Life Time Fitness Announces Completion of Acquisition by Affiliates of Leonard Green & Partners and TPG
Other Critical Investors Include LNK PARTNERS and Life Time Chairman, President and CEO, Bahram Akradi
CHANHASSEN, Minn.--(BUSINESS WIRE)-- Life Time Fitness, Inc., The Healthy Way of Life Company, today announced the completion of its acquisition by an investor group led by affiliates of Leonard Green & Partners and TPG. The execution of a definitive merger agreement outlining the terms of the transaction was initially announced on March 16, 2015. Other key investors include LNK Partners and Life Time Chairman, President and Chief Executive Officer, Bahram Akradi.
Life Time’s shareholders approved the acquisition on Thursday, June 4, 2015. As a result of the merger, which is valued at more than $4 billion, each outstanding share of Life Time common stock, excluding the rollover investment in Life Time stock made by Akradi, was converted into the right to receive $72.10 per share in cash. Additionally, Life Time has become an indirect, wholly owned subsidiary of affiliates of Leonard Green & Partners and TPG, and the other investors.
Life Time common stock (NYSE: LTM) ceased trading on the New York Stock Exchange at the close of market today.
About Life Time Fitness, Inc.
As The Healthy Way of Life
Company, Life Time Fitness helps organizations, communities and
individuals achieve their total health objectives, athletic aspirations
and fitness goals by engaging in their areas of interest — or
discovering new passions — both inside and outside of Life Time’s
distinctive and large sports, professional fitness, family recreation
and spa destinations, most of which operate 24 hours a day, seven days a
week. The Company’s Healthy Way of Life approach enables customers to
achieve this by providing the best programs, people and places of
uncompromising quality and value. As of June 10, 2015, the Company
operated 115 centers under the LIFE TIME FITNESS® and LIFE
TIME ATHLETIC® brands in the United States and Canada.
Additional information about Life Time centers, programs and services is
available at lifetimefitness.com.
About Leonard Green & Partners, L.P.
Founded
in 1989 and based in Los Angeles, Leonard Green & Partners is one of the
nation’s preeminent private equity firms. Leonard Green invests in
established companies that are leaders in their markets, including The
Container Store, Shake Shack, Whole Foods Market, Topshop, J.Crew, Jetro
Cash & Carry, Activision, CHG Healthcare, and Petco. For more
information, please visit www.leonardgreen.com.
About TPG
TPG is a leading global private investment firm
founded in 1992 with over $67 billion of assets under management and
offices in San Francisco, Fort Worth, Austin, Dallas, Houston, New York,
Beijing, Hong Kong, London, Luxembourg, Melbourne, Moscow, Mumbai, São
Paulo, Shanghai, Singapore and Tokyo. TPG has extensive experience with
global public and private investments executed through leveraged
buyouts, recapitalizations, spinouts, growth investments, joint ventures
and restructurings. The firm has deep consumer and retail expertise with
investments including Beringer Wines, Burger King, Chobani, J.Crew,
Lenta, Neiman Marcus, Petco and Savers, among others. For more
information visit www.tpg.com.
About LNK Partners
LNK Partners is a private equity firm
focused on backing strong management teams who are building outstanding
consumer and retail businesses. LNK is highly flexible in the type and
structure of its investments, and is comfortable being a minority or
majority shareholder. The firm typically invests up to $150 million of
equity per transaction. LNK’s partners have extensive experience
successfully investing in, operating, or serving on the boards of many
leading consumer and retail businesses, including Staples, Quaker Oats,
Pepsi, Gatorade, Panera Bread, Life Time Fitness, Levi Strauss,
PVH/Tommy Hilfiger/Calvin Klein, Campbell’s, Pepperidge Farm, Godiva,
and Yankee Candle. To learn more, please visit LNKpartners.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20150610006380/en/
Life Time Fitness, Inc.
Investor Relations:
John
Heller, 952-229-7427
ir@lifetimefitness.com
or
Media
Relations:
Jason Thunstrom, 952-229-7435
pr@lifetimefitness.com
Source: Life Time Fitness, Inc.
Released June 10, 2015