Planet Fitness franchisee group Taymax Group Holdings, Salem, New Hampshire, has acquired Southfit Holdings LLC, PF Jax Three LLC and PF Jax Four LLC, the operators of 14 Planet Fitness health clubs in Jacksonville, Florida, and southeastern Georgia, Taymax announced in a Sept. 12 media release.
The acquisitions bring Taymax’s club count to 90 locations, according to the release. Taymax is one of the largest Planet Fitness franchisees and, since its founding in 2009, has expanded to markets in Texas, Tennessee, Alabama, Pennsylvania, California and Ontario, Canada.
“The addition of Southfit to the Taymax platform demonstrates our firm commitment to bringing a non-intimidating, high-value, low-price fitness experience to more members across the United States and beyond,” Taymax CEO Tim Kelleher said in the release. “The acquisition adds to our growing presence in the Southeastern United States along with our already existing clubs in Tennessee and Alabama.”
This deal is Taymax's second major acquisition since private equity firm Trilantic North America, New York, acquired a majority stake in the franchise group in August 2018. In July, Taymax acquired MJ Fitness, the operator of four Planet Fitness health clubs in Huntsville, Alabama,
“We are excited to partner with Tim, the Taymax team and Trilantic as they continue to grow Taymax’s platform across North America,” Southfit co-founder Mike Murray said in the release.
Taymax has been recognized as Planet Fitness’ Developer of the Year twice in the last four years and was the brand’s Franchisee of the Year in 2018.
For the deal, The MFA Companies and Gravel & Shae PC were Southfit’s financial advisor and legal advisor, respectively. Kirkland & Ellis LLP provided legal advice to Taymax.
In other news, Connecticut-based franchisee ECP-PF Holdings Group Inc. recently acquired nine additional Planet Fitness clubs in Georgia and Tennessee. ECP-PF now claims more than 100 locations and, along with Taymax, is driving the consolidation trend among growing brand franchisees.
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.