PLNTF Holdings announced its subsidiary, PF Indy, the operator of Planet Fitness health clubs in the Indianapolis metro area, has acquired 14 additional clubs in Alabama and Virginia. This brings PLNTF Holdings' total club count to 29, making it one of the largest franchisees in the Planet Fitness network.
PLNTF Holdings is owned by private equity firm Atlantic Street Capital, Stamford, Connecticut, which acquired the franchise group in 2017.
"We are very pleased with the growth of our operations in existing markets," PLNTF Holdings CEO Mike Campagnolo said in a May 23 media release. "We partnered with Atlantic Street to leverage their multi-unit retail expertise and help broaden our footprint into new markets. The acquisition of these clubs in high-quality retail locations is an important step in our overall strategy to create a more powerful and geographically diverse Planet Fitness platform. We see strong potential in the Alabama and Virginia markets where our club’s compelling value proposition will be very appealing to consumers. We look forward to working with Atlantic Street to continue our steady growth.”
PLNTF Holdings' new Alabama clubs are located in the Mobile area as well as northern Alabama. The Virginia clubs are in Alexandria, Manassas, Fairfax, Centreville, Springfield and Woodbridge.
The group is planning to develop additional Planet Fitness clubs in both markets, Campagnolo said.
“These acquisitions demonstrate our strong level of confidence in the Planet Fitness brand and the northern Virginia and Alabama markets," Andy Wilkins, managing partner of Atlantic Street, said in the release. "There is significant potential to grow the business by leveraging the company’s brand recognition, and these locations are a great addition to PLNTF’s existing footprint.”
PLNTF Holdings will remain based out of its Indianapolis headquarters, the release said.
In March 2018, private investment firm Altamont Capital Partners, Palo Alto, California, acquired PF Eastern NC, the largest Planet Fitness franchisee in North Carolina.
In December 2017, ECP-PF Holdings Group Inc., Orange, Connecticut, purchased 10 more Planet Fitness locations in New York.
Planet Fitness ranked seventh on Club Industry's Top 100 Health Clubs of 2017, with reported revenue of $378.2 million for 2016. The company is the highest-ranking franchisor on the list.