SAN FRANCISCO BAY AREA-BORN FITNESS INDUSTRY PIONEER MARKS MAJOR MILESTONE
SAN RAMON, Calif. - July 11, 2007
24 Hour Fitness, the world's largest privately-owned U.S. fitness chain and a health club industry pioneer, has marked a significant milestone in its company history with the 24th anniversary of its first club opening.
24 Hour Fitness is widely credited with changing the landscape of the fitness industry by introducing a variety of innovations, including the first club chain to be open 24 hours a day and the first to introduce simple monthly memberships using automated electronic funds transfers. The company has built or opened more clubs in the United States than any other single operator and is currently the world’s largest in terms of revenue.
“24 Hour Fitness was founded with the mission of making fitness affordable and a way of life for everyone,” said Mark Mastrov, company founder and chairman. “We are extremely proud of the fact that our 24 Hour Fitness team members have impacted millions of lives around the world and we’re thrilled to celebrate this unique birthday.”
24 Hour Fitness has partnered with superstar athletes and celebrities like Lance Armstrong, Shaquille O’Neal, Andre Agassi, Magic Johnson, Jackie Chan, and Yao Ming to open co-branded clubs around the world. The company demonstrates its leadership through sponsorships like that of the U.S. Olympic Team and a commitment to the community through various charitable and in-kind donations. In addition, 24 Hour Fitness enjoys strategic partnerships with major consumer brands like Coca-Cola and Nike, and is now entering its fourth year as a partner with NBC’s popular reality TV show, The Biggest Loser.
“24 Hour Fitness is proud of its heritage as an innovator in the fitness industry and we have quickly grown into a well known and respected brand,” said Carl Liebert, chief executive officer. “We look forward to the next 24 years of providing outstanding service to our members by helping them live healthier lives.”
Mastrov borrowed $15,000 from his grandmother to open the very first 24 Hour Fitness in San Leandro, Calif. in June of 1983. Since then, 24 Hour Fitness has grown to more than 370 clubs in 14 states, with three million members and 20,000 employees. An aggressive east-coast club expansion will soon bring clubs to New York City, Washington D. C. and Baltimore markets. The company also operates 21 clubs throughout Asia.
In 2005, 24 Hour Fitness was sold to New York-based private equity firm, Forstmann Little & Co. for $1.6 billion. The company is headquartered in San Ramon, Calif. Over the next 12 months, 24 Hour Fitness will introduce a variety of promotions and programs to mark its 24th Anniversary. To kick off the celebration, 24 Hour Fitness is offering a special $24 initiation fee on any monthly payment membership during July 2007.
About 24 Hour Fitness
Headquartered in San Ramon, Calif., 24 Hour Fitness, an innovative leader in the health and fitness industry, serves more than 3 million members in over 350 clubs across 16 different states and four countries in Asia. Founded in 1983 as a one-club operation by Chairman and Founder Mark S. Mastrov, 24 Hour Fitness pioneered the concept of making fitness accessible, affordable and a way of life for everyone. Supporting the communities it serves, 24 Hour Fitness sponsors many charitable events and organizations including the 2004 - 2008 U.S. Olympic Teams and the Magic Johnson, Andre Agassi and Lance Armstrong Foundations. For more information and to find the location nearest you, visit our contact us page.
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