LOS ANGELES, CA — The Honolulu Club, an affiliate of Douglas Emmett, Inc. (“Douglas Emmett”, NYSE: DEI), has been acquired by Meridian’s Bodies in Motion. FocalPoint Securities, LLC (“FocalPoint”) initiated the transaction and served as exclusive financial advisor to Douglas Emmett.
Within four weeks of being engaged, FocalPoint drafted an offering memorandum, identified several interested acquirors, and delivered multiple letters of intent to acquire the assets. Ultimately, Meridian’s Bodies in Motion, an independent operator of health clubs in Southern and Northern California, submitted the winning bid.
“FocalPoint utilized its broad and deep health club and fitness industry experience to find the right buyer in an expeditious manner,” noted Duane Stullich, managing director at FocalPoint. “In addition to negotiating the terms of the purchase price, we also assisted in negotiating the terms of the real estate lease.”
“FocalPoint delivered multiple bidders at a valuation consistent with what they told us was achievable up front,” added Jordan Kaplan, CEO of Douglas Emmett, Inc. “We were very pleased with the outcome.”
About Douglas Emmett, Inc.
Douglas Emmett, Inc. (NYSE: DEI) is a fully integrated, self-administered and self-managed real estate investment trust (REIT), and one of the largest owners and operators of high-quality office and multifamily properties located in targeted submarkets in California and Hawaii. The Company focuses on owning and acquiring a substantial share of top-tier office properties and premier multifamily communities in areas that possess significant supply constraints. For more information, visitwww.douglasemmett.com
About Meridian’s Bodies in Motion
Meridian’s Bodies in Motion is a full-service health club that is known for its innovative and exciting group exercise classes offering expert instruction in aerobics, boxing, kickboxing, pilates and yoga along with state-of-the-art cardio and fitness training equipment. The company has 12 locations primarily in Northern and Southern California. The acquisition of The Honolulu Club marks Meridian’s Bodies in Motion first location outside of California. For more information, visit www.bodiesinmotion.com
About FocalPoint
FocalPoint is an independent investment bank, specializing in mergers and acquisitions, private placements (both debt and equity), and financial restructurings/work-outs. The firm’s primary focus is on middle-market companies with revenues between $20 million and $250 million in the business services, consumer, healthcare, industrial and technology sectors.
Please contact Duane Stullich at (310) 405-7070 with any questions about this transaction.