24 Hour Fitness Worldwide, Inc. | Introducing Xpress Zone in 2004
Introducing Xpress Zone in 2004
Moreover, 24 Hour Fitness agreed to work with the Olympic Committee's Sports Science and Sports Medicine Divisions to create specialized training programs for U.S. athletes. This research also helped the chain to develop exercise programs for its regular members. In 2004, for example, 24 Hour Fitness introduced its Xpress Zone circuit training regimen: 30 minutes of exercises designed to be completed in a specific order to provide a full-body workout for club members pressed for time. Such an idea was typical for the innovative chain. Mastrov, a frequent traveler because of the international scope of 24 Hour Fitness, thought there might be a market for fitness centers located inside airports. As a result, 24 Hour Fitness opened a 14,000-square-foot center called Fitness on the Fly, at Las Vegas's McCarran International Airport. The chain also was willing to pick up on the ideas of others, such as Curves, a company that developed smaller clubs that catered to people intimidated by standard health clubs, offering timed workout programs. This studio approach to the fitness center led to the creation of 24 Hour Fitness's Express Club concept.
24 Hour Fitness added another sports star to its signature line of sports club in 2004, signing an agreement with basketball player Shaquille O'Neal to open a 24 Hour Fitness Shaq Sports Clubs facility in Miami, the first 24 Hour Fitness center in the Miami market. In January 2005, 24 Hour Fitness added to the fold cyclist Lance Armstrong, five-time winner of the Tour de France. The first 24 Hour Fitness Lance Armstrong Sport Clubs facility was scheduled to open in Austin, Texas, in the summer of 2005. These centers were to include large indoor cycling rooms. In addition, 24 Hours Fitness became a sponsor of Armstrong's Discovery Channel Pro Cycling Team.
According to press accounts in 2005, McCown De Leeuw retained Merrill Lynch & Co. to seek out buyers for 24 Hour Fitness. The New York Post reported, "Firms such as Apollo Advisors, Bain Capital, Cerberus Capital Management and Texas Pacific Group are said to be interested in taking a look at the fitness outfit. Other potential buyers could include some hotel, leisure and recreation companies.… Buyout firms are drawn to health clubs because they have proven to be stable cash flow generators, and also generally reflect high returns on investment." By May the company had found a buyer in Forstmann Little & Co., which had pledged $1.6 billion to take control, planning to continue to operate and grow the 24 Hour Fitness chain.