The two female founders of L&T Health and Fitness have retired and sold their business to Corporate Fitness Works, which also is a women-owned fitness and wellness management company.
Corporate Fitness Works, St. Petersburg, FL, has acquired L&T Health and Fitness, Falls Church, VA, according to an announcement last week by Corporate Fitness Works. Terms of the sale between the two women-owned fitness and wellness management companies were not disclosed.
Susan Liebenow and Susan Torok, who co-founded L&T Health and Fitness in 1984, have retired, according to an official at L&T Health and Fitness. They spent their last official day with the company on Friday.
Corporate Fitness Works was founded in 1988 by Sheila Drohan and Brenda Loube.
"We are thrilled to be blending operations with another industry leader like L&T," Drohan said in a statement. "Both organizations' values are rooted on the belief that strong relationships are the key to business longevity and success. This new venture will definitely be beneficial for our clients, our team and our suppliers."
Loube added: "It is very exciting to be bringing two certified women-owned businesses together as one. We enthusiastically welcome L&T's employees and clients to the CFW team."
One of those L&T employees is COO Allison Flatley, who will become COO of the combined company. Flatley said in a statement that the industry "can expect the best of the best as the two companies form one perfect fit."
L&T was No. 68 on Club Industry's Top 100 Clubs list last year with a reported $10 million in 2012 revenue. The company managed 50 locations in 13 states and the District of Columbia. Clients of L&T included Fortune 100 corporations, multicultural organizations, financial institutions, the U.S. military, federal and state governments, universities, hospitals, non-profit organizations, residential communities and property management companies.
"We're confident that our clients and their members and employees will continue to get the results they expect under L&T," Liebenow said in a statement. "We think it's a natural fit and the transition will be seamless. Susan Torok, my co-founder, and I are grateful to all of our employees and loyal clients and members over the years. We believe this transition will improve service."
Corporate Fitness Works, which also has business offices in Overland Park, KS, and Montgomery Village, MD, has appeared on Club Industry's Top 100 Clubs list in the past but has declined to share financial information with Club Industry in recent years.
Integrity Square, New York, served as an adviser to L&T Health and Fitness on the deal.