California Fitness sold to The Ansa Group
24 Hour Fitness announced that it has sold its California Fitness clubs, located throughout Asia, to The Ansa Group. The sale involves all eighteen California Fitness clubs in Hong Kong, Singapore and China. Financial terms were not disclosed. California Fitness was acquired by 24 Hour Fitness in 1999. Carl Liebert, president and chief executive officer of 24 Hour Fitness commented,
The sale will enable 24 Hour Fitness to focus on U.S. operations, which have experienced substantial growth since the company was acquired by Forstmann Little & Co. in 2005. During this period, 24 Hour Fitness’ membership has grown from 2.8 million to nearly four million at more than 400 clubs nationwide and team member headcount has expanded from 17,000 to 22,000.
Source: 24 Hour Fitness