Healthcare >> CEO Interviews >> July 21, 2003
MARK S. MASTROV is Chairman and Chief Executive Officer of 24 Hour
Fitness Worldwide, Inc. An innovative leader and visionary in the health
and fitness industry, Mr. Mastrov is celebrating his 20th anniversary as
Founder of 24 Hour Fitness ' which has grown from a single health club
in San Leandro, California, to be the largest privately held fitness
company in the world with 330 facilities in seven countries and 16
states across the US, and 3 million members worldwide with more than $1
billion in revenues in 2002. Mr. Mastrov and his partner teamed to form
24 Hour Nautilus, which built 10 clubs in the San Francisco Bay area by
1986. Only eight years later, without borrowing money or accumulating
debt, he grew the company to 32 clubs, serving 250,000 members. In 1994
he tapped McCown DeLeeuw & Co., a private-equity investment firm, to
help raise $30 million to take the company national. The company grew
rapidly thereafter, first acquiring 68 Ray Wilson Family Fitness Center
clubs in Southern California and several smaller chains in the Southwest
and Pacific Northwest. By 1996, Mr. Mastrov had christened the then-180
clubs in 10 states with the '24 Hour Fitness' name. The numbers have
risen steadily since and by the end of 2002, 24 Hour Fitness reached 3
million members in seven countries and 16 states across the US,
employing 24,000 full- and part-time people. Worldwide sales in 2002
exceeded $1 billion. In all, he led the development and construction of
more than 150 facilities, completed more than 20 large merger-and-
acquisition deals and raised hundreds of millions of dollars in capital.
Mr. Mastrov's focus on the modernization and professionalism of the
fitness club business has made 24 Hour Fitness a recognized leader in
the fitness industry and a company known for setting new standards of
excellence worldwide. A constant traveler, Mr. Mastrov has also been
experimenting with opening health clubs in airports. He opened a
facility inside McCarran International Airport in Las Vegas for
travelers and the airport's 12,000 employees and is considering similar
gyms in other locations. A 1981 graduate of California State University
at Hayward, he received his Bachelor's degree in Business Administration
and Marketing. Profile
Inc.?
Mr. Mastrov: We were founded 20 years ago and currently have 305
locations in the US in 16 states, nine locations in
