Gold’s Gym is set for a new owner. The major fitness centre business in Germany, RSG Group GmbH, won the bid for the bankrupt US-based gym chain in a court-approved auction on 13 July 2020.
The RSG Group will gain a global footprint with the acquisition. The German chain comprises nearly 250 studios across Austria, Germany, Italy, Poland, and Spain. Gold’s Gym is represented across all continents.
The 55-year old iconic Gold’s Gym filed under Chapter 11 in May 2020 after being badly hit by the coronavirus shutdown.
After negotiations with its majority shareholder TRT Holdings, Inc. in late May the chain announced it would follow a court-approved marketing process to sell the the company and its assets.
While the winning bid of US$100m by RSG GRoup is subject to final approval on July 24, 2020 the German firm is already listing Gold’s Gym among its brands on its website.
Subject to approval, Gold’s Gym is expected to emerge from bankruptcy with 61 company-owned gyms and more than 600 franchisee-owned gyms, along with a healthy balance sheet.
Rainer Schaller, RSG Group’s founder and CEO, said “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.
“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,” he added.
The brand has a global appeal with brand awareness near 96 per cent 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.
Adam Zeitsiff, President and CEO of Gold’s Gym, commented “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.”
