An e-mail from Pat Riley Jr. announces to club members the sale of the Little Rock Athletic Club and three other fitness clubs, effective today, to a group of executives from Stephens Inc., led by Brad Eichler. The sale includes the Little Rock Racquet Club, Downtown Athletic Club and North Little Rock Athletic Club.
Riley operated the clubs under his Riley Health and Fitness Centers Inc.
A call to LRAC confirms the new ownership. The business began 28 years ago, starting with purchase of an existing tennis center. Other clubs were added to the group subsequently. Terms of the sale were not disclosed.
This letter from Frank Lawrence accompanied the e-mail. He’ll be the new CEO of the operation.
The e-mail follows: