Corporate News Blog - Town Sports International Plans to Acquire Lucille Roberts Health Club Business
ACCESSWIRE
LONDON, UK / ACCESSWIRE / July 18, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for Town Sports International Holdings, Inc. (NASDAQ: CLUB) ("TSI"), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=CLUB. The New York based Company, which is the owner and operator of New York Sports Clubs (NYSC), announced on July 14, 2017, that it has signed an agreement to acquire Lucille Roberts Health Clubs businesses, a health club chain for women in New York. The transaction is subject to customary closing conditions and is likely to close in August 2017. For immediate access to our complimentary reports, including today's coverage, register for free now at:
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Commenting on the acquisition, Patrick Walsh, TSI's Chief Executive Officer, said:
"This acquisition is a prime example of TSI's targeted growth strategy. Lucille Roberts has a loyal membership base that loves the women's only membership option. While the acquired locations will continue to operate as women's only gyms, TSI will also offer an option for Lucille Roberts' members to access all the clubs in the diverse TSI portfolio. This acquisition will allow those members to utilize the broad array of fitness options and convenient workout locations that are synonymous with New York Sports Clubs."
Lucille Roberts' Co-Founder, Bob Roberts expressed:
"TSI's industry knowledge and strategic expertise make them the ideal company to preserve and foster the Lucille Roberts vision."
Benefits of the Deal
The acquisition will add 16 women-only fitness clubs to TSI's network of gyms in the Northeast and Mid-Atlantic regions of the United States but will continue to operate under the Lucille Roberts brand. The newly acquired locations include New York City metropolitan areas-Manhattan, Brooklyn, Queens, Bronx, Long Island, and New Jersey. The deal will expand the access to all the clubs of TSI portfolio for Lucille Roberts' members. No layoff is expected following the completion of the acquisition.
Acquisition of David Barton Gym
The news release suggests that Town Sports International and Newmark Holdings, a vertically integrated owner, property manager, and developer of commercial real estate, announced the acquisition of the former David Barton Gym, located at Newmark Holdings' 4 Astor Place in Manhattan's East Village, on March 02, 2017. The 30,000-square-foot space became one of New York Sports Clubs' collections of Elite clubs featuring TSI's redesigned brand image and state-of-the-art equipment, facilities, and class offerings.
About Town Sports International Holdings, Inc.
Founded in 1973, TSI is the largest owner and operator of fitness clubs in the Northeast and Mid-Atlantic regions of the United States and the third largest fitness club operator in the US, and also operates three clubs in Switzerland. TSI operates under the brand names of New York Sports Clubs, Boston Sports Clubs, Washington Sports Clubs, and Philadelphia Sports Clubs. These clubs collectively served approximately 551,000 members as of March 31, 2017.
About Lucille Roberts Health Club, Inc.
Founded in 1969, Lucille Roberts Health Club operates a chain of health clubs for women in New York, New Jersey, and Pennsylvania, offering weight loss programs, fitness classes, babysitting, diet and nutritional counseling, and personal training programs. The Company is based in New York.
Last Close Stock Review
At the closing bell, on Monday, July 17, 2017, Town Sports Intl.'s stock climbed 1.08%, ending the trading session at $4.70. A total volume of 145.41 thousand shares has exchanged hands, which was higher than the 3-month average volume of 45.44 thousand shares. The Company's stock price skyrocketed 46.87% in the last three months, 74.07% in the past six months, and 89.52% in the previous twelve months. Moreover, the stock soared 88.00% since the start of the year. The stock is trading at a PE ratio of 10.26 and currently, has a market cap of $121.40 million.
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