Private equity firm Trilantic North America, New York, has acquired a majority stake in Planet Fitness franchisee group Taymax Group Holdings, Salem, New Hampshire, Trilantic announced on Aug. 1. The terms of the deal were not disclosed.
Taymax, founded in 2009, operates 52 Planet Fitness health clubs in the San Antonio, Nashville, Pittsburgh, Sacramento, Toronto and Ottawa markets. Taymax was recognized as Planet Fitness’ Franchisee of the Year in 2018.
“Tim has done a remarkable job building Taymax into one of the premier franchisees in the Planet Fitness system and has assembled an impressive management team to support the continued growth of the platform,” Trilantic partner Grant Palmer said in a media release. “We are excited to partner with the management team through the next phase of the company’s development, and believe that Taymax and the broader Planet Fitness system will continue to benefit from secular trends around health and wellness, a key theme across several of Trilantic North America’s consumer investments.”
Taymax worked with Harris Williams (financial advisor) and Kirkland & Ellis (legal advisor) on the deal. Trilantic was also counseled by Kirland & Ellis, according to the release.
“We look forward to working with the Trilantic North America team, whose success in collaborating with founders and entrepreneurs makes them an ideal partner to execute our shared vision,” Taymax CEO Tim Kelleher said in the release. “We are excited to drive continued growth by both investing in our current clubs and expanding the Taymax footprint in new and existing markets.”
This deal continues a trend of mergers and investments in Planet Fitness franchisee groups. In May, Sunshine Fitness Growth Holdings, an operator of Planet Fitness clubs in the American Southeast, announced it had acquired two franchise groups representing 31 clubs in Florida, North Carolina and South Carolina. Also in May, PLNTF Holdings announced its subsidiary, PF Indy, the operator of Planet Fitness health clubs in the Indianapolis metro area, acquired 14 additional clubs in Alabama and Virginia.
Planet Fitness ranked sixth on Club Industry's Top 100 Health Clubs of 2018, with reported revenue of $429.90 million for 2017. The company is the highest-ranking franchisor on the list.