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.

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

Soho House is going private in a $2.7 billion deal led by New York-based MCR Hotels, capping a turbulent market run and financial struggles for the operator of high-end members’ clubs since it went public in 2021.