Buyout Firms, Life Time CEO Offer to Sell 23 Million Shares

Private equity firms Leonard Green & Partners, TPG Inc. and Partners Group USA Inc. and the chief executive officer of Life Time Group Holdings Inc. offered to sell 23 million shares of the company in aggregate, according to a statement Thursday.

Life Time will not receive any proceeds from the sale, the statement shows.

At the closing price of $31.30 apiece on Thursday, the Life Time stake would be valued at $719.9 million, according to calculations by Bloomberg. Shares of Life Time have increased 42% this year, giving the company a market value of $6.6 billion.

The buyout firms ...