Fitness financials: Equity firm buys stake in Life Time Fitness, plus Nautilus
An equity firm bought a stake in Life Time Fitness, and Nautilus appointed a new CFO.
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Equity firm buys stake in Life Time Fitness
Green Equity Investors, a fund operated by Leonard Green & Partners, acquired a 9.2-percent stake in Life Time Fitness (NYSE: LTM).
Los Angeles-based Green Equity Investors and its affiliated companies paid an average price of $14.75 per share for more than 3.6 million shares of Life Time stock, according to a filing with the SEC.
The company noted in the filing that it will encourage Life Time to pursue options for enhancing shareholder value, including the possibility of Life Time going private, refinancing its debt, pursuing sale-leaseback transactions and making strategic acquisitions and divestitures.
Earlier this month, Green Equity bought a 17-percent stake in Whole Foods Market for $425 million. It also owns minority investments in The Container Store, David’s Bridal, Neiman Marcus Group, Petco Animal Supplies, Rite Aid Corp. and Sports Authority.
Nautilus appoints new CFO
In a filing with the SEC, Nautilus said it had appointed Kenneth Fish as the company’s chief financial officer.
Fish’s annual base salary will be $245,000, and he is eligible to participate in the company’s incentive bonus program with a targeted annual bonus of 100 percent of his base salary. He also received a stock option exercisable for up to 75,000 shares of the company’s common stock.
–Compiled by Wendy Geister
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