The Healthworks Group, Boston, announced today it is acquiring the "Jewel Box" Sports Club/LA club in the Boston suburb of Chestnut Hill, MA. Terms were not disclosed.
Healthworks is acquiring the club from Equinox, New York, which just acquired the remainder of the Sports Club/LA clubs from Millennium Partners. A deal is expected to be signed this week and close at the end of August, with Healthworks taking over management of the club on Sept. 1. The club will remain in operation during the transition period.
"We are extremely excited about adding this beautiful club to our collection," Healthworks President Mark Harrington Jr. said in a statement. "We look forward to meeting the staff and members to discuss their ideas on how to further enhance the member experience."
Millennium Partners Sports Club Management, Boston, opened the Jewel Box club in 2013 as a smaller version of its upscale model. The club in Chestnut Hill is about 33,000 square feet compared to the 115,000-square-foot club about eight miles away in downtown Boston. That downtown club is now in the hands of Equinox.
The Healthworks Group currently consists of four women-only centers, two nonprofit Healthworks Community Fitness clubs and two coed low-price clubs called GymIt—all in the Boston area. Healthworks already operates one of its women-only clubs in Chestnut Hill across the street from the Sports Club/LA club. (Equinox also operates a club in Chestnut Hill less than a mile away.) The company said the newly acquired club will be coed but did not announce a new brand for the club.
"We are making a long-term commitment to this location and to this facility," Healthworks CEO Mark Harrington said in a statement. "We will be leveraging the expertise and resources of Healthworks to bring this club to new levels of service and member satisfaction."
Healthworks reported $23.5 million in 2013 revenue to Club Industry and is No. 43 on this year's Top 100 Clubs list, which was released this week.