AUSTIN, Texas, Sept. 5, 2018 /PRNewswire/ -- United PF
Partners (United PF), the largest Planet Fitness (NYSE: PLNT)
franchisee, completed the acquisition of the 19 club Planet Fitness
franchisee in the Phoenix market,
increasing its operating club count to 108 clubs across 10
states.
United PF was formed by JLM Financial Partners (JLM) and Eagle
Merchant Partners (Eagle) in November
2016 with the merger of several leading Planet Fitness
franchisees.
Founded in 1992 in Dover, N.H.,
Planet Fitness is one of the largest and fastest growing
franchisors and operators of fitness clubs with more than 1,600
clubs and over 12 million members. Planet Fitness prides itself on
providing a high-quality experience at an exceptional value and
being the home of the Judgement Free Zone®, where members
experience a hassle-free, non-intimidating environment.
In addition to recapitalizing the ownership of the Phoenix club group, the investments from
United PF will provide capital to fuel club-level improvements and
growth through the development of new clubs in these markets.
United PF's resources and scale will continue to provide the
opportunity for rapid organic growth and acquisitive growth in
contiguous geographies.
"We have known and admired the Phoenix group for several years and the United
PF team is thrilled to welcome the Phoenix clubs to our growing enterprise," said
Trey Owen, CEO, United PF. "This
fast-growing group and high-performing team will fit nicely with
our existing family of clubs, furthering our ability to share best
practices and leverage scale across all of our clubs."
United PF is a growth-oriented franchisee with significant room
for new club expansion under its area development agreements. This
partnership, led by Owen, brings a depth of fitness and multi-unit
industry experience to the leadership team and the board. The
board, which includes members of JLM and Eagle, possesses deep
multi-unit franchise and development experience.
Financing for United PF was jointly led by Goldman Sachs
Specialty Lending Group and AB Private Credit Investors, co-agents
and co-lead arrangers, and Antares, co-lead arranger.
About United PF Partners
United PF Partners is the
largest Planet Fitness franchise group with 108 locations across
Alabama, Arizona, Kansas, Louisiana, Mississippi, Missouri, Oklahoma, Pennsylvania, Texas, and West Virginia. United PF has
development rights to build new clubs across the Midwest, South,
Mid-Atlantic, and Southwest regions.
About Planet Fitness
Founded in 1992 in Dover, NH, Planet Fitness 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 June
30, 2018, Planet Fitness had approximately 12.1 million
members and 1,608 stores in 50 states, the District of Columbia, Puerto Rico, Canada, the Dominican Republic, Panama, and Mexico. The Company's mission is to enhance
people's lives by providing a high-quality fitness experience in a
welcoming, non-intimidating environment, which we call the
Judgement Free Zone®. More than 95% of Planet Fitness
stores are owned and operated by independent business men and
women.
About JLM Financial Partners
JLM Financial Partners,
an affiliate of JLM Financial Investments founded by Larry Meyer, is a private investment firm based
in Austin, Texas that owned 25
Planet Fitness clubs with a sizable area development agreement
which are now part of United PF Partners. JLM also owns and
manages assets and investments in healthcare and real
estate. For more information, visit
http://www.jlmfinancialpartners.com.
About Eagle Merchant Partners
Eagle Merchant Partners
is an Atlanta, Georgia based
private equity firm focused on lower middle market companies in the
multi-unit consumer, logistics and industrial sectors in the
Southeastern United States. The
partnership is one of the most experienced private equity investors
in the region, investing in seventeen companies with more than
$1.5 billion in revenues. For more
information, visit: www.eaglemerchantpartners.com.
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SOURCE Planet Fitness