Life Time’s $702 Million Initial Public Offering

Latham & Watkins represented Life Time, while Davis Polk advised the representatives of the several underwriters in connection with the offering.

Life Time Group Holdings, Inc. executed its offering of 39,000,000 shares of common stock at $18.00 per share, for total gross proceeds of approximately $702 million. The common stock is listed on the New York Stock Exchange under the symbol “LTH.” 

Goldman Sachs & Co., Morgan Stanley & Co. and BofA Securities, Inc. acted as the representatives of the several underwriters.

Life Time, is a leading lifestyle brand offering premium health, fitness and wellness experiences to a community of nearly 1.4 million individual members. Life Time delivers high-quality experiences through its omni-channel physical and digital ecosystem that includes more than 150 centers—distinctive, resort-like athletic destinations—across 29 states in the United States and one province in Canada. 

The Davis Polk capital markets team included partner Michael Kaplan (Picture), counsel Jennifer Ying Lan and associates Jordyn Giannone and Alexis N. Wallace. Counsel Michael Comstock provided environmental advice. The tax team included partner Mario J. Verdolini and associates Dov Sussman and Jacob M. Donnelly. Counsel Marcie A. Goldstein provided FINRA advice. 

Latham & Watkins represented Life Time in the offering with a capital markets team led by Washington, D.C. and New York partner Jason Licht, with Washington, D.C. associates Jessica Lennon, Isabel Rivera, and Thalia Garcia. Advice was provided on corporate matters by New York partners Howard Sobel and John Giouroukakis, with New York associate Dianna Lee; on benefits & compensation matters by New York partner Austin Ozawa, with New York associates Alisa Hand and Jaye Han; on tax matters by Chicago partners Joseph Kronsnoble and Rene de Vera, with Chicago associate Chris Ohlgart; and on public company representation matters by Washington, D.C. partner Brian Miller, with Washington, D.C. associates Will Hackett and Sara Almousa.

Involved fees earner: Michael Comstock – Davis Polk & Wardwell; Jacob Donnelly – Davis Polk & Wardwell; Jordyn Giannone – Davis Polk & Wardwell; Marcie Goldstein – Davis Polk & Wardwell; Michael Kaplan – Davis Polk & Wardwell; Dov Sussman – Davis Polk & Wardwell; Mario Verdolini – Davis Polk & Wardwell; Alexis Wallace – Davis Polk & Wardwell; Jennifer Ying Lan – Davis Polk & Wardwell; Sara Almousa – Latham & Watkins; Enrique Rene de Vera – Latham & Watkins; Thalia Garcia – Latham & Watkins; John Giouroukakis – Latham & Watkins; William Hackett – Latham & Watkins; Jaye Han – Latham & Watkins; Alisa Hand – Latham & Watkins; Joseph Kronsnoble – Latham & Watkins; Dianna Lee – Latham & Watkins; Jessica Lennon – Latham & Watkins; Jason Licht – Latham & Watkins; Brian Miller – Latham & Watkins; Christopher Ohlgart – Latham & Watkins; Austin Ozawa – Latham & Watkins; Isabel Rivera – Latham & Watkins; Howard Sobel – Latham & Watkins;

Law Firms: Davis Polk & Wardwell; Latham & Watkins;

Clients: Bank of America Securities; Goldman Sachs & Co.; Life Time Group Holdings; Morgan Stanley;

Author: Alejandro Girola