TSG Consumer Partners is backing health club company Planet Fitness, in a deal that will help the company expand locations. Specific details of the deal were not disclosed.
Planet Fitness, a leading innovator in the health club industry, has partnered with strategic equity firm TSG Consumer Partners LLC (TSG). The partnership will enable Planet Fitness to further build its national brand, expand locations, and support its franchisees.
Michael Grondahl, co-founder of Planet Fitness and pioneer of the low-price, “judgement free” gym that changed the landscape of the health club industry, has stepped down as CEO but will continue as a member of the board of directors. Twenty year Planet Fitness veteran Chris Rondeau has been appointed CEO.
“I believe that now is the time to make this change as TSG works with our team on plans for the future. What Planet Fitness has accomplished is truly amazing,” Grondahl said. “The future of the company is extremely bright. Chris Rondeau is the right man at the right time to oversee the company’s continued growth.”
Rondeau joined Planet Fitness in 1993 and has been a partner in the business since 2003. As head of operations since then, he’s been a driving force behind the evolution of the brand.
“I’m very excited about our growth ahead and honored to be following in Michael’s footsteps as CEO,” Rondeau said. “He’s been a great mentor and partner, and a good friend. I look forward to working directly with TSG as we look to expand the brand. With more than 100 projected club openings in 2013, the future couldn’t be brighter. Our company is stronger now than ever.”
TSG Managing Director Pierre LeComte says of the change, “We are excited about the appointment of Chris Rondeau as CEO and are looking forward to Michael’s continued insights as a member of the board.”
About Planet Fitness
Planet Fitness, the national brand partner for the NBC show “The Biggest Loser,” is the fastest-growing gym franchise in the United States, with 618 locations and 3.8 million members. Planet Fitness is known for its relaxed, Judgement Free Zone® atmosphere and friendly prices – just $10 a month with no commitments. For more information, please visit www.planetfitness.com.
About TSG Consumer Partners LLC
TSG Consumer Partners LLC is a leading investment firm with over $2.9 billion in equity capital under management, focused on the branded consumer sector. Since its founding in 1987, TSG has been an active investor in the food, beverage, restaurant, beauty, personal care, household, retail/franchised services and apparel & accessories sectors. Representative past and present partner companies include vitaminwater, Smart Balance, PopChips, Muscle Milk, Yard House, Smashbox Cosmetics, Pureology, e.l.f. cosmetics, Paige Denim and Alexis Bittar.