24 Hour Fitness to Acquire 32 Bally Clubs
December 20 2014 - 6:00AM
Business Wire
Brand Position in San Francisco Bay Area,
Colorado and New York City Area Strengthened By Acquisition
24 Hour Fitness USA, Inc. announced that it has acquired 32
fitness clubs from Bally Total Fitness, including clubs located in
New York, New Jersey, Denver and the San Francisco Bay Area. The
transaction closed on December 19, 2014. This is the first
acquisition for CEO Mark Smith and President Frank Napolitano since
the iconic fitness brand was acquired earlier this year by AEA
Investors, a leader in the private equity industry; Ontario
Teachers’ Pension Plan, Canada's largest single-profession pension
plan – and one of the world’s largest; and Fitness Capital
Partners, a fund organized by Dean Bradley Osborne and Global
Leisure Partners.
For 24 Hour Fitness, which currently serves almost four million
members in more than 400 clubs across 18 states, this acquisition
firmly establishes the brand’s commitment to investing in markets
where it already has a strong presence, including Colorado and the
San Francisco Bay Area. Of equal importance, the transaction
signals a focus on growth and expansion in New York and New Jersey
as 24 Hour Fitness continues to build its East Coast footprint.
This new acquisition comes alongside a large investment in
refurbishment and new equipment across the 24 Hour Fitness
portfolio of gyms, as its new leadership focuses on creating a
great fitness experience for all members.
“We are delighted to add these new clubs to our growing
operation. This transaction gives us a running start as we grow our
business and introduce innovations that focus on the health and
wellness of our members,” said Mark Smith. “I can’t wait to meet
our new team members and begin transforming these new facilities
into state-of-the-art 24 Hour Fitness® clubs.”
Smith and President Frank Napolitano signaled that they planned
to continue to extend the footprint of 24 Hour Fitness. This is
quite a homecoming for me,” said Frank Napolitano. “I was born and
raised in the New York area and Mark and I had a great run with
Town Sports International in the market, so we’re excited to extend
our reach further into the region. We have several clubs in the
area already, but this will give our members access to a broader
range of clubs across the New York metro area.”
“We will continue to look at new opportunities around the
country as we pursue our vision to provide a unique and empowering
fitness, health and wellness experience for all our members,”
Napolitano said.
With the close of the transaction, the 32 Bally clubs will
immediately be operated as 24 Hour Fitness locations, with brand
transition to follow.
About 24 Hour Fitness
Headquartered in San Ramon, Calif., 24 Hour Fitness is a leading
health club industry pioneer, serving nearly 4 million members in
more than 400 clubs across the U.S. For more than 30 years, the
company has been dedicated to helping members change their lives
and reach their individual fitness goals. With convenient club
locations, personal training services, popular group exercise
classes and a variety of strength, cardio and functional training
equipment, 24 Hour Fitness offers fitness solutions for
everyone.
Please call 1-800-224-0240 or visit 24hourfitness.com for more
information and to find the club nearest you.
All media inquiries and questions regarding the acquisition
should be directed to the Media Hotline: (866) 819-7414.
for 24 Hour FitnessKaren Bakula, 866-819-7414