The LBO for Life Time Fitness Is in the Club in More Ways Than One

Illustration by geralt (Pixabay)

Are club deals — in which several private equity firms band together for a leveraged buyout — back in vogue? The $4.0 billion deal announced Monday for Life Time Fitness, Inc. suggests that a revival of consortium acquisitions could occur. And that should keep the lawyers who advise the buyout shops busy.

Leonard Green & Partners and TPG Capital are leading the investor group buying Life Time. Latham & Watkins LLP represents Leonard Green, while Ropes & Gray represents TPG. Kirkland & Ellis LLP represented LNK Partners, another investor in the deal, while Skadden, ...