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Health Club Management

Health Club Management

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UNITING THE WORLD OF FITNESS
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Health Club Management

Health Club Management

News

LA Fitness sold to MidOcean for £140m

The only listed health club company left in Britain, LA Fitness, has agreed a £140m takeover by private equity group MidOcean.

The offer of 220p per share values the company at £90.3m and represents a premium of 14.9 per cent to the closing price of 191.5 pence per share on 5 May, the day prior to the announcement. The deal also includes the assumption of £48.3m in debt.

The buyout team includes chief executive and founder, Fred Turok, and finance director, Richard Taylor.

As part of the deal, both will reinvest in LA Fitness, to the tune of £7.1m and £165,000 respectively.

Other members of the fitness club chain’s existing management team will also have the opportunity to keep a stake in the business.

LA Fitness chair, Peter Jacobs, said the offer was “fair and reasonable” and provided shareholders with the certainty of a cash premium “against the backdrop of a challenging trading environment”.

The company began reviewing its options last autumn when it announced the belief that LA Fitness would have a ’significant’ role to play in the likely consolidation of the UK health and fitness sector over the next few years. As well as the possibility of a sale, other options considered included mergers with, or acquisitions of, other operators.

It subsequently announced it was in talks with MidOcean in April, at the same time reporting that results for the first three months of the year were likely to be below the board’s expectations.

MidOcean’s portfolio also includes the US-based Jenny Craig weight management company and it has previously owned both The Tussauds Group and Center Parcs in the UK.

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The only listed health club company left in Britain, LA Fitness, has agreed a £140m takeover by private equity group MidOcean.
HAF
090505-Fred-Turok.jpg
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News

LA Fitness sold to MidOcean for £140m

The only listed health club company left in Britain, LA Fitness, has agreed a £140m takeover by private equity group MidOcean.

The offer of 220p per share values the company at £90.3m and represents a premium of 14.9 per cent to the closing price of 191.5 pence per share on 5 May, the day prior to the announcement. The deal also includes the assumption of £48.3m in debt.

The buyout team includes chief executive and founder, Fred Turok, and finance director, Richard Taylor.

As part of the deal, both will reinvest in LA Fitness, to the tune of £7.1m and £165,000 respectively.

Other members of the fitness club chain’s existing management team will also have the opportunity to keep a stake in the business.

LA Fitness chair, Peter Jacobs, said the offer was “fair and reasonable” and provided shareholders with the certainty of a cash premium “against the backdrop of a challenging trading environment”.

The company began reviewing its options last autumn when it announced the belief that LA Fitness would have a ’significant’ role to play in the likely consolidation of the UK health and fitness sector over the next few years. As well as the possibility of a sale, other options considered included mergers with, or acquisitions of, other operators.

It subsequently announced it was in talks with MidOcean in April, at the same time reporting that results for the first three months of the year were likely to be below the board’s expectations.

MidOcean’s portfolio also includes the US-based Jenny Craig weight management company and it has previously owned both The Tussauds Group and Center Parcs in the UK.

Sign up for FREE ezines & magazines
The only listed health club company left in Britain, LA Fitness, has agreed a £140m takeover by private equity group MidOcean.
HAF
090505-Fred-Turok.jpg

News

Gympass has launched a new digital platform as a response to the increase in demand
Austrian medical health and wellness operator, Lanserhof, has launched a programme for people who’ve had
HCM can report that Europe Active's annual thought-leader conference, the European Health and Fitness Forum
The number of people signing up for memberships at Planet Fitness has been at 2019
Gyms in England could be open in July if lobbying by the fitness industry comes
A survey by Savanta ComRes, in partnership with Sport England, has studied the impact of
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The coronavirus pandemic has inspired a huge pivot to digital right across the industry, from sole traders to large chains and trusts. Kath Hudson looks at some of the offerings pulled together in lightning fast time to keep members active and sane
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Job search
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Opinion
promotion
The activity industry finds itself in a position of considerable threat. Two-thirds of the world’s gyms are closed – that’s 230 million members unable to attend a fitness facility, according to data platform fitNdata.
Opinion: Ensuring members return after lockdown
Opinion
promotion
Elon Musk has plans to conquer Mars and these days the meat on your hamburger can be grown in a lab - so why are so many fitness businesses still using papers and pens to create workouts for their members?
Opinion: How the current pandemic may be helping the fitness industry to innovate
Featured supplier news
Featured supplier: Gympass partners with Wexer to launch on-demand workouts for operators
Gympass has launched Gympass Plus - including an on-demand platform powered by Wexer - for its 2,200+ operator partners. The platform comprises more than 500 workouts from 18 content providers including Zumba and Gaiam.
Featured supplier news
Featured supplier: Adidas calls on BLK BOX for flooring solutions at new World of Sports complex
Adidas believes that creators, just like athletes, need an environment that inspires their employees to perform and believe that through sport, we have the power to change lives.
Video Gallery
How to use the MZ-Bodyscan
MyZone
The Best Product for the Best Clubs Read more
More videos:
Company profiles
Company profile: TRIB3 International Ltd
First established in Sheffield in January 2016 TRIB3 is a bootcamp boutique studio designed to ...
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Company profile: Legend Club Management Systems (UK) Ltd
Legend provides the leading software solution for driving improvements in leisure operations. We deliver savings ...
Catalogue Gallery
Click on a catalogue to view it online
Directory
Fitness equipment
Stages Cycling: Fitness equipment
Flooring
Total Vibration Solutions / TVS Sports Surfaces: Flooring
Design consultants
Zynk Design Consultants: Design consultants
Whole body cryotherapy
Zimmer MedizinSysteme GmbH / icelab: Whole body cryotherapy
Direct debit solutions
Harlands Group: Direct debit solutions
Trade associations
International SPA Association - iSPA: Trade associations
Management software
Fisikal: Management software
Skincare
Comfort Zone - Davines S.p.A: Skincare
Exercise equipment
Matrix Fitness: Exercise equipment
Hydrotherapy / spa fragrances
Kemitron GmbH: Hydrotherapy / spa fragrances
Property & Tenders
Greywell, Hampshire
Barnsgrove Health and Wellness Club
Property & Tenders
Derby City Council
Property & Tenders
Diary dates
04 Jun 2020
Marriott Forest of Arden Hotel & Country Club, Birmingham, United Kingdom
Diary dates
13 Jun 2020
Worldwide, Various,
Diary dates
06-07 Jul 2020
Eastwood Hall, Nottingham, United Kingdom
Diary dates
28-31 Aug 2020
Expo Centre & Riviera di Rimini, Italy
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21-24 Sep 2020
Loews Coronado Bay Resort, Coronado, United States
Diary dates
11-12 Oct 2020
ExCeL London, London, United Kingdom
Diary dates
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Diary dates
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