Fitness Company Life Time  Targets a $4.2 Billion Valuation | Barron's

Fitness Company Life Time Targets a $4.2 Billion Valuation | Barron’s

Goldman Sachs
,

Morgan Stanley

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Life Time Group Holdings, a physical fitness company backed by Leonard Green & & Partners, set terms for its pending going public. Life Time stated Wednesday it would sell 46.2 million shares at $18 to $21 each, according to a prospectus. The business plans to trade under the New York Stock Exchange ticker LTH.

and BofA Securities are lead underwriters on the offer.
At $21 a share, Life Times appraisal might jump to $4.16 billion. The company is scheduled to price its deal on Wednesday, Oct. 6, and trade the next day, a person knowledgeable about the scenario stated. Established in 1992, Life Time operates more than 150 gym in upscale rural and city places in 29 states and one Canadian province. It has nearly 1.4 million individual members. Life Time is known for its large centers that typically include basketball and tennis courts, biking studios and swimming pools. The Covid-19 pandemic, which caused companies across the U.S. to shut down, forced Life Time to close all of its centers beginning in March 2020. They have given that reopened. The Chanhassen, Minnesota, company paid in 2019, reporting $1.9 billion of income on net income of $30 million. The effect of Covid-19 caused Life Times earnings to be up to $948.4 million while the business reported $360 million in losses in 2020. The IPO represents a go back to the general public markets for Life Time. Leonard Green and TPG, both personal equity firms, took Life Time private in 2015 in a deal valued at more than $4 billion. Green will own 26.1% of Life Time after the IPO, while TPG will have 19.5%, the prospectus said. Compose to Luisa Beltran at luisa.beltran@dowjones.com


Life Time said Wednesday it would sell 46.2 million shares at $18 to $21 each, according to a prospectus. At $21 a share, Life Times evaluation might leap to $4.16 billion. Established in 1992, Life Time runs more than 150 physical fitness centers in affluent suburban and urban locations in 29 states and one Canadian province. Leonard Green and TPG, both private equity firms, took Life Time personal in 2015 in an offer valued at more than $4 billion.


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