FORMERLY PE OWNED
Life Time Fitness
Includes Life Time, LifeTime Fitness, LTF
luxury gym · Chanhassen, MN
- Year Acquired
- 2015
They ripped out the basketball courts, tripled the dues, and called it a 'country club.'
What Happened
- Leonard Green & Partners and TPG took Life Time private for $4 billion in 2015
- Went public again in 2021 at $1.2 billion below the take-private price; PE firms took a loss on paper
- Monthly membership now exceeds $200/month at many locations, positioning it as luxury-only
- Now publicly traded but the PE-era debt restructuring and pricing strategy remain
The Damage Done
- Average monthly dues jumped from $135 to over $190 in three years, with premium locations now charging $275-$400/month — members report 5-10% annual increases with no ability to lock in pricing
- Basketball courts are being ripped out and replaced with pickleball courts nationwide — members in Minnesota, Massachusetts, Indiana, and North Carolina have launched petitions, none of which stopped the conversions
- Canceling requires 30 days' notice, first-year members may face termination fees, and each location has different policies — consumer complaints about gym subscription practices jumped 67% between 2021 and 2024
- The company calls itself an 'athletic country club' but members at older locations report declining cleanliness, understaffing, and unresponsive management — premium prices without premium upkeep
Sources
- Increased membership dues help lift Life Time revenue in 2022 — American Spa(2023-03-01)
- Life Time Fitness Completes Acquisition — Business Wire(2015-06-10)
- Leonard Green and TPG to acquire Life Time — Financier Worldwide(2015-03-16)
- Life Time Announces Pricing of Public Offering of 12,000,000 Shares of Common Stock(2024-08-12)
- Ropes & Gray Represents Selling Stockholders in $700 Million Block Trade for Life Time Fitness | News & Events(2025-03-04)
- W.P. Carey works out deal for national portfolio of Life Time fitness clubs - CoStar(2026-01-06)
- Life Time Levels Up Experiential Fitness With HPLT Acquisition - Athletech News(2025-04-10)