One of Planet Fitness' largest franchisees, ECP-PF Holdings Group Inc., Orange, Connecticut, has purchased 10 more Planet Fitness locations, giving it 71 clubs, ECP-PF Holdings Group announced.
The purchase, which occurred on Dec. 26, was of 10 clubs in the central New York region that had been owned by Robert Morris for 15 years. The price of the acquisition was not disclosed.
ECP-PF Holdings Group is a portfolio company of Boston-based private equity firm Exaltare Capital Partners, which formed the ECP-PF Holdings Group in 2012 through Exaltare Capital Partner’s acquisition of 15 Planet Fitness health clubs in Connecticut. ECP-PF Holding’s portfolio of health clubs includes locations in Connecticut, upstate New York, New Mexico, Arizona and western Canada. ECP-PF Holdings plans to expand by another 50 locations during the next five years, including at least 10 in upstate New York, according to the announcement.
Much of ECP-PF Holding's past growth has come through the acquisition of existing Planet Fitness franchises. In 2013, the company purchased PFC Management, a Planet Fitness franchise group that owned 15 clubs in Connecticut. Later, it purchased eight clubs in New Mexico from Planet Fitness franchisee Rick Glassman. At that time, it also purchased an area development agreement to open Planet Fitness clubs in all unoccupied territories in New Mexico. In 2015, Exaltare and Brightwood Capital Advisors purchased 17 Planet Fitness clubs in New York from Dave Leon, who had been a Planet Fitness franchisee since 2004.
Exaltare is currently investing out of Exaltare Capital Partners Fund I, L.P., a $90 million pool of capital raised in October 2017.
"Having successfully closed seven Planet Fitness acquisitions, Exaltare Capital continues to seek additional acquisitions in North America, offering a fast, certain exit for entrepreneurs looking to diversify their wealth while preserving the business they built,” Omar Simmons, the founder and managing partner of Exaltare Capital, said in the media release.
David Humphrey, the chief executive officer of ECP-PF, said, “We are eager to integrate this region into ECP-PF’s operations and we will continue to invest in new locations, new equipment and Black Card spa amenities to continue to exceed our customers’ expectations.”