Private equity firm HGGC recently completed a majority investment in PF Atlantic Holdings, which is one of the largest Planet Fitness franchise groups, HGGC announced. Details of the private transaction were not disclosed.
PF Atlantic Holdings, which was founded in 2010 and has 42 locations in Florida, California, New Jersey and Pennsylvania, will now be known as Grand Fitness Partners.
In addition to these changes, former NFL quarterback Steve Young will join the board of Grand Fitness Partners. Young is president and co-founder of HGGC. Also joining the board are HGGC Partner Steven Leistner, and HGGC Principal Phil Sampognaro.
Grand Fitness Partners co-founders, CEO David Bidwell and COO Scott Linsky, will continue to lead the business and retain a minority stake in the business alongside current investor Monogram Capital.
"We're very excited to partner with David and Scott, two tremendous operators, and with Monogram Capital to help accelerate the impressive growth they have achieved at Grand Fitness Partners over the past decade," Leistner said in the announcement. "Grand Fitness Partners has already exceeded pre-Covid membership and revenue figures, representing the team's strong leadership and resilience through a trying period in the fitness space. We believe in Planet Fitness as a long-term secular health and wellness winner and have great confidence in Dave and Scott's continued success building a leading platform in the Planet Fitness system."
Jared Stein, co-founder and partner at Monogram Capital Partners, led the investment for Monogram and will remain on the board.
"This partnership is an ideal opportunity to continue the tremendous growth we've driven over the past four years with the Grand Fitness team and pull in HGGC, an optimal partner to help further catalyze our expansion in the next chapter ahead,” Stein said. “Given our close long-standing relationship with HGGC, we felt they were uniquely capable of bringing additional capital into the business to amplify our new unit growth and serve more members, helping to jointly realize our mission of bringing affordable, non-intimidating fitness to even more people."