BOCA RATON, FL-- Brockway Moran & Partners Inc., along with significant investors Kirk and John Galiani, announced the closing of the sale of Gold's Gym International Inc. for a purchase price of $158 million to a group led by TRT Holdings Inc., a privately-owned, diversified holding company whose assets include the Omni Hotel chain.
"Gold's Gym is truly an iconic brand in the health and fitness industry and has been a wonderful investment for our firm. Our ownership group, which includes the Galiani brothers and Ed Connors--who were instrumental in consummating our deal to acquire Gold's Gym in 1999-- wishes TRT all the best with growing this great company,â€ť Peter C. Brockway, Managing Partner of Brockway Moran & Partners stated. â€śWe are appreciative of the superb job done by Gold's Gym's CEO, Gene LaMott, and his team who have presided over a tremendous expansion of the company."
As previously announced, LaMott will stay on with the company.
"We look forward to partnering with Gene and his management team to continue to build upon the success they have achieved,â€ť Terrell Philen, CFO of TRT said. "Gold's Gym presents a compelling opportunity as the pre-eminent brand within the growing and dynamic fitness industry."