Life Time, Inc. is a chain of health clubs in the United States and Canada.
 | |
| Formerly | FCA ltd. |
|---|---|
| Company type | Public |
| NYSE: LTH | |
| Founded | 1990 (as FCA, Ltd.) 1992 (as Life Time Fitness, Inc.) |
| Founder | Bahram Akradi |
| Headquarters | Chanhassen, Minnesota, U.S. |
Area served | United States and Canada |
Key people | Bahram Akradi Founder/Chairman/CEO |
| Owner | Leonard Green & Partners TPG Capital |
Number of employees | 36,000 |
| Website | lifetime |
History
edit
The company was founded by chairman and chief executive officer, Bahram Akradi.[1] The company was incorporated in 1990 as FCA, Ltd., a Minnesota corporation, and registered the name Life Time Fitness in March of 1992.[2] In 2017, the word "Fitness" was officially dropped from the brand name, and the company became simply Life Time, Inc. 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 communities in other states. As of mid-2021, the locations include over 160 athletic clubs, 3 apartment home residences, and 10 coworking locations. Most Life Time locations are located in exurban or suburban areas in medium to large-sized metropolitan areas, with some locations in central city or inner suburban areas. The oldest facility is in Eagan, Minnesota. In December 2019 they opened up a new facility inside of the Southdale Mall in Edina, Minnesota, replacing the former tenant J.C. Penney.[4]
In addition to its health clubs, the company has created or acquired, as of 2012, more than 200 annual races in the United States. These include the Life Time Tri Series, the Leadville Race Series, the Chequamegon Fat Tire Festival in Hayward, Wisconsin,[5] the Unbound Gravel gravel bicycle race, and the Miami Marathon.[6]
In August 2014, Life Time, a publicly traded company, considered becoming a Real Estate Investment Trust (REIT) in response to pressure from its largest shareholder, Marcato Capital Management. In March 2015, Life Time was acquired by private equity firms TPG Capital and Leonard Green & Partners in a leveraged buyout.[7][8]
Controversies
editLawsuit
editSeveral employees of Life Time Fitness took the firm to court for withholding wages in 2004.[9] 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.[10]
See also
editReferences
edit- ^ "Who's Who in Fitness". fitnessbusiness-pro.com. Archived from the original on 2012-09-23.
- ^ "Twin Cities health clubs go national". bizjournals.com/twincities/.
- ^ "Fact Sheet". lifetimefitness.com/aboutlifetime/company. Archived from the original on 2012-07-24.
- ^ "Miss Penney's already? See "Southdale at 60" exhibit, closing Aug. 31". Star Tribune. Retrieved 2017-06-07.
- ^ Pearson, Stephanie (September 2012). "Meet the New Boss". Outside. pp. 26–28.
- ^ "Athletic Events". Life Time. Retrieved 2019-01-23.
- ^ 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. Archived from the original on August 24, 2014. 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. ...