Franklin-based Tivity Health has agreed to be bought and taken private by Connecticut-based investment firm Stone Point Capital for $2 billion, according to a release. 

Tivity owns SilverSneakers, a 1992-founded fitness program geared toward senior citizens. 

Under the terms of the agreement, Tivity Health stockholders will receive $32.50 in cash per share. Once the transaction is finalized (the release does not include a date), Tivity Health will become a privately held company, and its common stock will no longer be traded on Nasdaq.

Richard Ashworth art

Richard Ashworth

Tivity CEO Richard Ashworth will remain at the helm of the company after the deal is completed, the release notes.

In recent months, the company has looked to expand to more virtual offerings (read more here).

In September, Tivity bought back $100 million in shares, signifying improving financial health after being dragged down by its $1.3 billion purchase of Nutrisystem (read here). 

"Stone Point recognizes the value of our brands, our well-known senior fitness and health improvement platform," Ashworth said in the release.

Based in Greenwich, Connecticut, Stone Point has more than $40 billion of assets under management.

Shares of Tivity (Ticker: TVTY) were trading at $32.11, down 0.36 percent, at mid-morning.