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Sometimes, there are lulls in the news in our industry — weeks can go by without a company acquisition, investment or pending IPO. And then the floodgates open up and breaking news starts pouring.
These past couple of weeks have been one of those “floodgate” moments in terms of club industry news. Here’s a snapshot of what you may have missed.
Chelsea Piers announced it will open a third location in Brooklyn this fall. Currently, the company boasts facilities in New York City and Stamford, Connecticut. The club will make up 52,000-square-feet and will be located within the Downtown-Fort Greene neighborhoods.
On July 10th, YogaWorks, operator of 50 yoga studios across the U.S., announced terms for its IPO. If approved, company would have been the first yoga studio chain to go public. However, the company recently announced it had postponed its IPO plans, citing market conditions.
Town Sports International Holdings Inc. (TSI), the owner and operator of New York Sports Clubs (NYSC), announced it has entered into an agreement to acquire Lucille Roberts Health Clubs.
According to TSI, the acquisition will add 16 clubs to the company’s portfolio. The transaction is expected to be closed within the next month.
The Edge Fitness Clubs, a 30-year-old, Connecticut-based chain of clubs, recently announced its plans to expand outside of Connecticut for the first time. By winter 2018, The Edge has three facilities set to open in the western New Jersey area.
Two of the newest clubs will be located in Gloucester county, with the Washington Township and Deptford locations looking to open this fall and winter. The Edge Fitness Clubs currently boasts 13 locations.
In 2008, professional kickboxer Shannon Hudson and his wife Heather Hudson opened 9Round, the world’s fastest growing kickboxing fitness franchise. This month, 9Round celebrated its nine-year anniversary. During that time, the company has opened more than 500 locations in 40 states and 11 countries.
On July 11th, Equinox, New York announced it had received a “significant minority investment” from L Catterton, the largest and most global consumer-focused private equity firm in the world. The amount of the investment was undisclosed.
“Partnering with L Catterton, which has unparalleled expertise and institutional knowledge of the consumer space, is a resounding endorsement of the strong positioning and performance of our brand,” said Harvey Spevak, executive chairman and managing partner of Equinox, in a press release. “Equinox has never been in greater demand. This investment will allow us to continue our rapid growth and achieve our long-term strategic initiatives to provide exceptional, high performance lifestyle clubs across the U.S. and globally.”
What club industry news do you think was the most significant? Share in the comments.