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Gold's Gym International, Irving, TX, announced today that it has acquired all 11 Spectrum Athletic Clubs in San Antonio. Terms of the deal, which is expected to close by the end of the month, were not disclosed.
Spectrum Athletic Clubs, El Segundo, CA, will continue to operate its 12 clubs in Southern California. Spectrum is owned by private equity firm Brentwood Associates, Los Angeles. Gold's is owned and operated by TRT Holdings, Irving, TX.
Rumors of talks between Gold's and Spectrum surfaced last summer, but there were no official reports of a possible acquisition until today. Other rumors linked Gold's and a possible acquisition involving Bally Total Fitness, Chicago, and executives from the two companies met last August. Three months later, Bally announced that LA Fitness, Irvine, CA, had acquired 171 of its clubs.
With the acquisition of the Spectrum clubs, Gold's will increase the number of clubs it operates in San Antonio from nine to 20.
"We are thrilled to bring these 11 Spectrum Athletic Clubs into the Gold's Gym family and feel this acquisition was a natural fit," Jim Snow, president of Gold's Gym International, said in a statement. "Both of...