West Los Angeles private equity firm Leonard Green & Partners and fellow private equity shop TPG in Fort Worth, Texas, announced Monday that they have agreed to acquire publicly traded health club chain Life Time Fitness Inc. in Chanhassen, Minn. in a deal valued at about $4 billion.

As part of the deal, Life Time founder and chief executive Bahram Akradi will maintain an ownership stake in the company. LNK Partners, a private equity firm in White Plains, N.Y., also made an investment in the company.

Investors will pay $72.10 a share for Life Time, a 7 percent premium over the company’s closing price on Friday.

“We look forward to working with Bahram Akradi, the Life Time management team and all of its talented and passionate employees,” said John Danhakl, a managing partner at Leonard Green, in a statement Monday. “We are confident that we will have a long and successful partnership as we continue to serve Life Time’s many loyal members and customers.”

Life Time Fitness operates 114 fitness centers under the Life Time Fitness and Life Time Athletic brands. The chain’s only Los Angeles-area location is in the Orange County city of Laguna Niguel.