Lifetime fitness, club company Minneapolis, Minnesota-based class will earn nine Lifestyle Family Fitness Center in Ohio, North Carolina and Indiana. Lifetime Family Fitness, a St. Petersburg, Florida-based, 55-club chain, has signed an acquisition agreement which will have nine Lifetime Fitness Lifestyle Family Fitness Lifestyle Fitness Center and nine in the same markets will be closed. Geoffrey Dyer, Lifestyle Family Fitness founder plans to acquire two of the clubs in Columbus, Ohio. A total of 35 Lifestyle Family Fitness Center in Florida will continue operations as usual.
Companies today completed the acquisition and lease negotiations related to the transaction, which is scheduled to close in December, 2011. Terms of the transaction were not disclosed.
Bahram Akradi, founder and CEO of Lifetime Fitness, commented to Business Wire on 15 November, "Consistent with our long-held strategy, acquisition and operation of the club, which is similar to an existing, smaller centers Lifetime format, bringing to market infill opportunities where we already operate purpose of Lifetime.”He continued," We are very pleased to extend our Healthy Way of Life program, expert service and certified for the new member base as we expand in these markets Lifetime current through this agreement. Once we absorb integration costs associated with this transaction, we expect the acquisition to be neutral to slightly accretive to our 2012 earnings. "
Insider club contact Geoffrey Dyer, Founder and CEO of Lifestyle Family Fitness, and he commented, "What happens is that Lifetime Fitness has executed an agreement to buy most of the clubs that Lifestyle Family Fitness owns and operates outside of the State of Florida. That includes clubs in North Carolina, Indiana and Ohio. They do not buy all the clubs some clubs are closed, and the members who received the Lifetime clubs... I think as far as providing an opportunity for your members and employees, you cannot hope for a better partner than a Lifetime Of all the brands to buy your club, Life Time will be the best, would not you agree? "
Insider club (CI) - Well, I'll tell you. If my son, Justin feedback is any metric for it - he and his new wife, Danielle, recently joined the Life Time Fitness club near their home in Atlanta, Georgia - and they were just talking about it!
Geoff Dyer (GD) - You and I know that they are a company built on quality and over-the-top value. They always maintain price integrity and avoid a price war that the industry must go through the past five years.
With this step, Lifetime Fitness basically announced that they get to the small business club. That creates a lot of opportunities in many cities across the country, I'm sure.
Every time you have this type of merger, you want to make sure that people are taken care of, as you know. I was here for meetings with members and employees, and they have very good information in their communications from Time Life. This was done by first class. They have people on site to answer questions from members and staff. Of course, they do so in several markets, and they still do that, two days for each market. They have their COO and Vice President of Human Relations to attend this meeting to ensure that positive communication.
So, this is the situation. We have six clubs in North Carolina. They bought five of them and closed one. They closed the one in Cary, NC because they already have a club in that market. In Indiana, they bought two clubs and closed two too. In Ohio, we have ten clubs in the Columbus market, so they bought two, shut down six and I really would buy the two remaining clubs. I started back to the world of daily operations, Norm!
Now, I am here just to make sure that people are not angry. At the end of the day, Lifetime is in all respects all members of their club, so members will be taken care of. Some staff explained our concerns, but the good news is they have 164 jobs between them Indiana and Ohio club, so there are many opportunities for them to fill the position.
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