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With the acquisition of Gold’s Gym the RSG Group, which has mainly been active in Europe up to now, will become a global  leader  in  fitness  with  almost 1000  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 voluntary petitions for relief 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.”

Schaller is also very familiar with the franchise model as he’s been a franchisee in the food retail business for over 30 years. “Instead of my original idea of slowly approaching franchising in the fitness sector, we are now diving in headfirst. This is the start of a new era for the RSG Group and I’m really looking forward to its success,” Schaller added.
 
From Venice Beach to a global player
From its humble beginnings as a small fitness studio in Venice Beach, California, Gold’s  Gym  has  developed  into  a  global  brand  with  just  under  700  gyms, expanding to six continents with three million members in the last 50 years. In the fitness industry, the brand enjoys cult status and has a global appeal with brand awareness near 96% among gym-goers.

“With  the acquisition of Gold’s Gym, we  are  taking on a  legacy that I have  the utmost respect for. 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,” said Schaller.

Successful diversification strategy
Since 1997, Rainer Schaller has succeeded in building a global corporation, the RSG Group, with over two million customers and more than 5,000 employees in 48 countries in over 300 locations. This stems from one single brand, McFIT, whose slogan is “the fitness studio for everyone.” Continually pushing his company to the next level, he has taken a 360- degree approach to build and grow 17 brands across multiple sectors, including fitness, lifestyle, design and fashion.

In  recent  years,  Gold’s  Gym  has  focused  on  four  different  lines  of  business: managing  its  own  gyms,  franchising,  driving  revenues  from  its  global  licensing business  and  the  digital  personal  training  app  GOLD’S  AMPTM,  which  was launched  in  2017.  Sebastian  Schoepe,  President  of  the  RSG  Group  North America, who will be responsible for the migration of the Gold’s Gym brand into the  RSG  Group,  adds: “As  we  bring  together  our  two  teams,  it  is  particularly important  that  we  actively  involve  all  team  members  and  franchisees  in  the process.  If  we  integrate  their  ideas  into  the  expansion  of  the  brand,  we  are confident that we will achieve our goal of leading Gold’s Gym into a successful future,” said Schoepe.

Adam Zeitsiff, President & CEO of  Gold’s Gym, added: “The  RSG Group, with nearly  25  years  of  owner-managed  expertise  in  the  fitness  sector,  lives  and breathes fitness and that is reflected in everything they do and how they do it. For us, this acquisition will open up brand-new opportunities to lead Gold’s Gym into a strong future together.  My team and I are excited to partner with RSG and we look forward to much success for our team members, our members, and our global brand.”

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