Bally Total Fitness Holding Corporation announced today that it has entered into a definitive asset purchase agreement with Blast Fitness Acquisition, LLC, an affiliate of Blast Fitness Group, LLC, in which Bally and certain of its subsidiaries will sell 39 fitness clubs for consideration including the assumption of certain liabilities and cash.
The clubs to be acquired by Blast are located in the following local markets: Boston, Mass.; Buffalo, N.Y.; Charlotte, N.C.; Fresno, Calif.; Milwaukee, Wis.; Providence, R.I.; St. Louis, Mo.; Connecticut and Texas.
Blast will honor all Bally memberships associated with these markets and transferred members will enjoy reciprocal membership privileges at the remaining fitness clubs owned by Bally in other markets.
The transaction is subject to various closing conditions. Bally expects that the transaction will be completed by May 1, 2012, however there are no assurances as to when, or whether, the transaction will be completed. Following completion of the transaction, Bally will continue to operate its remaining fitness clubs.
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Rachel Zabonick-Chonko is the editor-in-chief of Club Solutions Magazine. She can be reached at rachel@peakemedia.com.
Is there anymore information available on the actual buy sell agreement between blast and bally’s? As of May 1, have they provided the completion details?