Ontario Teachers partners in acquisition of 24 Hour Fitness
Ontario Teachers’ Pension Plan has partnered with U.S. private equity firm AEA Investors and Fitness Capital Partners in the purchase of 24 Hour Fitness USA Inc. The seller was U.S. private equity firm Forstmann Little & Co, which bought the company for US$1.6 billion in 2005. Financial terms of this sale were not disclosed. Based in San Ramon, California, 24 Hour Fitness operates a network of health clubs, serving 4 million members in more than 400 clubs across the United States. Concurrent with the acquisition, the company announced that Mark Smith has been named its new CEO, and that Frank Napolitano has been named its new president.
30 May 2014•2 mins read
