Lifetime Fitness, Inc. has been sold to a pair of private equity firms in a deal valued at $4 billion. CEO Bahram Akradi will remain in his position and has committed to make a rollover investment of $125 million in stock.
The new ownership
Leonard Green & Partners and TPG are some of the largest private equity firms in the nation.
What if I owned stock?
Under the terms of the merger agreement, shareholders will be paid $72.10 per share in cash. Lifetime's closing share price was $41.60 on Aug. 22, 2014, when the board of directors was made aware of the intention to sell the company.
Chanhassen, Minn.-based Lifetime Fitness operates 114 health clubs in the United States and Canada, with 24,600 employees.