Planet Fitness franchisee group Taymax Group Holdings, Salem, New Hampshire, has acquired MJ Fitness, the operator of four Planet Fitness health clubs in Huntsville, Alabama, Taymax announced on July 10.
The acquisition brings Taymax's club count to 65 locations across North America. It also marks Taymax's first major acquisition since private equity firm Trilantic North America, New York, acquired a majority stake in the franchise group in August 2018.
“By fostering a non-intimidating fitness environment and utilizing a data-driven approach to club management, Mark [Manion] and his team have built an exceptional business [with MJ Fitness] that is well respected and valued by its loyal customers and employees alike,” Taymax CEO Tim Kelleher said in a media release. “We are thrilled to partner with such a strong business as we continue to build out Planet Fitness’ presence in the region and aim to bring a high-value, low-price fitness experience to even more members.”
Taymax was founded in 2009 and has since expanded to American markets in Nashville; Pittsburgh, Pennsylvania; Sacramento, California; and Huntsville, Alabama, as well as two Canadian markets in Toronto and Ottawa.
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.
MJ Fitness was established in 2013 by Mark Manion and currently claims 32,000 members and 60 employees.
In the transaction, MJ consulted FIDUS as its financial advisor and Locke Lorde LLP as its legal advisor. Kirkland & Ellis LLP provided legal advice to Taymax.
Planet Fitness, Hampton, New Hampshire, 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.