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Tchenguiz in £50m deal with LA Fitness
Following its acquisition of Crown Sports last month, LA Fitness has sold 15 of the group’s Dragon’s health clubs to Robert Tchenguiz’s R20 investment vehicle in a £50m sale and leaseback deal.
LA Fitness will continue to operate the clubs, which will be be rebranded over the next year.
There are 21 clubs in total, acquired by LA Fitness for £38.4m after a recommended cash offer of 13.2 pence for each Crown Sports share.
Fred Turok, chief executive of LA Fitness, said: “The purchase of Crown Sports is an excellent strategic acquisition for LA Fitness in terms of business model and culture. It is an important building block in our objective to become the leading value and convenience health club operator.”
Crown Sports was formed in September 2000 and by 30 June 2005 it had net assets of £51.2m.
Following its acquisition of Crown Sports last month, LA Fitness has sold 15 of the group’s Dragon’s health clubs to Robert Tchenguiz’s R20 investment vehicle in a £50m sale and leaseback deal.
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