McLEAN, VA -- Titan Fitness has acquired two Gold’s Gym locations in Reno, NV, and Sparks, NV, for an undisclosed price, the company announced this week. At 16 clubs, Titan, McLean, VA, is one of the largest Gold’s Gym franchisees in the United States.
The two locations are the first in the state of Nevada for Titan, which also has clubs in North Carolina and Minnesota. However, Aaron Lieberman, chief development officer, says more acquisitions or greenfield locations in the Reno area are probable now that the company has its foot in the area. The company’s goal is to increase organic growth through both acquisitions and new store development to 60 locations during the next five years.
“Our investors want us to keep doing deals where deals make sense,” Lieberman says. The company’s equity partners are WestView Capital Partners and National City Equity Partners.
Titan acquired the two health clubs from Brad Kloss and Kevin Gustafson. Kloss, who was majority owner of the clubs as well as of several Minnesota facilities that Titan previously purchased, will serve in a consulting role for at least a year, Lieberman says.
Titan asked all of the clubs’ employees, including senior leaders, to stay with the company, and because Kloss and Gustafson will be leaving, the opportunity for promotions for some individuals is in the works, Lieberman says.
Lieberman says that the two clubs are a terrific representation of what Gold’s Gym should be--as beautifully designed and equipped clubs. The Reno and Sparks Gold’s Gyms include a comprehensive amenity mix with swimming pools, basketball courts, group exercise programming, a women’s workout area, kid’s club, tanning beds and a juice bar, plus a wide selection of cardiovascular, strength and circuit equipment.
“We have known the Titan Fitness leadership team for many years and have confidence that they are the right group to continue to grow the Gold’s Gym brand in this market,” Kloss said in a release from the company.