PALO ALTO, Calif. and
AUSTIN, Texas and RALEIGH, N.C., March 5,
2018 /PRNewswire/ -- Altamont Capital Partners
(Altamont) today announced that it has acquired PF Eastern NC, the
largest Planet Fitness franchisee in North Carolina, a deal that brings together
two franchisee powerhouses and expands their group to 56 clubs
across the US.
The acquisition partners Altamont's current Planet Fitness
franchisee Excel Fitness (Excel), operating 39 fitness clubs across
4 states, with PF Eastern NC, operating 17 fitness clubs throughout
the Raleigh, Durham and the Southwest Virginia markets. Operating together
as Excel, this partnership helps the collective group deliver an
exceptional customer experience and building loyalty through world
class operations and its values-driven culture.
As part of the transaction Altamont has partnered with CJ
Bouchard, co-founder of PF Eastern NC. CJ brings over 13 years of
Planet Fitness experience and will play a pivotal role in managing
the business.
"I couldn't be more proud of the work my team has done, and
we're all excited to reach the next level through our partnership
with Excel and Altamont," CJ Bouchard said. "Excel's commitment to
cultivating a first-class member experience falls right in line
with our core values. We look forward to sharing best practices
from both sides to continue growing together."
"This is an incredible opportunity for both teams to partner and
continue our momentum," said Excel President Mike Turner, adding, "The NC team are
world-class operators, and with our larger and growing footprint,
we're creating even more opportunities for our employees to build a
career with this incredible brand. There's never been a better time
to be part of our Planet."
Echoing that sentiment, Kevin
Mason, a Principal of Altamont, said, "Culture was a key
piece as we considered our next partnership. These two groups have
created a member-first culture that begins at the front desk of
every club and carries into the back office. We're excited to
continue our growth together to bring Planet's unique value
proposition to even more people with these strong operators leading
the way."
Excel Fitness Holdings Group is a portfolio company of
Palo Alto-based private equity
firm Altamont Capital Partners, which formed Excel Fitness Holdings
in 2016 through their acquisition of 17 Planet Fitness health clubs
in Texas. Excel quickly expanded
to 26 clubs through additional acquisitions in Tulsa and
Northwest Arkansas in 2016 and
accelerated its growth by building 13 additional clubs. With the
addition of PF Eastern NC, Excel currently operates 56 clubs across
6 states.
Marks & Klein LLP advised and represented PF Eastern NC,
while Ropes & Gray LLP and Bass, Berry & Sims PLC advised
and represented Altamont.
About Planet Fitness
Founded in 1992 in Dover, N.H., Planet Fitness (NYSE: PLNT) is
one of the largest and fastest-growing franchisors and operators of
fitness centers in the United
States by number of members and locations. As of
December 31, 2017, Planet Fitness has
approximately 10.6 million members and more than 1,500 stores in
all 50 states, the District of
Columbia, Puerto Rico,
Canada, the Dominican Republic and Panama. The Company mission is to enhance
people's lives by providing a high-quality fitness experience in a
welcoming, non-intimidating environment, which they call the
Judgement Free Zone®. More than 95% of Planet Fitness
stores are owned and operated by independent business men and
women.
About Altamont Capital Partners
Altamont Capital
Partners is a private investment firm based in the San Francisco Bay Area with over $2 billion of capital under management. Altamont
is focused on investing in middle market businesses where it can
partner with leading management teams to help its portfolio
companies reach their full potential. The firm's principals have
significant experience building business success stories across a
range of industries including consumer/retail, financial services,
government services, industrials and healthcare, and have made
numerous investments in the franchise operations and multi-unit
retail sectors. https://www.altamontcapital.com/
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SOURCE Planet Fitness