Private investment firm Altamont Capital Partners, Palo Alto, California, announced on March 5 that it has acquired PF Eastern NC, Raleigh, North Carolina, the largest Planet Fitness franchisee in the Tar Heel State. This brings the groups' collective club count to 56.
Altamont also owns Excel Fitness, Austin, Texas, which operates 39 clubs across four states. PF Eastern NC operates 17 clubs in the Raleigh, Durham and Southwest Virginia markets. According to a media release, the franchisee group will operate collectively as Excel Fitness.
“I couldn’t be more proud of the work my team has done, and we’re all excited to reach the next level through our partnership with Excel and Altamont," PF Eastern NC co-founder CJ Bouchard said in the release. “Excel’s commitment to cultivating a first-class member experience falls right in line with our core values. We look forward to sharing best practices from both sides to continue growing together.”
Bouchard will "play a pivotal role in managing the [merged] business," the release said.
“This is an incredible opportunity for both teams to partner and continue our momentum," Excel President Mike Turner said in the release. “The NC team are world-class operators, and with our larger and growing footprint, we’re creating even more opportunities for our employees to build a career with this incredible brand. There’s never been a better time to be part of our Planet.”
Altamont principal Kevin Mason said cultural appeal within PF Eastern NC influenced the acquisition.
"These two groups have created a member-first culture that begins at the front desk of every club and carries into the back office," Mason said. "We’re excited to continue our growth together to bring Planet’s unique value proposition to even more people with these strong operators leading the way.”
Since Altamont acquired Excel's 17 Texas clubs in February 2016, Excel expanded to 39 clubs through acquisitions in Tulsa, Oklahoma, and Northwest Arkansas, as well as building 13 new clubs. With the addition of PF Eastern NC, Excel's 56 clubs will now span six states.
According to the release: "Altamont is focused on investing in middle market businesses where it can partner with leading management teams to help its portfolio companies reach their full potential. The firm’s principals have significant experience building business success stories across a range of industries including consumer/retail, financial services, government services, industrials and healthcare, and have made numerous investments in the franchise operations and multi-unit retail sectors."
Altamont claims more than $2 billion in assets under management.
The terms of the acquisition were not disclosed.