhassen, Minnesota-based business also sells a line of nutritional products, publishes Experience Life magazine and runs a unit that holds running, cycling and triathlon events.

Related stories

Life Time plans $200m IPO

Life Time Fitness opens 30th site

Weight loss centres and programs on the up

Investment at Life

US gym chain Life Time Fitness is set to become a private company in a deal valued at more than US$4bn (€3.8bn, £2.7bn). The company announced on Monday (16 March) that it will be sold to private equity firms Leonard Green & Partners and TPG, with the transaction expected to be concluded in Q3 2015. The private equity firms will pay $72.10 (€67.97, £48.83) for each share of Life Time
HAF,FIT,IND
The company operates 114 gyms across the US and Canada under the Life Time Fitness and Life Time Athletic brands
More news
News stories: 1 - 30 of 7543     
 
 
 
News stories: 1 - 30 of 7543     
 
 
 
company profile
Company profile: TVS Group
The TVS Group supply and install sports and fitness flooring to a wide range of facilities. We cater for every type of exercise and every level of competition, from recreational to elite level performance.
Try cladmag for free!
Sign up with CLAD to receive our regular ezine, instant news alerts, free digital subscriptions to CLADweek, CLADmag and CLADbook and to request a free sample of the next issue of CLADmag.
sign up
Collaboration is at the heart of NBW’s working practices
Thomas Woltz
"I am very proud of stewarding the largest public space to be built in Manhattan in a century"

The Wall Street Journal’s Design Innovator of the Year on designing the gardens at Hudson Yards and looking to the Native Americans for ideas on how to create a resilient future

Architecture is by Hugo Demetz, who designed the property to try and integrate it into its natural surroundings
"Wellness embraces the entire holiday experience"

The design of the newly-opened Lefay Resort and Spa Dolomitti in Italy aims to celebrate and protect its spectacular surroundings

Catalogue Gallery
Click on a catalogue to view it online
To advertise in our catalogue gallery: call +44(0)1462 431385
The Big U aims to protect Lower Manhattan from floods
"Funding woes and murky timelines are common problems. It can be easier to make a difference one small project at a time"

From parks designed to mitigate the effects of flooding to warming huts for one of the world’s coldest cities, these projects have been designed for increasingly extreme climates

Francis graduated as a landscape architect in Belgium. He returned to Lebanon in 1993
"I believe gardens are where the soul rests"

With a focus on desert landscapes and collaborations with Zaha Hadid and OMA, the principal of Francis Landscapes has a deep belief in the power of nature

Manuelle Gautrand
"The cities where you have good cultural buildings and facilities – it’s a way for people to mix, to share the city in a much deeper way"

The French architect and winner of the 2017 European Prize for Architecture tells us why she is determined to surprise

cladkit product news
Matteo Thun grows Allaperto collection with new suspended outdoor armchair
Megan Whitby
Allaperto, the lounge collection spawned by the partnership between design studios, Matteo Thun, Ethimo and Antonio Rodriguez, has been expanded ...
Daniel Svahn creates furniture collection using repurposed table tops
The Goodies But Oldies collection features three pieces made from repurposed MDF table tops
Lauren Heath-Jones
Daniel Svahn, a Stockholm-based furniture designer, has created a new range of sustainable furnishings, made from recycled MDF tabletops. Svahn, ...
XTU concept imagines life in the clouds
XTU's X Cloud concept is part of the Future and the Arts: AI, Robotic, Cities, Life - How Humanity Will Live Tomorrow exhibition at the Mori Art Museum in Tokyo
Lauren Heath-Jones
XTU Architects, a Paris-based architecture firm, has released images and renderings of X Cloud, a new concept that showcase a ...
cladkit product news
Barr + Wray to launch space saving hammam concept
Light shines through a striking central chandelier to create a feeling of movement
Katie Barnes
Smaller footprint. Maximum theatre. Those are the two main features of a new hammam concept being developed by wet spa ...
Painting with Light pushes boundaries to create unforgettable visual concepts
The team combines lighting, video, sound and special effects, with scenic and architectural elements, to create unforgettable visual experiences
Megan Whitby
Belgium-based light and video design studio, Painting with Light, will translate the story of your location into a visual experience, ...
Ritz Carlton co-founder joins Frontline Summit 2020 as keynote speaker
Hospitality veteran and Ritz Carlton co-founder, Horst Schulze, who brings more than 65 years’ experience to the table, has been announced as a keynote
Megan Whitby
Frontline work has never been more important and frontline workers are the largest class of workers on the planet, as ...
cladkit product news
Tom Dixon collaborates with Prolicht to launch CODE lighting range
The product has three LED light sources: Dot, Dash and Grid
Megan Whitby
British designer, Tom Dixon, and Austrian architectural lighting specialists, Prolicht, have collaborated to unveil a new lighting range. Called CODE, ...
Metalline transforms London hotel with bespoke aluminium fins
The aluminium fins will form the façade of the upcoming Minories Hotel in Aldgate, London
Lauren Heath-Jones
Metalline, an architectural metalwork specialist based in the UK, has created a range of bespoke 3D twisted metal fins for ...
1885 Lounge at St Mary's Stadium celebrates Southampton FC's history
Rainbow Design worked closely with KSS Architects to ensure the furniture matched the design vision
Lauren Heath-Jones
KSS Architects has partnered with Rainbow Design, a London-based furniture supplier, to create the 1885 Lounge at St Mary's Stadium, ...
x
Sign up with CLAD for regular news updates