Fifth Third Securities Advises Planet Fitness Midwest on Growth Capital Raise
August 10 2016 - 9:35AM
Business Wire
Fifth Third Securities, Inc. served as the exclusive financial
advisor to Planet Fitness Midwest on their recent growth capital
raise. Together, Fifth Third Bank raised $65 million of senior debt
through a syndication+ and Fifth Third Securities, Inc. placed $15
million of subordinated debt++ to facilitate the Company’s
considerable growth trajectory. The closing of the transaction
re-enforces Fifth Third’s significant presence in the rapidly
growing Planet Fitness system, as both a financial advisor and
capital provider.
Charlie Hurt, Consumer & Retail Investment Banking Managing
Director at Fifth Third Securities noted, “Planet Fitness Midwest
has demonstrated its ability to locate, build and operate
outstanding Planet Fitness clubs. It’s fantastic for both their
customers and also for the local communities in which they are
entering. The clubs that they have built in Cincinnati and St.
Louis over the last year are providing the great Planet Fitness
value to thousands of new members, and the new clubs have created
over 150 new jobs. This new capital will enable the Company to
build many more clubs, serve thousands of additional customers and
create hundreds of additional new jobs. The whole Fifth Third team
is extremely pleased to have been able to help the Company execute
on its growth strategy.”
Sam Glassman, Partner at Planet Fitness Midwest added, “We are
excited to continue our partnership with Fifth Third to complete
one of the largest Planet Fitness franchisee transactions to date.
The whole Fifth Third team worked extremely well to execute a
complicated transaction that primes us to carry out our growth
strategy.”
Planet Fitness Midwest operates fitness clubs under the Planet
Fitness brand name. Planet Fitness Midwest currently operates 19
fitness clubs, with plans to grow by 25 to 30 clubs over the next
few years. The Company owns the exclusive area development rights
to the St. Louis, MO, Cincinnati, OH and Lexington, KY markets.
Fifth Third Capital Markets provides value-added advice and
solutions aimed to support the growth and profitability of middle
market and mid-corporate clients. Fifth Third’s Capital Markets
services include investment banking++, debt capital markets+,
equity capital markets++, financial risk management+ and fixed
income sales and trading++. The group has offices in Atlanta,
Charlotte, Cincinnati, Chicago, Cleveland, Dallas and Memphis, and
provides industry specialization across many sectors including
consumer retail, diversified industrials, energy, food, beverage
and agribusiness, healthcare, real estate, surface transportation
and telecom, media and technology.
For additional information about how the capital markets
professionals at Fifth Third can help your business, please visit
our website.
+ Services and activities offered through Fifth Third
Bank++ Services and activities offered through Fifth
Third Securities, Inc.
About Fifth Third Bancorp
Fifth Third Bancorp is a diversified financial services company
headquartered in Cincinnati, Ohio. The Company has $144 billion in
assets and operates 1,191 full-service Banking Centers, including
94 Bank Mart® locations, most open seven days a week, inside select
grocery stores and 2,541 ATMs in Ohio, Kentucky, Indiana, Michigan,
Illinois, Florida, Tennessee, West Virginia, Georgia and North
Carolina. Fifth Third operates four main businesses: Commercial
Banking, Branch Banking, Consumer Lending, and Wealth and Asset
Management. Fifth Third also has an 18.3% interest in Vantiv
Holding, LLC. Fifth Third is among the largest money managers in
the Midwest and, as of June 30, 2016, had $305 billion in assets
under care, of which it managed $26 billion for individuals,
corporations and not-for-profit organizations. Investor information
and press releases can be viewed at www.53.com. Fifth Third’s
common stock is traded on the Nasdaq® Global Select Market under
the symbol “FITB.” Fifth Third Bank was established in 1858. Member
FDIC
Fifth Third Bank provides access to investments and investment
services through various subsidiaries, including Fifth Third
Securities, Inc. Fifth Third Securities is the trade name used by
Fifth Third Securities, Inc., member FINRA/SIPC, a registered
broker-dealer and a registered investment advisor registered with
the U.S. Securities and Exchange Commission (SEC). Registration
does not imply a certain level of skill or training. Securities and
investments offered through Fifth Third Securities, Inc. and
insurance products:
Are Not FDIC Insured Offer No Bank Guarantee May Lose
Value Are Not Insured By Any Federal Government Agency Are Not A
Deposit
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Fifth Third BankSean Parker, 513-534-6791
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