Ravi Ramenani
Long only, value, utilities, deep value

There Is Irrationality And Then There Is Town Sports International

Having a Gym membership is like a carrying a condom in your wallet, you may never use it but you always want to have it. About 50M Americans actively participate or posses some kind of membership to health clubs which collectively generates ~$22B in revenue per year (Source: IHRSA and CLUB 10Ks). That revenue is spread across thousands of fitness clubs ranging from boutique firms (Bikram Yoga) to University sports centers to national fitness chains. Americans love workout facilities of some form and health clubs are here to stay for long time. Health club industry is mature and stable. As an investor, I would like to find a company in this space that could sustain and grow with the industry...

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