Life Time, Inc.
| Company type | Private |
|---|---|
| Industry | Health clubs, Fitness |
| Founded | 1990 |
| Founder | Bahram Akradi |
Area served | United States, Canada |
Key people | Bahram Akradi (Chairman and CEO) |
| Products | Athletic clubs, Residential apartments, Coworking spaces, Sporting events |
| Website | www |
Life Time, Inc. is a chain of health clubs operating throughout the United States and Canada.
History
The company was established in 1990 by chairman and CEO Bahram Akradi, originally incorporated as FCA, Ltd., and secured the Life Time Fitness trademark in 1992. Its inaugural facility launched in Brooklyn Park, Minnesota. In 2017, the organization underwent a rebranding, shortening its name to Life Time, Inc. by removing "Fitness."
Starting with growth concentrated in the Minneapolis–St. Paul region, Life Time has expanded to manage more than 160 athletic clubs, three residential apartment complexes, and ten coworking spaces located in suburban and exurban areas within medium to large metropolitan regions. The oldest club remains the one situated in Eagan, Minnesota. In December 2019, Life Time inaugurated a new location at Southdale Mall in Edina, Minnesota, taking over the space previously occupied by J.C. Penney.
In addition to its fitness facilities, Life Time has created or acquired ownership of over 200 annual sporting events across the United States. These include prominent series and races such as the Life Time Tri Series, Leadville Race Series, Wisconsin’s Chequamegon Fat Tire Festival, Unbound Gravel bike race, and the Miami Marathon.
Facing influence from key investor Marcato Capital Management in August 2014, Life Time explored the possibility of converting into a Real Estate Investment Trust (REIT). Nevertheless, by March 2015, private equity firms TPG Capital and Leonard Green & Partners completed a leveraged buyout of the company valued at more than $4 billion.
Lawsuit
In 2004, a group of employees initiated legal action against Life Time Fitness alleging improper wage withholding. The case Baden-Winterwood v. Life Time Fitness Inc. concluded in 2009 with a ruling that mandated the company adhere to federal and state wage-and-hour regulations, including compensating overtime for work exceeding 40 hours weekly. This decision affected how Life Time compensated managerial staff and underscored potential compliance vulnerabilities within its operational framework.
See also
- Northwest Athletic Clubs
- Blink Fitness
- Equinox Group
- Planet Fitness
- Town Sports International Holdings