RSG Group GmbH, operator of Germany’s McFit fitness clubs, has won an auction to acquire Gold’s Gym International Inc. out of bankruptcy for $100 million, WSJ Pro Bankruptcy reported. The pending sale, which must be approved in bankruptcy court, puts Gold’s Gym on a path to leave chapter 11 with 61 corporate-owned gyms, about 600 franchise gyms and less debt, positioning it to withstand major disruption caused by the coronavirus pandemic, the company said yesterday. One of Europe’s largest gym operators, RSG Group topped an initial $80 million offer from TRT Holdings Inc., a holding company led by billionaire Robert Rowling that acquired a majority stake in Gold’s Gym in 2004. Gold’s Gym went to auction as creditors asked the company to canvass the market after receiving expressions of interest from other parties. RSG Group’s McFit fitness clubs have more than 250 locations in Germany, Austria, Poland, Spain and Italy, according to the company’s website. The gym operator also owns several other brands, including the John Reed and John & Jane’s fitness clubs, and said it has expanded this year into the U.S., Turkey and France. The deal would ensure that Gold’s Gym survives the coronavirus pandemic under new ownership. The company filed for chapter 11 protection in May after it was forced to close its gyms because of COVID-19. The pandemic has been particularly challenging on the U.S. fitness industry which has been attempting to safely reopen gyms in states and counties that allow it.
