Gold’s Gym Acquires Fitness First Health Clubs

Posted June 20, 2013 9:09 pm by healthclubnews

Gold’s Gym acquires Fitness First health clubsFitness First, the locally owned gymchain, has been acquired by Gold’s Gym and expects 17 of its 18 of gyms to convert in coming weeks.

Amy Dipasquale, chief operating officer at Fitness First, said the companies completed paperwork last night on the deal, which she valued at between $30 million and $40 million.

Founded by Peter Harvey in Silver Spring, Fitness First has more than 900 employees. Dipasquale said she was not certain whether the staff would be retained by Gold’s but hoped any changes would be minimal.

“I think that when this possibility of the acquisition was in front of us it was very important that there be very little impact on our staff and our members,” she said.

The chain opened its first location on Layhill Road in Silver Spring in 1991. It grew quickly through Montgomery County and began adding locations in Alexandria, Arlington and Fairfax County, as well as one gym in the District. Dipasquale said the company had annual revenue of more than $35 million.

Harvey sent an e-mail to club members Thursday afternoon thanking them for their business and saying that the gym’s Bethesda location would remain unaffected. “I would like to thank each and every one of you for your support over the years – from new members to those who have been on board for 22 years,” he wrote. “I hope we’ve made a difference for you, and I wish you all future success and great health!”

Gold’s Gym, founded in California and now based in Irving, Texas, claims to be the largest co-ed gym chain in the world, with more than 3 million members in locations in 36 states and abroad. A Gold’s Gym spokesperson confirmed the deal and said the company planned to make an announcement shortly.Fitness First, the locally owned gymchain, has been acquired by Gold’s Gym and expects 17 of its 18 of gyms to convert in coming weeks.

Amy Dipasquale, chief operating officer at Fitness First, said the companies completed paperwork last night on the deal, which she valued at between $30 million and $40 million.

“I think that when this possibility of the acquisition was in front of us it was very important that there be very little impact on our staff and our members,” she said.

Amy Dipasquale, chief operating officer at Fitness First, said the companies completed paperwork last night on the deal, which she valued at between $30 million and $40 million.

“I think that when this possibility of the acquisition was in front of us it was very important that there be very little impact on our staff and our members,” she said.

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