"Consistent with our long-held strategy, the acquisition and operation of these clubs, which are similar to our existing, smaller format Life Time centers, brings an infill opportunity to markets in which we already operate large Life Time destinations"
CHANHASSEN, Minn.--(BUSINESS WIRE)--Life Time Fitness, Inc. (NYSE:LTM), The Healthy Way of Life Company, today announced plans to acquire and assume the operations of up to nine Lifestyle Family Fitness clubs. The transaction is expected to close in December 2011 and terms were not disclosed.
St. Petersburg, Florida-based Lifestyle Family Fitness currently owns and operates 55 fitness clubs in Florida, Indiana, North Carolina and Ohio. The companies currently are finalizing the acquisition and lease negotiations associated with the transaction, which includes Life Time’s ownership and operation of up to nine locations in Indiana, North Carolina and Ohio. Additionally, of their remaining 11 clubs in these markets, Lifestyle Family Fitness has chosen to close nine.
“Consistent with our long-held strategy, the acquisition and operation of these clubs, which are similar to our existing, smaller format Life Time centers, brings an infill opportunity to markets in which we already operate large Life Time destinations,” said Bahram Akradi, Life Time chairman, president and chief executive officer. “We are excited to extend our Healthy Way of Life programs, services and certified experts to a new base of members as we further expand in these current Life Time markets via this agreement. Once we absorb the integration costs associated with this transaction, we expect the acquisition to be neutral to slightly accretive to our 2012 earnings.”
As many of the discontinued operations are scheduled to shut down in the same timeframe as the anticipated close of the transaction, the companies have begun to communicate with current Lifestyle Family Fitness employees and members.
Certain information contained in this press release may be deemed to constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are subject to certain risks and uncertainties that could cause the Company’s actual results in the future to differ materially from its historical results and those presently anticipated or projected. Among these factors are successful acquisition of the above mentioned clubs, strains on our business from the acquisition, the successful integration of acquired facilities, converting and retaining members of the acquired and closed clubs and other factors set forth in the Company's filings with the Securities and Exchange Commission. The Company cautions investors not to place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date on which such statement is made, and the Company undertakes no obligation to update such statement to reflect events or circumstances arising after such date.
About Life Time Fitness, Inc.
As The Healthy Way of Life Company, Life Time Fitness (NYSE:LTM) helps organizations, communities and individuals achieve their total health objectives, athletic aspirations and fitness goals by engaging in their areas of interest – or discovering new passions – both inside and outside of Life Time’s distinctive and large sports, professional fitness, family recreation and spa destinations, most of which operate 24 hours a day, seven days a week. The Company’s Healthy Way of Life approach enables customers to achieve this by providing the best programs, people and places of uncompromising quality and value. As of November 15, 2011, the Company operated 92 centers under the LIFE TIME FITNESS® and LIFE TIME ATHLETICSM brands primarily in suburban locations in 21 states and 26 major markets. Additional information about Life Time centers, programs and services is available at lifetimefitness.com.