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Gold’s Gym: RSG Group delivers $100 million winning bid at auction
By Caroline Salls
Pittsburgh, July 14 – GGI Holdings, LLC (Gold’s Gym) has selected RSG Group GmbH as the winning bidder for its assets following an auction held Monday, according to an RSG Group news release.
RSG said the estimated final purchase price for the Gold’s Gym assets will be $100 million.
The sale is subject to approval of the U.S. Bankruptcy Court for the Northern District of Texas at a hearing scheduled for July 24.
With this acquisition, the RSG Group, which said it has mainly been active in Europe up to now, will become a global leader in fitness with more than 900 locations and will be represented on six continents.
As part of its bankruptcy court-supervised marketing process, Gold’s Gym selected majority owner TRT Holdings, Inc. as the stalking horse bidder.
RSG said Gold’s Gym will emerge from bankruptcy with 61 company-owned gyms and more than 600 franchise-owned gyms, along with a healthy balance sheet.
“I am incredibly proud that, in partnership with their current leadership team, we will be able to breathe new life into this iconic brand under the umbrella of the RSG Group,” RSG founder and chief executive officer Rainer Schaller said in the release.
“Our goal is to focus on the core values of Gold’s Gym and find the right balance between preserving its roots and moving the brand forward.”
Gold’s Gym president and CEO Adam Zeitsiff, said in the release “For us, this acquisition will open up brand-new opportunities to lead Gold’s Gym into a strong future together.”
GGI is a Dallas-based operator of physical fitness facilities. The company filed bankruptcy on May 4 under Chapter 11 case number 20-31318.
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