In an effort to expand its corporate member base, Town Sports International (TSI), the owner and operator of Boston Sports Clubs, announced that it has entered into an agreement with Fitcorp, for TSI to acquire all assets relating to Fitcorp clubs.
Fitcorp is the owner of five clubs and four managed clubs in the Boston market. According to Gary Klencheski, the CEO and founder of Fitcorp, Fitcorp clubs obtain about half of their membership from corporate partnerships. In addition, the company offers private center management services.
“We are excited to add the Fitcorp clubs and the Fitcorp management team to our business,” said Bob Giardina, the CEO of TSI. “These clubs add a terrific presence to our already solid footprint in Boston, and should also provide us with a platform to expand our corporate member base as well as expand our managed facility business.”
As part of the acquisition, Fitcorp will launch the new Fitcorp Corporate Fitness Division, which will be headed by Klencheski, and “which will expand our ability to manage private fitness centers through the delivery of high quality, state-of-the-art fitness and wellness services to corporations within the geographic market, now being served by the more than 160 clubs in the TSI network,” said Klencheski.
The terms of the deal are still being negotiated upon and are expected to be completed in the coming months. According to Fitcorp, all Fitcorp employees will remain onboard.
“We think the acquisition is a real win-win,” continued Klencheski. “It’s a plus for TSI, it’s a plus for Fitcorp, and it’s a plus for our members and the corporations we serve.”
