Fitness club operator and franchisor, Gold’s Gym International, is to be acquired by TRT Holdings for an undisclosed sum, thought to be in the region of $160m (£88m).
Gold’s current owner, Florida-based private equity firm, Brockway Moran & Partners, signed a definitive agreement to sell the company to a group lead by TRT – which owns the 40-strong Omni Hotel chain – yesterday (14 June) and the deal is expected to close in late July.
Since purchasing the group in 1999, Brockway Moran & Partners has expanded Gold’s corporate-owned gym footprint through both acquisition and the construction of greenfield facilities to its current ownership of 37 facilities around the US.
Gold’s has also increased its franchise business domestically and internationally to boast nearly 2.5 million members worldwide.
Gene LaMott, president and CEO of Gold’s Gym, said: “Brockway Moran & Partners has been an outstanding partner over the past five years and Gold’s Gym has prospered under their ownership.
“We are excited to enter the next stage of our growth and believe TRT will be a valuable partner that will help further the Gold’s Gym brand and our presence worldwide.”
He added that Gold’s intends to continue expanding the franchise business and corporate store operations in the US and abroad as well as growing its product licensing division.
Terrell Philen, CFO of TRT Holdings, said: “We look forward to partnering with Gene and his management team to continue to build upon the success they have achieved. Gold’s Gym presents a compelling opportunity as the pre-eminent brand within the growing and dynamic fitness industry.”
Following completion of the transaction, Gold’s Gym will retain its entire senior management team. Details: www,goldsgym.com or www.brockwaymoran.com
