Leonard Green, TPG to Take Life Time Fitness Private for $4B
March 17, 2015
Leonard Green & Partners and TPG have agreed to acquire health and fitness chain Life Time Fitness (NYSE: LTM) in a transaction valued at more than $4 billion, including debt. LNK Partners also participated in the investment, which is expected to close in 3Q. Deutsche Bank, Goldman Sachs and several other lenders have committed to provide financing. Life Time's stock will be acquired for $72.10 per share, a significant premium to the company's $41.60 share price before announcing it was exploring corporate financing options. Life Time operates 114 centers in the U.S. and Canada.