Riordan, Lewis & Haden sold TW Holdings, which develops and operates women-oriented fitness and day spa clubs in California, to Town Sports International Holdings, a diversified holding company primarily involved in the fitness industry. Terms of the deal were not disclosed.
Riordan, Lewis & Haden | Equity Partners (RLH) is pleased to announce that the business and operations of its portfolio company, TW Holdings, Inc. (“Total Woman” or “TW”), have been acquired by affiliates of Town Sports International Holdings, Inc. (Nasdaq: CLUB).
TW develops and operates women-oriented fitness and day spa clubs in California under the brand “Total Woman Gym and Spa.” The club locations average over 10,000 square feet and offer personal training, group exercise classes, and skin and body care services. Total Woman offers its members a sophisticated but affordable exercise and spa environment that is consistent across all its clubs.
Town Sports International (“TSI”) is a diversified holding company with subsidiaries engaged in a number of business and investment activities. The Company’s largest operating subsidiary has been involved in the fitness industry since 1973 and has grown to become one of the leading owners and operators of fitness clubs in the Northeast region of the United States. TSI operates over 150 club locations under several highly regarded brands, including the women-only “Lucille Roberts” chain in the New York City metropolitan area.
RLH is proud of TW’s success in significantly growing its number of locations and members during our collaboration with the company. We believe that Total Woman is an excellent cultural and strategic fit with TSI and wish all the members of the Total Woman team continued great success in the future as part of TSI.
Riordan, Lewis & Haden is a leading private equity firm which partners with entrepreneurs to help them build distinctive high-growth businesses and realize their aspirations. RLH provides experienced strategic guidance to its portfolio companies while embracing the entrepreneurial spirit of those companies’ founders. The RLH investment team, which averages over 15 years of private equity experience, has developed proven processes to enhance organic growth and drive enterprise value. With a 35+ year history of successful investing, RLH is uniquely able to help fast growing, profitable enterprises with $25-150 million revenue in the business services, healthcare, and government services sectors achieve their goals. The firm currently manages over one billion dollars of assets and is actively seeking new portfolio company investments.