Planet Fitness reached a milestone on Monday.
The Newington, New Hampshire, company opened its 1,000th club in Washington, DC, according to a release from the company. All Planet Fitness locations in the United States and Canada will open its doors to a Free Day of Fitness on Thursday and offer new membership sales to celebrate the benchmark.
"Opening our 1,000th club is an important and exciting milestone for Planet Fitness," Planet Fitness CEO Chris Rondeau said. "We are excited to celebrate this company milestone with our amazing franchisees without whose support this accomplishment would not be possible to allow everyone to enjoy a free day of fitness and experience what makes our clubs so unique."
Planet Fitness ranked No. 7 on Club Industry's Top 100 Clubs list in 2014 with a reported $211 million in 2013 revenue, a 32 percent increase from 2012. The revenue reported for this list did not include franchisee revenue. It only reflected revenue from corporate-owned clubs and revenue from franchisee fees.
Planet Fitness was founded in 1992 in Dover, New Hampshire, and opened its 500th location in January 2012. The brand reached its 700th location in November 2013 – the same year it projected a 1,000th location in 2015 – and had 800 locations as of May 2014.
Planet Fitness had more than 6 million members as of February, according to a Reuters report.
Planet Fitness is planning an initial public offering and filed a draft registration statement with the Securities and Exchange Commission in May. The IPO date, number of shares to be offered and the price range for the proposed offering have not yet been determined. The IPO could be valued at more than $2 billion, according to unidentified sources in the Reuters report.
The company is awaiting New Hampshire legislative decision that would change a provision in the state's tax law ahead of the IPO. The change would allow Planet Fitness to issue the IPO without having to pay the state's 8.5 percent business profits tax on the company's increase in value.
Planet Fitness has threatened to move its Newington headquarters out of state if the provision is not changed.