Life Time Fitness to Buy Nine Clubs in Three States
Life Time Fitness, Inc., announced Tuesday that it will acquire a total of nine fitness clubs in Indiana, North Carolina, and Ohio from St. Petersburg, Florida-based Lifestyle Family Fitness.
Financial terms of the acquisition were not disclosed. Chanhassen-based Life Time, which already operates clubs in the three states, said the deal is expected to close in December.
Life Time currently operates about 92 fitness centers in 21 states, including 24 clubs in Minnesota. In addition to traditional health club offerings, most Life Time clubs feature spas, cafes, and swimming pools.
“We are excited to extend our . . . programs, services, and certified experts to a new base of members as we further expand in these current Life Time markets via this agreement,” Life Time CEO Bahram Akradi said in a statement. “Once we absorb the integration costs associated with this transaction, we expect the acquisition to be neutral to slightly accretive to our 2012 earnings.”
The seller, Lifestyle Family Fitness, currently owns and operates 55 fitness clubs-the majority of which are in Florida. The company plans to close nine of the remaining 11 clubs that are outside Florida.
Life Time Fitness is among the state's 40 largest public companies based on revenue, which totaled $912.8 million in its most recently completed fiscal year.