Gym operator Life Time Fitness Inc said it would be taken private by Leonard Green & Partners and TPG in a deal valued at over $4 billion.Life Time's fitness clubs, which offer activities such as racquetball and tennis as well as traditional gym workouts, have been facing increasing competition from sellers of gym equipment that can be used at home and niche workout companies such as CrossFit.Life Time operates 114 fitness centers under its Life Time Fitness and Life Time Althletic brands in North America.The company, under pressure from hedge fund Mercato Capital Management, said last August said it was exploring a potential conversion of its property into a real-estate investment trust.
Life Time Fitness, Inc., operates multi-use sports and athletic, professional fitness, family recreation and spa centers in a resort-like environment. Shares of LTM traded higher by 5.18% or $3.48/share to $70.68. In the past year, the shares have traded as low as $38.01 and as high as $70.90. On average, 316752 shares of LTM exchange hands on a given day and today's volume is recorded at 14841166.
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