Health Club Operator Life Time Files to go Public

Image: Life Time

Premium fitness operator Life Time Group Holdings filed for an initial public offering. It plans to list on the NYSE under the symbol LTH.

Founded in 1992 by CEO Bahram Akradi, Life Time is best known for high-end health clubs in affluent suburbs. Today, the brand counts 1.4M individual members, equating to 767K memberships, at 150 locations across the US and Canada.

By the numbers:
2019: $30M in net income on $1.9B in revenue.
2020: $360M net loss on revenue of $900M.
2021: $229M net loss on revenue of $600M (as of June 30).

Back again. This listing would mark Life Time’s return to the public market. The company went private in 2015 as part of a $4B deal between Akradi, Leonard Green & Partners, TPG, and LNK Partners.

Beyond fitness. A 2017 rebrand saw the company drop “Fitness” from its name. In 2018, the introduction of Life Time Work signaled a serious move into coworking. More recently with the debut of Life Time Living—wellness-focused residential developments—their plan for the future has become more clear.

Going digital. During the pandemic, the brick-and-mortar operator introduced a digital membership, complete with group fitness and meditation content. The company also partnered with Apple, offering Fitness+ to its members.

Market watch. Life Time’s filing adds to a flurry of fitness-related activity in the public market. This summer, Beachbody, F45 Training, and Xponential Fitness went public. Hoping to join the ranks, equipment manufacturer iFIT Health & Fitness recently filed for IPO. Meanwhile, connected fitness companies, including Echelon, Hydrow, and Tonal, are reportedly testing the waters.

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