The Sports Club Co. Reports Higher Revenue as Sale to Equinox Is Finalized
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Third quarter 2011 revenue for The Sports Club Co., Los Angeles, increased 7.2 percent compared to the same quarter last year, the company announced last Friday, just two days after Equinox announced it had completed its acquisition of the company.
Equinox, New York, announced in August that it was purchasing The Sports Club Co. and its three The Sports Club/LA clubs in California and The Sports Club/LA club at New York’s Rockefeller Center. Neither company would disclose a purchase price, but a source close to the deal put the price at $130 million. The Los Angeles Times reported it as $125 million.
Equinox will transition these clubs to the Equinox brand over the next six months and plans to enhance all four clubs with a multi-million-dollar investment. The acquisition has expanded Equinox’s footprint in its two largest markets, New York and Los Angeles. Equinox now has 55 clubs total.
In its last quarterly report as a company traded on the Pink Sheets, The Sports Club Co. reported that its third quarter 2011 revenue was $13.9 million compared to $13 million in third quarter 2010.
Revenue for the first nine months of 2011 was $41.9 million compared to $39.7 million for the first nine months of 2010, an increase of 5.7 percent.
Millennium Partners Sports Club Management, Boston, still owns and operates The Sports Club/LA clubs in Boston, Miami, San Francisco, the Upper East Side of New York and Washington, DC, as well as the Reebok Sports Club/NY, all of which it purchased from The Sports Club Co. in 2006 for $80 million.
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