M&A Deal Summary

Leonard Green & Partners, TPG and LNK Partners Acquire Life Time

On March 16, 2015, private equity firms Leonard Green & Partners, TPG and LNK Partners acquired consumer services company Life Time for 4.0B USD

Acquisition Highlights
  • This is Leonard Green & Partners’ 3rd, TPG’s 2nd and LNK Partners’ 2nd transaction in the Consumer Services sector.
  • This is Leonard Green & Partners’ 4th, TPG’s 21st and LNK Partners’ largest (disclosed) transaction.
  • This is Leonard Green & Partners’ 52nd, TPG’s 165th and LNK Partners’ 8th transaction in the United States.
  • This is Leonard Green & Partners’ 7th, TPG’s 5th and LNK Partners’ 2nd transaction in New York.

M&A Deal Summary

Date 2015-03-16
Target Life Time
Sector Consumer Services
Buyer(s) Leonard Green & Partners
TPG
LNK Partners
Deal Type Going Private
Deal Value 4.0B USD
Advisor(s) Guggenheim Securities
Wells Fargo Securities (Financial)
Skadden, Arps, Slate, Meagher & Flom LLP
Faegre Baker Daniels LLP (Legal)

Target

Life Time

New York, New York, United States
website
Life Time Fitness office in Fairlawn, Ohio.
Life Time Fitness office in Fairlawn, Ohio.
Life Time operates sports, athletic, fitness, and family recreation centers offering premium amenities and services in a resort-like setting. Life Time was founded in 2017 and is based in New York City.

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Buyer(S) 3

Buyer

Leonard Green & Partners

Los Angeles, California, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1989
PE ASSETS 70.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Leonard Green & Partners is a mega-sized private equity firm that invests in established companies that are leaders in their respective markets. Leonard Green will consider investments in consumer and business services, consumer products, distribution, media, and retail. Typical transaction values for acquisitions are between $500 million and $2 billion, however, the firm is capable of closing transactions valued up to $5 billion. Types of transactions include public-to-private, recapitalizations of privately held businesses, growth capital, equity capital to facilitate acquisitions, turnarounds/restructurings, and acquisitions of divisions/assets from large corporations. Leonard Green & Partners was formed in 1989 and is based in Los Angeles, California.


DEAL STATS #
Overall 54 of 88
Sector (Consumer Services) 3 of 5
Type (Going Private) 13 of 14
State (New York) 7 of 12
Country (United States) 52 of 81
Year (2015) 1 of 3
Size (of disclosed) 4 of 28
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-11-26 Eyemart Express

Farmers Branch, Texas, United States

Eyemart Express is an independent, value-focused optical retailer with over 150 stores in more than 30 states. The company provides a broad selection of high-quality private label and branded frames with convenient one-hour service in all locations. Eyemart Express was formed in 1990 and is based in Farmers Branch, Texas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-03-24 Aspen Dental

East Syracuse, New York, United States

Aspen Dental is a multi-vertical retail healthcare support organization. TAG offers a full range of essential business support services to consumer healthcare brands under the Aspen Dental, Chapter Aesthetic Studio, ClearChoice Dental Implant Centers and WellNow Urgent Care trade names. Aspen Dental is based in East Syracuse, New York.

Sell -
Buyer

TPG

Fort Worth, Texas, United States

Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1992
PE ASSETS 137.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

TPG Capital is a global, mega-sized private investment firm that manages a family of funds focused on private equity, real estate, venture capital, public equity and debt investing. TPG invests in opportunities across a broad range of industries and geographies. TPG generally seeks to invest in established businesses that can benefit from the Firm's operational experience and connections. Industries of interest include consumer, retail, healthcare, industrials, digital media, natural resources, energy, real estate, technology, and software. TPG was formerly known as Texas Pacific Group and was originally established in 1992 by David Bonderman, James Coulter and William Price. The Firm is based in Forth Worth, Texas with additional offices in Europe, Asia, and Australia.


DEAL STATS #
Overall 244 of 400
Sector (Consumer Services) 2 of 8
Type (Going Private) 30 of 35
State (New York) 5 of 13
Country (United States) 165 of 268
Year (2015) 3 of 17
Size (of disclosed) 21 of 100
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-02-26 Manipal Hospitals

Bengaluru, India

Manipal Hospital is a provider of healthcare services in India with a strong presence across South India. Manipal is among India’s largest chains of hospitals with over 1,800 beds. Manipal Hospital was founded in 1942 and is based in Bengaluru, India.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-04-01 TDF

Montrouge, France

TDF engages in the operation and provision of audiovisual, mobile phone, and broadband services to radio and television operators, telecoms operators, and local communities in Europe. It also involves in the video shooting; analog/digital television and radio broadcasting; and the deployment, maintenance, and management of telecom networks. TDF was founded in 1975 and is based in Montrouge, France.

Sell €3.6B
Buyer

LNK Partners

White Plains, New York, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 2005
PE ASSETS 400M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

LNK Partners is a private equity investment firm that focuses on the consumer and retail sectors. LNK looks to commit up to $250 million of equity capital in a variety of transactions, including growth capital financings, recapitalizations, buyouts, and PIPEs. LNK looks to partner with management in pursuing opportunities. LNK was formed in 2005 with two former principals at Apax Partners and the former CEO of Staples. LNK Partners is based in White Plains, New York.


DEAL STATS #
Overall 8 of 10
Sector (Consumer Services) 2 of 2
Type (Going Private) 1 of 1
State (New York) 2 of 4
Country (United States) 8 of 10
Year (2015) 1 of 1
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-10-01 Fitness Connection

McLean, Virginia, United States

Fitness Connection is a category leader in the HVLP fitness segment, offering the full range of amenities and services of a large, full-service premium club for as low as $10 per month. Memberships include access to state-of-the-art strength/cardio equipment, functional training areas, women's only workout areas, short-term child care, cycling studios, as well as other amenities and services. Fitness Connection was founded in 1999 and is based in McLean, Virginia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-09-08 Niman Ranch

Oakland, California, United States

Niman Ranch is a producer of branded and private label natural beef, pork and lamb. Niman Ranch and its family farmers raise livestock traditionally, humanely and sustainably to deliver premium quality meat. Niman Ranch is based in Oakland, California.

Sell -