24 Hour Fitness USA, Inc. announced that AEA Investors, a leader in the #PrivateEquity industry ; Ontario Teachers’ Pension Plan, Canada’s largest single-profession pension plan – and one of the world’s largest ; and Fitness Capital Partners, a fund organized by Dean Bradley Osborne and Global Leisure Partners have completed their #Acquisition of the Company from Forstmann Little & Co…!!
24 Hour Fitness also announced that Mark Smith will join as Chief Executive Officer, and Frank Napolitano has been named President…!!
“ I’m honored and delighted to lead #24HourFitness – which has pioneered so many breakthroughs in the fitness industry – into the Next chapter of the Company’s success,” said Mark Smith. “I’d like to thank former owner Forstmann Little for its strategic guidance of 24 Hour Fitness through a period of solid growth, and former CEO Elizabeth Blair for her execution through the acquisition…
Our new owners are firmly committed to supporting a strong, sustainable future, and I look forward to working with “24 Hour Fitness” executives and team members whom I have come to know as a talented and intensely motivated team”….
Smith and his family will relocate from Australia, and he will take office in July. Until then, the Office of the CEO has been established and will report to the Board of Directors for 24 Hour Fitness….!!
How ever the Terms of the transaction were not disclosed….!!