Fitcorp, the upscale Boston health club chain catering to a downtown workforce, has agreed to be sold to a bigger health company that operates facilities throughout the Northeast, including 25 Boston Sports Clubs.
Town Sports International Holdings Inc. of New York, a public company that operates 160 clubs, struck the deal to acquire Fitcorp to expand its reach into Boston’s corporate market. Terms of the transaction were not disclosed.
As a result of the sale, more than 7,000 members at Fitcorp’s five health clubs will gain access to Town Sports International’s facilities in Boston, Rhode Island, Connecticut, New York, Washington, and Philadelphia at little or no additional charge. Likewise, TSI members will have access to Fitcorp’s clubs.
Fitcorp founder and chief executive Gary Klencheski said the transaction will be a big benefit for his company’s members.
“In the past we have not really been able to service people in the suburbs because we’re based downtown,” Klencheski said in a phone interview. “But Boston Sports Club has a lot of facilities in the greater Boston area, so we will be able to serve people much better in terms of where they work and live.”
No Fitcorp gyms are expected to close as a result of the sale, which Klencheski said will be completed within the next two months.
“These clubs add a terrific presence to our already solid footprint in Boston and should also provide us with a platform to expand our corporate member base,” TSI chief executive Bob Giardina said in a statement.
‘To have a facility I can use wherever I go is a big benefit.’
The takeover will include Fitcorp’s 25,000-square-foot club at the Prudential Center. Members exercising there Friday said they were excited about the deal.
“I welcome it because I travel sometimes to New York and Washington, D.C., on business so to have a facility I can use wherever I go is a big benefit,” said club member Kaiser Bhuyan of Watertown.
Others said expanded access in the suburbs through Boston Sports Clubs will allow greater flexibility in when, where, and how they work out.
“It’s great because I live in Newton and I don’t work out on the weekends because my gym is here,” said club member Margaret Shue.
“I think they have indoor tennis courts at the BSC in Watertown, too, and most of them have pools so I’m really excited about this.”
Fitcorp, which Klencheski established in 1979, also manages facilities inside corporate offices for client employees.
Over the past 30 years, the company has managed facilities at more than 60 local companies, including Raytheon Co., Fidelity Investments, Gillette Co., Boston Scientific Corp., and Tufts Health Plan.
Current corporate clients include PTC Inc., a Needham software company, and real estate firms Boston Properties Inc. and the Flatley Cos.
Klencheski, who said he originally only put one of Fitcorp’s locations up for sale, decided to sell the entire company after TSI proposed a deal.
“It’s an opportunity for us to continue to grow,” he said.Alyssa Edes can be reached at firstname.lastname@example.org. Follow her on twitter @alyssaedes.