Private investment firm Altamont Capital Partners, Palo Alto, California, has acquired 18 Planet Fitness clubs in the Dallas and Austin, Texas, markets.
Altamont Capital Partners announced the acquisition of the largest Planet Fitness franchisee in Texas, Excel Fitness Holdings Inc., Pflugerville, Texas, on Feb. 2. Terms were not disclosed. Altamont has partnered with prior Excel Fitness majority owners Gregg Attwood and Mike Turner, along with Kimberly Attwood and Scott Attwood as part of the transaction. Gregg Attwood and Turner will continue to manage the business and will each retain significant equity stakes, according to the announcement.
"This is an exciting day for our company," Excel Fitness founder Greg Attwood said in a statement. "I am extremely proud of what our team at Excel Fitness has accomplished these past eight years and believe the partnership with Altamont positions us incredibly well for future growth."
Turner, Excel Fitness' president and chief operating officer, added in a statement: "Greg and I are excited to be partnering with Altamont as we embark on this next phase of growth for the business. We all share a similar set of values and ambitions, which is important to our team, and we believe that Altamont’s experience in franchise operations and multi-unit retail will be a helpful resource as we execute on our growth plans."
Casey Lynch, a managing director of Altamont, said in a statement: "We are thrilled to become franchisees of Planet Fitness and to do so alongside leading operators in the system like Greg and Mike. We firmly believe that Planet Fitness’ value proposition and differentiated messaging resonates with members and are excited about the growth opportunity that lies ahead for Excel Fitness."
The McLean Group and Reger Rizzo Darnall LLP advised Excel Fitness while Ropes & Gray LLP advised and represented Altamont. Altamont Capital Partners has more than $1 billion of capital under management.
Also on Feb. 2, the Planet Fitness franchisee Planet Fitness Midwest announced its plans to double its original plan for expansion in the St. Louis area to 22 clubs.
Planet Fitness, Newington, New Hampshire, ranked No. 7 on Club Industry's Top 100 Health Clubs of 2015 with reported 2014 revenue of $279.8 million. The company has more than 1,000 locations in 47 states, the District of Columbia, Puerto Rico, Canada, and the Dominican Republic. More than 90 percent of Planet Fitness stores are owned and operated by franchisees.