Life Time Fitness
 | This article contains promotional content. (December 2015) |
 | |
| Formerly | FCA ltd. |
|---|---|
| Company type | Private |
| Founded | 1990 (as FCA ltd.) 1992 (as Life Time Fitness) in Brooklyn Park, Minnesota, United States |
| Founder | Bahram Akradi |
| Headquarters | Chanhassen, Minnesota |
Area served | United States and Canada |
Key people | Bahram Akradi (Founder, Chairman, President and Chief Executive Officer) Jeff Zwiefel Tom Bergman Jess Elmquist |
| Services | personal fitness instruction, salon, food court, childcare center, and indoor/outdoor pool |
| Owner | Leonard Green & Partners |
| Website | lifetimefitness |
Life Time Fitness (stylized as LIFETIME FITNESS) is a chain of fitness centers (or health clubs) operating in the United States and Canada, based out of Chanhassen, Minnesota, a Minneapolis suburb. Many of its large high-end facilities operate 24/7 and feature personal fitness instruction, salons, food courts, large child centers, and indoor/outdoor pools.
History
In 1992, Chairman and Chief Executive Officer, Bahram Akradi, founded Life Time Fitness and has been a director since its origin.[1] The Company was incorporated in 1990 as a Minnesota corporation under the name FCA, Ltd., and subsequently registered to use the name of Life Time Fitness in 1992.[2] The first club opened in Brooklyn Park, Minnesota.[3] Several locations were added to the Minneapolis–St. Paul area before the chain expanded to suburban and exurban communities in other metropolitan areas across several states. Most Life Time Fitness centers are located in exurban or fringe suburban areas in medium to large-sized metropolitan areas, with a handful of locations in central city or inner suburban areas. The oldest Life Time facility is in Eagan, Minnesota.
In August 2014, Life Time Fitness, a publicly traded company, began pursuing entering into a Real Estate Investment Trust (REIT) following pressure to do so from its largest shareholder, Marcato Capital Management. In March 2015, Life Time agreed to be acquired by private equity firms TPG Capital and Leonard Green & Partners in a leveraged buyout.[4][5]
Controversies
Several employees of Life Time Fitness took the firm to court regarding a matter of wage withholding during the year 2004.[6] In 2009, a court ruled in favor of employees in the case of Baden-Winterwood v. Life Time Fitness Inc., with a judgment that employees must be paid in accordance with federal and state wage-and-hour laws which require overtime pay for hours worked in excess of 40 in a workweek.[7]
See also
References
- ^ "Who's Who in Fitness". fitnessbusiness-pro.com.
- ^ "Twin Cities health clubs go national". bizjournals.com/twincities/.
- ^ "Fact Sheet". lifetimefitness.com/aboutlifetime/company.
- ^ Tan, Gillian (March 16, 2015). "Leonard Green, TPG to Take Life Time Fitness Private". wsj.com. Retrieved March 16, 2015.
- ^ Waite, Kirstin (March 16, 2015). "Life Time Fitness sold to private equity firms in deal valued at more than US$4 billion". triathlonbusiness.com. Retrieved March 16, 2015.
- ^ Mark Tabakman (June 8, 2009). "Salary Deductions Can Make Workers Lose Exempt Status". Wage & Hour. Retrieved 2012-08-20.
... For example, in Baden-Winterwood v. Life Time Fitness Inc., the Sixth Circuit Court of Appeals held that deductions made by a health and fitness center employer from the base salaries of department heads to recoup portions of paid bonuses when the employees' performance fell below a certain prescribed level caused the workers to lose their exempt status under the Fair Labor Standards Act. ...
- ^ Griffing, Marjorie (November 1, 2009). "Not making the case for recovering overpayments from exempt employees". Payroll Manager's Report. Retrieved 2012-08-20.
Employees must be paid in accordance with federal and state wage-and-hour-laws, including laws requiring overtime pay for hours worked in excess of 40 in a workweek ... Baden-Winterwood et al. v. Life Time Fitness Inc. ...
External links
- NYSE: LTM NYSE stock symbol
- Life Time Fitness Website