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{{short description|American-Canadian health club chain}}
{{Distinguish|Life Fitness}}
{{Distinguish|Life Fitness}}
{{External links|date=June 2019}}
{{Infobox company
{{Infobox company
| name = Life Time, Inc.
| name = Life Time, Inc.
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| native_name =
| native_name =
| former_name = FCA ltd.
| former_name = FCA ltd.
| type = [[Privately held company|Private]]
| type = [[Public company|Public]]
| traded_as = {{NYSE|LTH}}
| industry =
| industry =
| founded = {{start date and age|1990}} (as FCA, Ltd.)<br>{{start date and age|1992}} (as Life Time Fitness, Inc.)
| founded = {{start date and age|1990}} (as FCA, Ltd.)<br>{{start date and age|1992}} (as Life Time Fitness, Inc.)
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[[File:Life Time Athletic - Fitness Center in Chanhassen, Minnesota.jpg|thumb|260px|Life Time Athletic, [[Chanhassen, Minnesota]]]]
[[File:Life Time Athletic - Fitness Center in Chanhassen, Minnesota.jpg|thumb|260px|Life Time Athletic, [[Chanhassen, Minnesota]]]]
[[File:Life Time Fitness, Alpharetta, GA Oct 2017.jpg|thumb|260px|Life Time Inc. facility, [[Alpharetta, Georgia]]]]
[[File:Life Time Fitness, Alpharetta, GA Oct 2017.jpg|thumb|260px|Life Time Inc. facility, [[Alpharetta, Georgia]]]]
The company was founded by chairman and [[chief executive officer]], Bahram Akradi.<ref>{{cite web|title=Who's Who in Fitness |url=http://preview.fitnessbusiness-pro.com/mag/fitness_whos_fitness/ |publisher=fitnessbusiness-pro.com |url-status=dead |archiveurl=https://web.archive.org/web/20120923004340/http://preview.fitnessbusiness-pro.com/mag/fitness_whos_fitness/ |archivedate=2012-09-23 }}</ref> The company was incorporated in 1990 as FCA, Ltd., a Minnesota corporation, and registered the name Life Time Fitness in 1992.<ref>{{cite web|title=Twin Cities health clubs go national|url=http://www.bizjournals.com/twincities/stories/1998/12/07/daily17.html|publisher=bizjournals.com/twincities/}}</ref> In 2017, the word "Fitness" was officially dropped from the brand name, and the company became simply Life Time, Inc. The first club opened in [[Brooklyn Park, Minnesota]].<ref>{{cite web|title=Fact Sheet|url=http://www.lifetimefitness.com/aboutlifetime/company/index.cfm?strWebAction=fact_sheet|publisher=lifetimefitness.com/aboutlifetime/company|url-status=dead|archiveurl=https://web.archive.org/web/20120724180828/http://www.lifetimefitness.com/aboutlifetime/company/index.cfm?strWebAction=fact_sheet|archivedate=2012-07-24}}</ref> Several locations were added to the [[Minneapolis–St. Paul]] area before the chain expanded to suburban communities in other states. Most Life Time locations are located in [[exurban]] or fringe [[suburban]] areas in medium to large-sized metropolitan areas, with some locations in central city or inner suburban areas. The oldest facility is in [[Eagan, Minnesota|Eagan]], [[Minnesota]]. In December 2019 they opened up a new facility inside of the [[Southdale Center|Southdale Mall]] in [[Edina, Minnesota]], replacing the former tenant [[J. C. Penney|J.C. Penney]].<ref>{{Cite news|url=http://www.startribune.com/miss-penney-s-already-see-southdale-at-60-exhibit-closing-aug-31/427011231/|title=Miss Penney's already? See "Southdale at 60" exhibit, closing Aug. 31|work=Star Tribune|access-date=2017-06-07}}</ref>
The company was founded by chairman and [[chief executive officer]], Bahram Akradi.<ref>{{cite web|title=Who's Who in Fitness |url=http://preview.fitnessbusiness-pro.com/mag/fitness_whos_fitness/ |publisher=fitnessbusiness-pro.com |url-status=dead |archiveurl=https://web.archive.org/web/20120923004340/http://preview.fitnessbusiness-pro.com/mag/fitness_whos_fitness/ |archivedate=2012-09-23 }}</ref> The company was incorporated in 1990 as FCA, Ltd., a Minnesota corporation, and registered the name Life Time Fitness in March of 1992.<ref>{{cite web|title=Twin Cities health clubs go national|url=http://www.bizjournals.com/twincities/stories/1998/12/07/daily17.html|publisher=bizjournals.com/twincities/}}</ref> In 2017, the word "Fitness" was officially dropped from the brand name, and the company became simply Life Time, Inc. The first club opened in [[Brooklyn Park, Minnesota]].<ref>{{cite web|title=Fact Sheet|url=http://www.lifetimefitness.com/aboutlifetime/company/index.cfm?strWebAction=fact_sheet|publisher=lifetimefitness.com/aboutlifetime/company|url-status=dead|archiveurl=https://web.archive.org/web/20120724180828/http://www.lifetimefitness.com/aboutlifetime/company/index.cfm?strWebAction=fact_sheet|archivedate=2012-07-24}}</ref>


Several locations were added to the Minneapolis–St. Paul area before the chain expanded to suburban communities in other states. As of mid-2021, the locations include over 160 athletic clubs, 3 apartment home residences, and 10 coworking locations. Most Life Time locations are located in exurban or suburban areas in medium to large-sized metropolitan areas, with some locations in central city or inner suburban areas. The oldest facility is in Eagan, Minnesota. In December 2019 they opened up a new facility inside of the Southdale Mall in Edina, Minnesota, replacing the former tenant [[J. C. Penney|J.C. Penney]].<ref>{{Cite news|url=http://www.startribune.com/miss-penney-s-already-see-southdale-at-60-exhibit-closing-aug-31/427011231/|title=Miss Penney's already? See "Southdale at 60" exhibit, closing Aug. 31|work=Star Tribune|access-date=2017-06-07}}</ref>
⚫
In addition to its health clubs, the company has created or acquired, as of 2012, more than 200 annual races in the United States. These include the [[Life Time Tri Series]], the [[Leadville Race Series]], the Chequamegon Fat Tire Festival in [[Hayward, Wisconsin]],<ref>{{cite magazine |last=Pearson |first=Stephanie |date=September 2012 |title=Meet the New Boss |url=https://www.outsideonline.com/1903541/ultra-racings-new-boss |magazine=Outside |pages=26–28}}</ref> the [[Dirty Kanza]] gravel bicycle race, and the [[Miami Marathon]].<ref>{{cite web |url=https://www.mylt.life/athletic-events.html?_ga=2.31059775.1865898324.1548301011-884867696.1548301011 |title=Athletic Events |website=Life Time |access-date=2019-01-23}}</ref>


⚫
In addition to its health clubs, the company has created or acquired, as of 2012, more than 200 annual races in the United States. These include the [[Life Time Tri Series]], the [[Leadville Race Series]], the Chequamegon Fat Tire Festival in [[Hayward, Wisconsin]],<ref>{{cite magazine |last=Pearson |first=Stephanie |date=September 2012 |title=Meet the New Boss |url=https://www.outsideonline.com/1903541/ultra-racings-new-boss |magazine=Outside |pages=26–28}}</ref> the [[Unbound Gravel]] gravel bicycle race, and the [[Miami Marathon]].<ref>{{cite web |url=https://www.mylt.life/athletic-events.html?_ga=2.31059775.1865898324.1548301011-884867696.1548301011 |title=Athletic Events |website=Life Time |access-date=2019-01-23}}</ref>
⚫
In August 2014, Life Time, a publicly traded company, considered becoming a [[Real Estate Investment Trust]] (REIT) in response to pressure from its largest shareholder, Marcato Capital Management. In March 2015, Life Time was acquired by private equity firms [[TPG Capital]] and [[Leonard Green & Partners]] in a [[leveraged buyout]].<ref>{{cite web|last=Tan|first=Gillian|url=https://www.wsj.com/articles/leonard-green-tpg-to-take-life-time-fitness-private-1426508265|title=Leonard Green, TPG to Take Life Time Fitness Private|date=March 16, 2015|accessdate=March 16, 2015|publisher=wsj.com}}</ref><ref>{{cite web|last=Waite|first=Kirstin|url=http://www.triathlonbusiness.com/2015/industry-news/life-time-fitness-sold-to-private-equity-firms-in-deal-valued-at-more-than-us4-billion/|title=Life Time Fitness sold to private equity firms in deal valued at more than US$4 billion|date=March 16, 2015|accessdate=March 16, 2015|publisher=triathlonbusiness.com}}</ref>


⚫
In August 2014, Life Time, a publicly traded company, considered becoming a Real Estate Investment Trust (REIT) in response to pressure from its largest shareholder, Marcato Capital Management. In March 2015, Life Time was acquired by private equity firms [[TPG Capital]] and [[Leonard Green & Partners]] in a [[leveraged buyout]].<ref>{{cite web|last=Tan|first=Gillian|url=https://www.wsj.com/articles/leonard-green-tpg-to-take-life-time-fitness-private-1426508265|title=Leonard Green, TPG to Take Life Time Fitness Private|date=March 16, 2015|accessdate=March 16, 2015|publisher=wsj.com}}</ref><ref>{{cite web|last=Waite|first=Kirstin|url=http://www.triathlonbusiness.com/2015/industry-news/life-time-fitness-sold-to-private-equity-firms-in-deal-valued-at-more-than-us4-billion/|title=Life Time Fitness sold to private equity firms in deal valued at more than US$4 billion|date=March 16, 2015|accessdate=March 16, 2015|publisher=triathlonbusiness.com}}</ref>
⚫
==Lawsuit==


==Controversies==

⚫
=== Lawsuit ===
Several employees of Life Time Fitness took the firm to court for withholding wages in 2004.<ref name=tws2T18>{{cite news
Several employees of Life Time Fitness took the firm to court for withholding wages in 2004.<ref name=tws2T18>{{cite news
|author= Mark Tabakman
|author= Mark Tabakman
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==See also==
==See also==
*[[Northwest Athletic Clubs]]
*[[Northwest Athletic Clubs]]
* [[Blink Fitness]]
* [[Equinox Group]]
* [[Planet Fitness]]
* [[Town Sports International Holdings]]


== References ==
== References ==
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==External links==
==External links==
*[http://lifetime.life/ Life Time Website]
*[https://www.lifetime.life/ Life Time Website]


{{Minnesota Corporations}}
{{Minnesota Corporations}}

Latest revision as of 15:51, 13 May 2024

Not to be confused with Life Fitness.
Life Time, Inc.
FormerlyFCA ltd.
Company typePublic
NYSE: LTH
Founded1990; 34 years ago (1990) (as FCA, Ltd.)
1992; 32 years ago (1992) (as Life Time Fitness, Inc.)
FounderBahram Akradi
HeadquartersChanhassen, Minnesota, U.S.
Area served
United States and Canada
Key people
Bahram Akradi
Founder/Chairman/CEO
OwnerLeonard Green & Partners
TPG Capital
Number of employees
36,000
Websitelifetime.life

Life Time, Inc. is a chain of health clubs in the United States and Canada.

History

[edit]
Life Time Athletic, Chanhassen, Minnesota
Life Time Inc. facility, Alpharetta, Georgia

The company was founded by chairman and chief executive officer, Bahram Akradi.[1] The company was incorporated in 1990 as FCA, Ltd., a Minnesota corporation, and registered the name Life Time Fitness in March of 1992.[2] In 2017, the word "Fitness" was officially dropped from the brand name, and the company became simply Life Time, Inc. The first club opened in Brooklyn Park, Minnesota.[3]

Several locations were added to the Minneapolis–St. Paul area before the chain expanded to suburban communities in other states. As of mid-2021, the locations include over 160 athletic clubs, 3 apartment home residences, and 10 coworking locations. Most Life Time locations are located in exurban or suburban areas in medium to large-sized metropolitan areas, with some locations in central city or inner suburban areas. The oldest facility is in Eagan, Minnesota. In December 2019 they opened up a new facility inside of the Southdale Mall in Edina, Minnesota, replacing the former tenant J.C. Penney.[4]

In addition to its health clubs, the company has created or acquired, as of 2012, more than 200 annual races in the United States. These include the Life Time Tri Series, the Leadville Race Series, the Chequamegon Fat Tire Festival in Hayward, Wisconsin,[5] the Unbound Gravel gravel bicycle race, and the Miami Marathon.[6]

In August 2014, Life Time, a publicly traded company, considered becoming a Real Estate Investment Trust (REIT) in response to pressure from its largest shareholder, Marcato Capital Management. In March 2015, Life Time was acquired by private equity firms TPG Capital and Leonard Green & Partners in a leveraged buyout.[7][8]


Controversies

[edit]

Lawsuit

[edit]

Several employees of Life Time Fitness took the firm to court for withholding wages in 2004.[9] In 2009, a court ruled in favor of employees in the case of Baden-Winterwood v. Life Time Fitness Inc., with a judgment that employees must be paid in accordance with federal and state wage-and-hour laws which require overtime pay for hours worked in excess of 40 in a workweek.[10]

See also

[edit]

References

[edit]
  1. ^ "Who's Who in Fitness". fitnessbusiness-pro.com. Archived from the original on 2012-09-23.
  2. ^ "Twin Cities health clubs go national". bizjournals.com/twincities/.
  3. ^ "Fact Sheet". lifetimefitness.com/aboutlifetime/company. Archived from the original on 2012-07-24.
  4. ^ "Miss Penney's already? See "Southdale at 60" exhibit, closing Aug. 31". Star Tribune. Retrieved 2017-06-07.
  5. ^ Pearson, Stephanie (September 2012). "Meet the New Boss". Outside. pp. 26–28.
  6. ^ "Athletic Events". Life Time. Retrieved 2019-01-23.
  7. ^ Tan, Gillian (March 16, 2015). "Leonard Green, TPG to Take Life Time Fitness Private". wsj.com. Retrieved March 16, 2015.
  8. ^ Waite, Kirstin (March 16, 2015). "Life Time Fitness sold to private equity firms in deal valued at more than US$4 billion". triathlonbusiness.com. Retrieved March 16, 2015.
  9. ^ Mark Tabakman (June 8, 2009). "Salary Deductions Can Make Workers Lose Exempt Status". Wage & Hour. Retrieved 2012-08-20. ... For example, in Baden-Winterwood v. Life Time Fitness Inc., the Sixth Circuit Court of Appeals held that deductions made by a health and fitness center employer from the base salaries of department heads to recoup portions of paid bonuses when the employees' performance fell below a certain prescribed level caused the workers to lose their exempt status under the Fair Labor Standards Act. ...
  10. ^ Griffing, Marjorie (November 1, 2009). "Not making the case for recovering overpayments from exempt employees". Payroll Manager's Report. Archived from the original on August 24, 2014. Retrieved 2012-08-20. Employees must be paid in accordance with federal and state wage-and-hour-laws, including laws requiring overtime pay for hours worked in excess of 40 in a workweek ... Baden-Winterwood et al. v. Life Time Fitness Inc. ...
[edit]
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