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HAMPTON, N.H., Jan. 2, 2018 /PRNewswire/ -- Planet Fitness, Inc. (NYSE: PLNT), one of the largest and fastest-growing franchisors and operators of fitness centers in the U.S., announced today that it has acquired a franchise group representing 6 franchise stores operating in Suffolk County, New York. Terms of the transaction were not disclosed.
"As we've said before, we'll pursue franchise store acquisitions when it makes economic and geographic sense for Planet Fitness, Inc. The acquisition of the 6 franchised stores on eastern Long Island is a great strategic fit as the western half of the market is currently comprised of company owned stores. We are committed to our asset-light business model and we continue to explore options for returning a portion of our cash to shareholders," said Chris Rondeau, Planet Fitness Chief Executive Officer.
Franchisee John Mahoney is retiring after 11 years of service, through which he has overseen the growth of Planet Fitness in the Suffolk County market. "I am pleased and grateful for my time as a Planet Fitness franchisee and for the opportunity to have been a part of such a phenomenal franchise. I wish the management team, the franchisees and all employees continued success," John Mahoney said.
The acquisition was funded by Planet Fitness' existing cash. As of September 30, 2017, Planet Fitness had 1,432 total stores system-wide.
About Planet Fitness
Founded in 1992 in Dover, N.H., Planet Fitness is one of the largest and fastest-growing franchisors and operators of fitness centers in the United States by number of members and locations. As of September 30, 2017, Planet Fitness had approximately 10.5 million members and 1,432 stores in 49 states, the District of Columbia, Puerto Rico, Canada and the Dominican Republic. The Company's mission is to enhance people's lives by providing a high-quality fitness experience in a welcoming, non-intimidating environment, which we call the Judgement Free Zone®. More than 95% of Planet Fitness stores are owned and operated by independent business men and women.