Life Time Group Holdings, a health club chain with more than 150 locations in the US and Canada, filed on Monday with the SEC to raise up to $100 million in an initial public offering. However, the deal size is likely a placeholder for an IPO we estimate could raise $500 million.
Life Time offers premium health, fitness, and wellness experiences through an omni-channel physical and digital ecosystem that includes more than 150 "centers" across 29 US states and one province in Canada. As of July 31, 2021, the company served a community of nearly 1.4 million individual members, who together comprised more than 767,000 memberships.
Life Time had been public until 2015, when a consortium led by Leonard Green and TPG took the company private at a valuation of more than $4 billion, including debt.
Two other fitness chains have IPO'd this year: F45 Training (FXLV) and Xponential Fitness (XPOF).
The Chanhassen, MN-based company was founded in 1992 and booked $1.0 billion in revenue for the 12 months ended June 30, 2021. It plans to list on the NYSE under the symbol LTH. Life Time Group Holdings filed confidentially on June 28, 2021. Goldman Sachs, Morgan Stanley, BofA Securities, Deutsche Bank, J.P. Morgan, Wells Fargo Securities, BMO Capital Markets, Mizuho Investors, and RBC Capital Markets are the joint bookrunners on the deal. No pricing terms were disclosed.
