Equinox Closes its Acquisition of the Assets of The Sports Club Company

News provided by

Oct 19, 2011, 08:00 ET

NEW YORK, Oct. 19, 2011 /PRNewswire/ -- Equinox has announced that it has closed on its previously announced acquisition of 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 55 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.

With the closing of the acquisition, Equinox has expanded its footprint in its two largest markets, New York and Los Angeles. 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 have acquired 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.

About Equinox

Equinox operates 51 upscale, full-service clubs in New York, Chicago, Los Angeles, San Francisco, Miami, Boston, Dallas and DC. The company offers an integrated selection of Equinox-branded programs, services and products, including strength and cardio training, group fitness classes, personal training, spa services and products, apparel and food/juice bars. Since its inception in 1991, Equinox has developed a lifestyle brand that represents service, value, quality, expertise, and innovation, attention to detail, market leadership and results.

In addition to the Equinox clubs, the company operates under the Pure Yoga, Blink and SoulCycle brands. The Pure Yoga brand operates two upscale, full-service yoga facilities in New York with over 100 classes a week led by world-renowned instructors, private yoga instruction and a series of workshops and community events. Blink launched in early 2011 and operates gyms with a simplified approach to fitness, by offering strength and cardio equipment in a friendly, clean and motivating environment at a low membership price point. In May 2011, Equinox entered into a strategic partnership with SoulCycle, the country's leading cycling operator renowned for a mental component of inspirational coaching, great music and a full-body workout. SoulCycle operates 7 locations including New York City and the Hamptons.

www.equinox.com.

SOURCE Equinox