CEO Bahram Akradi will continue to lead Life Time Fitness as a $4 billion offer by private equity investors is set to take the company private and position it to continue growing.
The Chanhassen-based company, which slowed its expansion of new centers during the economic downturn a few years ago, is now adding new locations at a steady clip.
Life Time also has been growing revenue from its ancillary businesses, including athletic events for members and non-members, both inside and outside their fitness centers, publishing, corporate wellness and other health programs.
Akradi, the company's founder, is rolling over $125 million of his investment into the deal and said he's excited about the future direction of the company.
"I really see myself as captain of a ship that I have built," Akradi said. "I clearly see how we can change the landscape of health care in the next decade, with the programs we have."
Akradi has led the company since its inception in 1992 and said he had no intention of retiring. Last year, the company opened six new fitness centers, and its revenue grew 7 percent to $1.3 billion. The company has plans to open six more centers in 2015.
Revenue from ancillary businesses is small but grew twice as fast as overall revenue -- $7.1 million, or 14.4 percent, to $56.7 million in 2014. It's important, officials said, because although it is nowhere near as high as membership revenue, it fosters member engagement and retention with the clubs.
Among the events include the Life Time Tri, a premier triathlon series held across the country, and various themed runs like a St. Patrick Day 5K and Torchlight 5K and indoor triathlons, as well as programs to help members train for those events.