Connecticut-based ECP-PF Holdings Group Inc., one of North America's largest Planet Fitness franchisees, has acquired nine additional clubs in Georgia and Tennessee for an undisclosed sum.
The newly added clubs are located in Chattanooga, Tennessee; Knoxville, Tennessee; and Fort Oglethorpe, Georgia. The clubs were previously owned by Chattanooga-based Meridian Enterprises, according to a media release.
“We’re excited about the opportunity to expand our company’s footprint further throughout the country," ECP-PF CEO David Humphrey said in the release. "This acquisition allows us to build upon successful locations, continuing to provide a safe place to work out with state-of-the-art equipment, free fitness training and the wonderful amenities of the Planet Fitness Black Card Spa, which include hydromassage beds, tanning, red light therapy and more.”
This deal continues the recent trend of consolidation among numerous Planet Fitness franchisees. It also grows ECP-PF’s club count to 108 locations across multiple states, including 28 in Connecticut.
ECP-PF is a portfolio company of private equity firm Exaltare Capital Partners, Boston, which formed the ECP-PF Holdings Group in 2012 via the acquisition of 15 Planet Fitness clubs in Connecticut.
“We continue to be committed to providing an exceptional customer experience through our clean and comfortable Judgement Free Zone and maintaining our status of being the fitness choice in each community that we serve,” Joe Pepe, ECP-PF’s senior vice president of operations, said in the release.
FIDUS Partners served as Meridian Enterprises’ financial advisor in the deal, according to the release.
Planet Fitness ranked No. 6 on Club Industry's Top 100 Health Clubs of 2019 list with $572.90 million in 2018 revenue from corporate-owned clubs and franchisee fees but not revenue from individual franchisees. That number is a 33 percent increase from 2017.