Since going public in 2021, Soho House – an upscale private members’ club frequented by A-listers, musicians, artists and other celebrity-adjacent individuals – has experienced a sharp decline in share value. The company has struggled to turn a profit despite growth in membership and revenue, according to Reuters.

The take-private offer implies a total enterprise value of roughly $2.7 billion for Soho House, including debt.

Ashton Kutcher will join the board of the company, an operator of private clubs, which has faced criticism from investors over its business model.