Irvine, California-based L.A. Fitness International announced Friday that it will acquire 171 Bally Total Fitness clubs across the country, including all five of Bally's Minnesota locations.
The acquisition, which is expected to be completed on November 30, will give L.A. Fitness a total of 17 locations in Minnesota-all of which are in the Twin Cities metro area.
Financial terms of the deal were not disclosed. However, the Chicago Tribune reported that the deal is valued at $153 million.
L.A. Fitness-which has more than 300 clubs in the United States and Canada-is one of Chanhassen-based Life Time Fitness, Inc.'s largest competitors. L.A. Fitness' announcement comes a few days after Life Time Fitness said that it will buy nine clubs in Indiana, North Carolina, and Ohio from Florida-based Lifestyle Family Fitness.
Since entering the Twin Cities market in 2007, L.A. Fitness has been rapidly adding clubs in the metro area. It currently has fitness centers in Apple Valley, Blaine, Brooklyn Park, Burnsville, Edina, Hopkins, Minneapolis, New Brighton, Oakdale, Roseville, St. Paul, and St. Louis Park.
Chicago-based Bally Total Fitness has about 271 locations across the country. The company, which emerged from bankruptcy in 2009, will continue to own and operate its remaining 100 fitness centers located in New York, San Francisco, Denver, and Houston, according to the Chicago Tribune.
Bally Total Fitness' local clubs are in Fridley, Little Canada, Richfield, St. Louis Park, and St. Paul.