He was diagnosed with amyotrophic lateral sclerosis (ALS) disease in 2005, and . The facility is new, its clean, and youve got great staff. The relentless effort to not fail on these things becomes the reason our brand is not only continuing to prevail but become more coveted rather than falling apart like other entities that you see after 20 or 30 years. Paul area before the chain expanded to suburban communities in other states. Within the ever-changing retail landscape, Akradi has formed partnerships with leading commercial property owners and developers nationwide to transform former mall anchor store spaces into Life Time's large, healthy way of life destinations. No, Life Time Fitness does not negotiate fees, but it does provide incentives throughout the year. Life Time is also attempting to leverage its brand name, publishing a magazine, Experience Life, and developing a line of apparel, nutritional, and other products. delay times for all exchanges). Chairman, CEO and Founder Bahram Akradi. The ability to show that the company had multiple ways to generate sales was also important to the company's next step: going public. Monday - Friday. It was my fault. 8:00 AM - 8:00 PM (CT) I appreciate that. Events vary by club. Here comes the fun! Or its another type of workout and after five years no one does it anymore and they want something different. Nourish yourself with wholesome, chef-crafted offerings and support your goals with our high-quality nutrition products. Akradi retained a 35 percent interest. Life Time, Inc. is a chain of health clubs in the United States and Canada. During the same period, however, only 1,200 health clubs were added, totaling 15,125 in 1999. Illinois, with seven centers, is the next largest area of operation for the chain, followed by Michigan with five, Arizona, Texas, and Virginia with two, and single locations in Indiana and Ohio. Thanks again. What is a founding member at Lifetime Fitness? 30 years later, it's a principle that has proven itself time and time again. Life Time Group Holdings, Inc. 2902 Corporate Place Chanhassen, MN 55317 T: 1-855-430-5433 Investor Relations Ken Cooper T: 952-406-2322 investorrelations@lifetime.life Transfer Agent American Stock Transfer & Trust Company, LLC T: 718-921-8124 help@astfinancial.com Media Jason Thunstrom SVP Corporate Communications & Public Relations Impatiently, I wanted to be bigger, within a year or two, than the business I had left behind. Could you share with us a little bit about Life Time? Spread out on our expansiveworkout floor, relax in our saunas and steam rooms, and experience the care that goes into every inch of our luxurious spaces. Life Time Fitness, Inc. In 2015, Life Time was taken private by Leonard Green and TPG in a transaction valued at more than $4.0 billion. A major reason for investor enthusiasm over Life Time involved positive demographics. *At some clubs, a one-time Beach Club access fee per member may be required to access these amenities during the 2022 summer season.. In addition to providing the kind of customer service he introduced at U.S. By the end of the year, the chain was operating 21 clubs and revenues totaled $92.9 million. All site centers and locations across the country are accessible to Diamond Life Time Fitness members. [2] In 2017, the word "Fitness" was officially dropped from the brand name, and the . GrowthCap Partners, LLC is not a retail broker-dealer and does not provide research or analyst reports or solicit or carry accounts for, or offer or sell securities products to retail customers. 2. How you developed and evolved the idea over the years and what you think makes it different? 2023 Life Time, Inc. All rights reserved. We havent deviated from that initial thought. I need to work harder to get ahead. In 1978, when he was 17 years old--and a year before Iranian militants stormed the U.S. embassy, took 54 hostages, and severed ties between the two countries--Akradi emigrated to the United States, joining his brother who had settled in Colorado Springs, Colorado. Restore balance, prevent injuries or optimize recovery with the help and care of our experts. By doing this, you will be able to keep using the Life Time Fitness facilities and enjoy the benefits of your membership even while it is suspended. wanted 4; health and beauty 1 + show 43 more [3], Several locations were added to the MinneapolisSt. Think about it. The Company and Partner memberships are both eligible for price savings, as well as extra benefits that are only available to their respective levels of Life Time memberships. I wanted to build a country club. Sasha Axenova - Assistant Production Coordinator - Lifetime - LinkedIn The company was founded by chairman and chief executive officer, Bahram Akradi. The Life Time concept was more inviting and convenient, especially for parents with children. The future is really bright, and I think the opportunities are just bigger and bigger and bigger. With a Life Time Health Diamond club, you can use expensive amenities, qualified instructors, and exclusive gym membership, including at-home workouts, Apple Fitness+, and other things. About one-third of the units conform to this model, and another dozen are also large-format centers. Then you need to focus on alignment. May 23, 2014, 11:13 AM. With a customer first approach to management, Bahram Akradi, Life Time Fitness founder, president and chief executive officer, has helped the 11-year-old | With a customer first approach to management, Bahram Akradi, Life Time Fitness founder, president and chief executive officer, has helped the 11-year-old Augie Nieto - Wikipedia The information on this website has been prepared for informational purposes without regard to any particular users investment objectives, financial situation, or means, and GrowthCap is not soliciting any action based upon it. Jeff Zwiefel. We have women who are CEOs of some of the biggest companies. James O'Reilly President, Life Time Work. refresh results with search filters open search menu. I was from Iran. RJ: A little bit of a segue into how you operate. You are prohibited from using any marks for any purpose including, but not limited to use as metatags on other pages or sites on the World Wide Web without the written permission of GrowthCap or such third party, which may own the marks. Life Time Fitness - Wikipedia In July 1992, he opened the first Life Time Fitness center, roughly 30,000 square feet in size, in Brooklyn, Minnesota, on a site that had not been kind to health clubs: three earlier attempts to establish a club at this location had failed. What I was trying to do is build an athletic country club that invited you in and kept you there. I decided to go get a job and work within a couple weeks of arriving in the U.S. to try and make it on my own. It just takes work. Theyre on stage and theyre trying to create the most entertaining and productive experience for the customer. Always consult your physician before beginning any new exercise program. A product, an experience, service, food if youre in a food industry, it needs to be so amazingly extraordinary that it by itself makes the customer tell the story you want to be told about you. You began your working life early on. In fact, he has a refreshingly optimistic view on the future, not only for his business, but also for the country he now calls home. I could not ask for better partners in Leonard Green, TPG, LNK, or Texas Teachers. TPG, Leonard Green, LNK, Texas Teachers, and many, many other investors are either backing the business or would like to be part of the Life Time story. Are you going to a place that is more like a resort, more like a country club? If you think about a rowing competition, you have eight guys sitting in a boat and then youve got the guy sitting in the front, the coxswain. 15 minutes unless otherwise indicated (view All rights reserved. And they forced you into contracts. If after a significant business disruption you cannot contact us as you usually do at (646) 679-1711, you should go to our website at www.growthcapadvisory.com. He assembled an IT team and after dismissing available off-the-shelf MMS systems, developed a customized system based on Java. RJ: I really appreciate the time youve spent with us here, Bahram. I met with investors that were close to investing and then they checked out. Life Time Fitness Founders membership provides various services, including swimming pools, weight rooms, and group workout programs, by the Lifetime Fitness franchise of fitness centers. Principal Competitors: 24 Hour Fitness Worldwide Inc.; Bally Total Fitness Holding Corporation; Gold's Gym International, Inc. Classes require reservations to ensure smaller groups and room to spread out. Required fields are marked *. Unfortunately, in many cases they blame it on something else. Back to Main Menu; Dynamic Personal Training Signature Group Training Pilates . One thing I noticed is that you have what I will term a 360 approach with the existing customer once they start experiencing Life Time. The third club, in Woodbury, Minnesota, opened in the fall of 1995, and the chain made plans to establish another four units in Roseville, Minnetonka, Eden Prairie, and Coon Rapids. Finally, dont be afraid to ask your friends who already attend the gym you want to join how much they pay each month and whether they have to pay a membership fee. Do you have a lot of natural, organic customer acquisition through word of mouth? The information provided on this website or in any communication containing a link to this website is not intended for distribution to, or use by, any person in any jurisdiction or country in which the distribution or use would be contrary to law or that would subject GrowthCap (including any of its affiliates) to any registration, license, filing or similar requirement in such jurisdiction or country. Bahram Akradi founded Life Time, the premier healthy lifestyle brand, in 1992 with a goal of helping people achieve their health and wellness goals by delivering entertaining, educational, friendly and inviting, functional and innovative experiences with uncompromising quality and unparalleled service. Neither this website nor any information or opinion on this website constitutes a solicitation, offer or recommendation by GrowthCap or its affiliates to buy or sell any securities, futures, options or other financial product or offer to provide or solicitation to obtain any advisory or other service. First of all, Im blessed to have had the opportunity to make it here when I did in 1978. If I go back to the beginning, I was really focused on the customer experience and what was being delivered in the club business. The transmission of any virus which may infect a users equipment, failure of mechanical or electronic equipment or communication lines, telephone or other connectivity issues, unauthorized access, theft or operating errors. At this stage, Norwest owned about 35 percent of Life Time, Arkadi and other employees around 20 percent, and Patricof 15 percent.