Zimmer MedizinSysteme GmbH / icelab
Zimmer MedizinSysteme GmbH / icelab
Zimmer MedizinSysteme GmbH / icelab
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

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Barnsgrove Health and Wellness Club
Barnsgrove Health and Wellness Club
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Dubbed Ireland’s priciest health club, the new Eden One in Dublin fuses fitness and wellness with a boutique vibe. MD Charlie Bourne explains the vision
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Juliu Horvath

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Dr Ollie Lawton

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Amanda Daley

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Job search
POST YOUR JOB
Featured supplier news
Featured supplier: Incorpore and MoveGB ink groundbreaking partnership to transform corporate wellness offering
Incorpore and MoveGB have entered into a landmark partnership, combining the UK’s largest provider of corporate gym memberships with the nation’s biggest network of classes.
Featured supplier news
Featured supplier: Training provider explains how a partnership with Fisikal transformed their business
Drummond Health & Fitness Education Academy has been providing quality health and fitness training and education for more than 35 years.
Opinion
promotion
The modern training gym champions functional fitness in a small group personal training model, with a premium service experience at its heart
Opinion: Overcome membership attrition with this surprising new industry trend: the modern training gym
Video Gallery
Temple Gym - Nautilus Equipment
Core Health & Fitness
Temple Gym - Nautilus Equipment Read more
More videos:
Company profiles
Company profile: Myzone Group Ltd
At Myzone we reward Effort to solve the pervasive problem of ‘diminishing motivation within exercisers’ ...
Company profiles
Company profile: Pavigym
PAVIGYM is the premier innovator of flooring and interactive solutions for the global fitness industry....
Catalogue Gallery
Click on a catalogue to view it online
Directory
Flooring
Total Vibration Solutions / TVS Sports Surfaces: Flooring
Exercise equipment
Technogym: Exercise equipment
Direct debit solutions
Debit Finance Collections: Direct debit solutions
Lockers/interior design
Crown Sports Lockers: Lockers/interior design
Gym flooring
REGUPOL/Berleburger Schaumstoffwerk (BSW): Gym flooring
Hydrotherapy / spa fragrances
Kemitron GmbH: Hydrotherapy / spa fragrances
Wearable technology solutions
MyZone: Wearable technology solutions
Management software
Fisikal: Management software
Locking solutions
Ojmar: Locking solutions
Independent service & maintenance
Servicesport UK Limited: Independent service & maintenance
Property & Tenders
Greywell, Hampshire
Barnsgrove Health and Wellness Club
Property & Tenders
Derby City Council
Property & Tenders
Diary dates
19-24 Apr 2020
tbc, Beijing, China
Diary dates
04 Jun 2020
Marriott Forest of Arden Hotel & Country Club, Birmingham, United Kingdom
Diary dates
13 Jun 2020
Worldwide, Various,
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Zimmer MedizinSysteme GmbH / icelab
Zimmer MedizinSysteme GmbH / icelab