Confirmed Control Announced Transaction verified Consumer consumer services fitness fitness clubs private equity

Life Time Fitness, Inc. acquired by Affiliates of Leonard Green & Partners and TPG, with LNK Partners, Bahram Akradi and other investors

Affiliates of Leonard Green & Partners and TPG, with LNK Partners, Bahram Akradi and other investors agreed to acquire Life Time Fitness, Inc., an United States and Canada fitness clubs brand, on Mar 16, 2015.

Transaction summary

Target: Life Time Fitness, Inc.
Acquirer: Affiliates of Leonard Green & Partners and TPG, with LNK Partners, Bahram Akradi and other investors
Seller: -
Announced: 2015-03-16
Geography: United States and Canada
Tags: Consumer consumer services fitness fitness clubs private equity
Type: Take Private
Deal type: Control
Stake acquired: -
First added: 2026-10-04
Latest update: 2026-10-04

Value and multiples

100% enterprise value

USD 4.2B

100% enterprise value | USD

Basis: Estimated

Reported price is assumed to be 100% EV unless stated otherwise. Partial-stake estimates are qualified in the basis notes.

EV / revenue

3.09x

Period: LTM Proxy Fairness Analysis Basis, Earlier Than Updated March31,2015 Presentation

Basis: Public source

EV / EBITDA

10.7x

EBITDA: normalised / adjusted

Basis: Public source

Amounts paid and other reported values

Original reported amounts and bases; a stake payment is distinct from the estimated whole-company valuation.

Consideration: USD 2.8B

Transaction presentation sources-and-uses reports USD2816m purchase equity; separate from estimated USD4200m transaction value.

Basis

The approximately $4.2 billion announced transaction value is an estimated whole-company enterprise value; the issuer also described the value as more than $4.0 billion. The $72.10 per-share cash merger consideration is not an aggregate purchase price. Akradi committed a $125 million rollover investment and retained an indirect interest, so the exact acquired stake is not stated as 100%. Proxy-reported implied LTM multiples are 3.09x revenue and 10.7x EBITDA on the earlier proxy analysis basis (USD1.313bn revenue and USD379m EBITDA), distinct from the updated March31 presentation. FY2014 figures are separate historical metrics. The transaction presentation’s $455 million run-rate adjusted EBITDA includes projected maturity contribution from newer clubs and is not the standalone LTM EBITDA denominator. Multiples reported in the definitive proxy; not recalculated from the approximate transaction value. SEC transaction presentation reports LTM revenue of $1,310 million and adjusted EBITDA of $406 million. The definitive proxy reports implied transaction EV/LTM revenue of 3.09x and EV/LTM EBITDA of 10.7x. FY2014 revenue was $1,291 million and adjusted EBITDA was $402 million. Run-rate adjusted EBITDA of $455 million is a separate estimate. Proxy multiples use earlier USD1.313bn revenue / USD379m EBITDA, different from the later USD1.310bn / USD406m presentation.