Related closes on Equinox buy.The Related Companies, L.P. announced the completion of the acquisition of Equinox equinox (ē`kwĭnŏks), either of two points on the celestial sphere where the ecliptic and the celestial equator intersect. The vernal equinox, also known as "the first point of Aries," is the point at which the sun appears to cross the Holdings, Inc. for $505 million in cash, less certain indebtedness INDEBTEDNESS. The state, of being in debt, without regard to the ability or inability of the party to pay the same. See 1 Story, Eq. 343; 2 Hill. Ab. 421. 2. and other payments required in connection with the transaction. As part of the transaction, Equinox successfully completed a cash tender offer for 98.9% of its outstanding 9% Senior Notes due 2009. The transaction was financed with equity and the proceeds from $290 million of 9.25% senior notes due 2012 issued by Equinox, and $115 million of discount notes due 2013 issued by Equinox's indirect parent. Related and Equinox have historically shared similar visions. Both companies are known for their commitment to lifestyle, service, innovation and design, and have a passionate following amongst dedicated upscale consumers. The companies' respective customers have similar demographic and psychographic In the field of marketing, demographics, opinion research, and social research in general, psychographic variables are any attributes relating to personality, values, attitudes, interests, or lifestyles. They are also called IAO variables (for Interests, Attitudes, and Opinions). profiles and both foster fiercely loyal clientele who are passionate about their brands. Equinox operates upscale, full-service fitness clubs, catering to the middle- to upper-end market segment. The company offers an integrated selection of Equinox-branded programs, services and products, including strength and cardio Cardio is the medical term used to reference the heart. From Greek kardia: heart. The Greek spelling using k is the reason for the usage of K in EKG (electrocardiogram). training, group fitness classes, personal training, spa services and products, apparel and food/juice bars. Since its inception in 1991, Equinox has developed a lifestyle brand that represents service, value, quality, expertise, innovation, attention to detail, market leadership and results. As of today, the company operates 32 Equinox Fitness Clubs. To date, Related, which was founded in 1972 by Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Stephen M. Ross For other persons named Stephen Ross, see Stephen Ross (disambiguation). New York City-based real estate developer Stephen M. Ross is founder, chairman and CEO of The Related Companies, L.P. , has developed or acquired real estate assets worth over $10 billion with another $7 billion currently in development. |
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