The new deal for Life Time Fitness will have it being acquired by Leonard Green & Partners and TPG Capital. The deal will have the two paying $72.10 a share, which comes to more than $4 billion, for the fitness company. The payment will be in cash, reports Bloomberg.
The deal will also included LNK Partners and Life Time Fitness CEO Bahram Akradi as investors. It’s expected to be completed in the third quarter of 2015. The gym owner has 114 fitness locations in the U.S. and Canada. It expects to earn $120 million to $128 million in 2015, Bloomberg notes.
““Life Time is a differentiated market leader with a long history of consistent performance and significant growth potential,” Jonathan Coslet, Chief Investment Officer at TPG, said in a statement. “We are excited to partner with Bahram Akradi and his team on the next chapter of the Company’s growth.”
LTM shares were up 5% as of Monday afternoon.