KSL Capital Partners LLC has sold The Bay Club Company, formerly known as Western Athletic Clubs, to York Capital Management and The Bay Club Company's management team, which includes President and CEO Matthew Stevens. JMA Ventures also now has a minority stake in the San Francisco-based company.
Terms were not disclosed in the deal, which was announced today.
York Capital Management manages more than $22 billion in investments and has offices in New York, London and Hong Kong. JMA Ventures, San Francisco, has more than $1.5 billion in real estate investments across the country.
KSL Partners, Denver, purchased what was then known as Western Athletic Clubs in March 2008. Later that year, Stevens left Spectrum Athletic Clubs to become president and CEO of Western Athletic Clubs.
The Bay Club Company, founded in 1977, has more than 55,000 members in 11 locations in California. It announced its name change last December.
"The powerhouse combination of Bay Club, York Capital and JMA will allow us to fully realize our goal of creating active lifestyle campuses throughout California and beyond," Stevens said in a statement. "Each campus will offer members a well-curated assortment of luxury amenities and services too vast to be offered at any single location."
In addition to Stevens, The Bay Club Company's senior executive team that is now part-owner of the company consists of Girish Satya, chief financial officer; Aaron Gette, chief information officer; Victor Woo, executive vice president (EVP) of operations; Lisa Graf, EVP of operations; Pete Jones, EVP of development; and Annie Appel, EVP of marketing.
The company was No. 8 on Club Industry's Top 100 Clubs list last year with a reported $135 million in 2012 revenue.
This is the third Northern California-based company sold in the fitness club industry this year. Active Sports Clubs took over a majority of the assets of San Francisco-based Club One in March. Last month, 24 Hour Fitness announced its sale to AEA Investors and the Ontario Teachers' Pension Plan for a reported $1.85 billion.