Brockway Moran & Partners, Inc., a Florida-based private equity firm, has signed a definitive agreement to sell Gold's Gym International, Inc. to a group led by TRT Holdings, Inc., a privately-owned, diversified holding company whose assets include the Omni Hotel chain. The transaction is expected to close in late July 2004. Gold's Gym was advised by UBS Securities LLC and Harris Williams & Co. Terms of the transaction were not disclosed.
Peter C. Brockway, Managing Partner of Brockway Moran & Partners stated, “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. We 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.”
“Brockway Moran & Partners has been an outstanding partner over the past five years, and Gold's Gym has prospered under their ownership,” said Gene LaMott, President and CEO of Gold's Gym. “We are excited to enter the next stage of our growth and believe TRT will be a valuable partner that will help further the Gold's Gym brand and our presence worldwide.”
Terrell Philen, CFO of TRT stated, “We look forward to partnering with Gene and his management team to continue to build upon the success they have achieved. Gold's Gym presents a compelling opportunity as the pre-eminent brand within the growing and dynamic fitness industry.”