Thursday, August 4, 2011

Equinox new acquisition

Equinox and The Sports Club Company, each a brand leader in the fitness and healthy lifestyle categories, have announced that Equinox plans to acquire the assets of The Sports Club Company and its four trophy The Sports Club/LA properties located in Los Angeles, Beverly Hills, Orange County and New York's Rockefeller Center. The Sports Club/LA clubs in Boston, Miami, San Francisco, New York on the Upper East Side and Washington D.C., as well as Reebok Sports Club/NY are not affected by this acquisition and continue to be owned and operated by Millennium Partners Sports Club Management as they have since 2006.  With the addition of these four prestigious The Sports Club/LA properties, Equinox will operate 56 clubs in the top eight US markets.

Equinox and The Sports Club Company share similar visions of providing their members with a world-class fitness lifestyle experience.  Both companies are known for their commitment to lifestyle, service, and fitness programming, and have a passionate following among dedicated upscale consumers. The companies' respective members have similar demographic and psychographic profiles and both foster fiercely loyal clientele who are passionate about their brands.

This planned acquisition will result in an expanded footprint in the two largest Equinox markets, New York and Los Angeles.  The Sports Club Company has built a significant business by creating and fostering a service-driven company targeted at high-end and discerning clientele.  Equinox will leverage its expertise in design, innovation, programming and operations to evolve The Sports Club Company offering while maintaining the strong service heritage of the brand.  

"Equinox is excited to be acquiring these four prestigious clubs to further grow our portfolio of trophy properties in LA and New York," says Harvey Spevak, CEO, Equinox. "Since its inception 20 years ago, Equinox has been widely recognized for being an industry innovator and for delivering an unparalleled member experience. We see natural synergies as a result of this planned acquisition and are looking forward to integrating our two companies to better serve our respective members."

As part of the acquisition, Equinox will transition these clubs to the Equinox brand over the next six months and plans to enhance all four clubs with a multi-million dollar investment.  

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