Weight Watchers International Inc. ( WTW ) is a New York-based company providing weight management services. WTW is best known for its Weight Watchers branded point system that is supposed to help people lose weight. It also tries to support people losing weight through group meetings, by offering food plans, instructions for exercising and healthy behavior. Instructors who run these meetings have themselves lost weight by attending Weight Watchers meetings. Every week, about 40,000 people are attending 10,000 Weight Watchers meetings. In 1999, H.J. Heinz sold Weight Watchers to Artal Group for USD 735 million in a leveraged buyout transaction ( LBO ). LBOs are company deals financed by high amounts of debt, which are then paid down by the acquired company's earnings. To reap a significant profit, the company is then sold out to other investors. After its acquisition, Artal Group brought Weight Watchers public in a 2001 initial public offering (IPO).