Planet Fitness Franchisee National Fitness Partners Acquires 16 Clubs

Planet Fitness franchisee National Fitness Partners (NFP) has acquired 16 Planet Fitness clubs, according to NFP, Camp Hill, Pennsylvania.

Terms of the acquisitions, which occurred from two different sellers, were not disclosed.

The acquisitions include 15 locations in the greater Cleveland and Akron-Canton, Ohio, markets and one location in central Pennsylvania. NFP now has 94 clubs with exclusive rights to develop 40 plus additional clubs in Pennsylvania, Ohio, Delaware, North Carolina and South Carolina.

“We remain bullish on the near-term recovery prospects and long-term growth of the Planet Fitness brand, as encouraging membership and utilization trends continue to point to a successful emergence from the COVID-19 pandemic,” said Stephen Kindler Jr., president and CEO of NFP. “This significant investment will expand our reach into important new markets and strengthen our efforts to ensure more people have access to low-cost fitness options, as we believe regular exercise plays an essential role in enhancing the physical, mental and emotional wellbeing of our members.”

NFP, which was the 2019 Planet Fitness Operator of the Year, is a portfolio company of Argonne Capital Group LLC, an Atlanta-based private investment firm. The purchases were financed with junior capital from funds managed by the Credit Group of Ares Management Corporation.

The transaction represents the seventh acquisition for NFP, which was founded in 2016 in partnership with Argonne to acquire 10 Planet Fitness locations in central Pennsylvania.

“This transaction is a unique opportunity that will enable NFP to strengthen its base business and diversify its existing geographic footprint and cash flow, while positioning the company for considerable growth opportunities as the COVID-19 pandemic recedes,” said Layton Grisette, managing director of Argonne Capital.