STAMFORD, Conn., April 29,
2022 /PRNewswire/ -- Stamford, CT based private equity firm Olympus
Partners has acquired Excel Fitness Holdings, LLC ("Excel"), a
Planet Fitness franchisee serving six markets including
Austin, Dallas Ft-Worth, Northwest Arkansas, Raleigh-Durham, Tulsa, and
Virginia. Excel Fitness is
headquartered in Austin, Texas and
operates over 90 Planet Fitness locations serving nearly 750,000
members at the time of acquisition.
"The Planet Fitness brand has done an incredible job cultivating
a welcoming environment for the large percentage of the population
who have never belonged to a gym or find traditional gym settings
intimidating. We are thrilled to be partnering with Excel
management who we believe has developed one of the premier
franchisees by marrying the proven Planet Fitness concept with
exceptional customer service and operational excellence," said
Matt Boyd, Principal at Olympus. "We
look forward to our partnership with CJ and the rest of the Excel
team as we further expand the Company's presence in its core
markets and beyond."
CJ Bouchard, CEO of Excel, added, "Our team is extremely excited
to partner with the Olympus team as we continue growing our
business, building communities through fitness and bringing the
Judgement Free Zone to new members."
"We are in many of the highest growth markets in the U.S.
and this gives us the opportunity to expand our footprint through
development and marketing," said CJ Bouchard. The Excel team plans
to operate over 100 locations by the end of 2022 with 80 clubs left
to build.
The Olympus team included Paul
Rubin, Matt Boyd,
Matt Bujor and Sid Ahuja. Olympus was represented by
Matt Goulding and Alexandra Dayneka-Hayes from Kirkland &
Ellis and the Company was advised by Ryan
Budlong and Zach England from
Harris Williams.
About OLYMPUS PARTNERS
Founded in 1988, Olympus Partners is a private equity firm
focused on providing equity capital for middle market management
buyouts and for companies needing capital for expansion. Olympus is
an active, long-term investor across a broad range of industries
including business services, consumer products, healthcare
services, financial services, industrial services, and
manufacturing. Olympus manages in excess of $8.5 billion mainly on behalf of corporate
pension funds, endowment funds and state-sponsored retirement
programs.
About EXCEL FITNESS
Excel Fitness Holdings is a leading Planet Fitness franchise
group based in the Austin area
with over 90 locations across Texas, Oklahoma, Arkansas, Missouri, North
Carolina, and Virginia.
Excel Fitness has built a team culture that focuses on elevating
the member experience by developing exceptional health clubs and
delivering world-class customer service. The team is passionate
about building communities through fitness and supporting their
local markets through employment and memberships opportunities that
positively impact lives.
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 December 31, 2021,
Planet Fitness had 15.2 million members and 2,254 stores in 50
states, the District of Columbia,
Puerto Rico, Canada, Panama, Mexico and Australia. 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 90% of Planet Fitness stores are
owned and operated by independent business men and women.
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SOURCE Olympus Partners