BERLIN, July 14, 2020– RSG Group GmbH was selected as the winning bidder in a court-approved auction process held on July 13, 2020, and is set to acquire the most well-known and iconic gym chain in the world, Gold’s Gym.
With this acquisition, the RSG Group, which has mainly been active in Europe up to now, will become a global leader in fitness with over 900 locations and will be represented on six continents.
Established in 1965 in Venice, California, Gold’s Gym hit hard by the economic shutdown due to the COVID-19 pandemic, filed for bankruptcy under Chapter 11 on May 4, 2020, in an effort to facilitate the financial restructuring of the company.
In mid-May, as part of the initial bankruptcy filing, Gold’s Gym announced its plan to emerge from bankruptcy quickly through a pre-negotiated plan from its majority owner, TRT Holdings, Inc.
After extensive negotiations with TRT Holdings and its creditors, Gold’s Gym announced in late-May that it would implement a court-approved marketing process with TRT Holdings serving as the “stalking horse bidder.”
At the conclusion of the auction on July 13, 2020, Gold’s Gym announced that, subject to final approval from the bankruptcy court on July 24, 2020, RSG Group would be the purchaser of the company and its assets, with an estimated final purchase price of $100 million.
Subject to final execution, approval and consummation, 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.
“Gold’s Gym is a fitness institution that had a major influence on the industry’s development. It was a huge source of inspiration when I was setting up my first McFIT studio in Würzburg, Germany back in 1997,” said Rainer Schaller, the RSG Group’s founder, and CEO. “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.”