MidOcean Partners Acquires LA Fitness
July 19, 2005
London, July 19, 2005 - Acquisition of Leading Health and Fitness Chain in the UK Leverages MidOcean’s Previous Success.
MidOcean Partners, a middle market private equity firm with offices in London and New York, announced today that it had completed the acquisition of LA Fitness Plc (“LA Fitness”), a leading player in the UK health club market with 67 clubs throughout the UK.
Headquartered in London, LA Fitness is a recognized leader in the industry providing a superior fitness experience including state of the art equipment and swimming facilities in convenient mid-city and suburban locations.
“LA Fitness is uniquely positioned lo take advantage of the significant growth opportunities in the health and fitness market,” said Christian Purslow, the MidOcean partner who leads the Firm’s European leisure practice. We are firmly of the view that LA Fitness, with its consistent model and emphasis on value and convenience is a unique platform to take advantage of long term growth trends. Fred Turok and his team at LA Fitness are recognized as one of the strongest management teams in the industry and we are pleased to partner with Fred to take LA Fitness to the next level.”
Fred Turok, CEO of LA Fitness commented “This is an exciting time to be in the fitness business and I am eager to continue to build this business with MidOcean’s support. MidOcean has significant prior experience in the leisure sector and brings unique expertise on the client management and marketing side of the business which will be critical as we expand our operations and product offerings.”
Citigroup acted as financial advisors to MidOcean Partners. Close Brothers acted as financial advisors to LA Fitness. Linklaters acted as legal advisors to MidOcean Partners for the tender process. RBS, Calyon and Lloyds TSB are providing the senior debt financing. Cerberus is providing the mezzanine financing.
About MidOcean Partners
MidOcean Partners is a premier New York-based alternative asset manager that specializes in middle market private equity and alternative credit investments. Since its inception in 2003, MidOcean Private Equity has managed over $4.5 billion of committed capital and has targeted investments in high-quality middle market companies in the consumer and business services sectors. MidOcean Credit Partners was launched in 2009 and manages approximately $8 billion across a series of alternative credit strategies, collateralized loan obligations (CLOs), and customized separately managed accounts as of November 30, 2018
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