24 Hour Fitness Sells California Fitness
PE HUB, AUGUST 8, 2012
Private equity-backed 24 Hour Fitness announced Wednesday that it has sold its California Fitnessclubs, located throughout Asia, to The Ansa Group. Terms were not released. The sale involves all eighteen California Fitness clubs in Hong Kong, Singapore and China. 24 Hour Fitness is owned by New York-based private equity firm Forstmann Little & Co.
24 Hour Fitness announced that it has sold its California Fitness clubs, located throughout Asia, to The Ansa Group. The sale involves all eighteen California Fitness clubs in Hong Kong, Singapore and China. Financial terms were not disclosed. California Fitness was acquired by 24 Hour Fitness in 1999.
The sale will enable 24 Hour Fitness to focus on U.S. operations, which have experienced substantial growth since the company was acquired by Forstmann Little & Co. in 2005. During this period, 24 Hour Fitness’ membership has grown from 2.8 million to nearly four million at more than 400 clubs nationwide and team member headcount has expanded from 17,000 to 22,000.
“The sale of our Asia-based California Fitness clubs will enable 24 Hour Fitness to remain laser focused on our team members, members and clubs throughout the U.S.,” said Carl Liebert, president and chief executive officer of 24 Hour Fitness. “While our California Fitness operations no longer align with our greater business objectives, we’re proud of our contributions to the exercise and fitness industry in Asia.”
About 24 Hour Fitness
Headquartered in San Ramon, Calif., 24 Hour Fitness is a leading health club industry pioneer, serving nearly four million members in more than 400 clubs across the U.S. Since the first club opened in 1979, the company has been dedicated to helping members change their lives and reach their individual fitness goals. With convenient club locations, personal training services, innovative group exercise classes and a variety of strength, cardio and functional training equipment – 24 Hour Fitness offers fitness solutions for everyone.
Through its support of the United States Olympic Committee and many U.S. National Governing Bodies (NGBs) of sport, 24 Hour Fitness is one of the largest supporters of amateur athletics in the country and serves as the Official Fitness Center Sponsor of the 2012 U.S. Olympic and Paralympic Teams. The company is committed to being a good neighbor in its communities via charitable and in-kind donations to groups focused on both helping Americans get healthy and improving youth fitness. The company’s national accreditation from the Better Business Bureau, which includes A+ ratings for all club locations across the U.S., demonstrates the organization’s ongoing commitment to member satisfaction. Please call 1-800-224-0240 or visit 24hourfitness.com for more information and to find the club nearest you.