Franklin, Tennessee-based consumer health company Tivity Health announced it will be acquired by private equity firm Stone Point Capital for $2 billion.

The deal with Greenwich, Connecticut-based Stone Point, which closes more than 30 years of public companies under various names, is expected to close in the third quarter.

Tivity shareholders will receive $32.50 per share. Richard Ashworth will remain CEO and the company will retain its Tennessee headquarters.

Tivity, known as Healthways until 2017, has been virtualizing its Silver Sneakers fitness and wellness program for the past few years. Through partnerships with health insurers and fitness centers, Tivity offers Medicare participants in-person and virtual classes and wellness programs.

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The company took a financial hit when it bought nutrition and weight management company Nutrisystem for $1.3 billion in December 2018, but sold it less than two years later for less than half the price. The company is also feeling a sharp drop in fitness center visits during the pandemic. Year-end revenue for 2021 was $481 million, compared to $633 million in 2019.

Ashworth, a former Walgreens executive, joined in June 2020 to help accelerate the transition to digital. In 2021, the company conducted 3.4 million virtual fitness and wellness visits, double the previous year. Almost half of those who joined Silver Sneakers were new to the program.