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Leonard Green, TPG to buy Life Time Fitness for more than $4 bln

Leonard Green & Partners and TPG have agreed to acquire Life Time FItness Inc, the Chanhassen, Minnesota-based health club chain, in a deal valued at more than $4 billion.

LNK Partners, which was a previous backer of Life Time, is also participating in the deal.

Life Time Chairman, President and CEO Bahram Akradi will continue in his duties and has committed to investing $125 million in Life Time.

According to terms of the agreement, the investors will acquire all the shares of Life Time Fitness common stock for $72.10 per share in cash. The acquisition is expected to be completed in the third quarter of this year.

Deutsche Bank Securities Inc, Goldman, Sachs & Co, Jefferies, BMO Capital Markets, RBC Capital Markets, Macquarie Capital and Nomura are providing the debt financing for the transaction; they are also acting as financial advisors to Leonard Green & Partners and TPG. Guggenheim Securities and Wells Fargo Securities serving as financial advisors to Life Time.

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