Altamont Capital Partners has acquired Excel Fitness Holdings, a Texas-based Planet Fitness franchisee. No financial terms were disclosed. The McLean Group and Reger Rizzo Darnall LLP provided advice to Excel Fitness on the transaction while Ropes & Gray LLP did likewise for Altamont.
Palo Alto, CA and Pflugerville, TX, February 2, 2016—Altamont Capital Partners (Altamont) today announced that it has acquired Excel Fitness Holdings, Inc. (Excel Fitness), the largest Planet Fitness franchisee in Texas, operating 18 fitness clubs throughout the Dallas and Austin markets. As part of the transaction, Altamont has partnered with Greg Attwood and Mike Turner, the prior majority owners of Excel Fitness along with Kimberly Attwood and Scott Attwood. Greg and Mike will continue to manage the business and will each retain significant equity stakes.
“This is an exciting day for our company”, Excel Fitness founder Greg Attwood said. “I am extremely proud of what our team at Excel Fitness has accomplished these past eight years and believe the partnership with Altamont positions us incredibly well for future growth. We look forward to introducing even more communities to the high value, low cost, ‘judgement free’ offering that Planet Fitness delivers for its members.”
Excel Fitness President and COO Mike Turner added, “Greg and I are excited to be partnering with Altamont as we embark on this next phase of growth for the business. We all share a similar set of values and ambitions, which is important to our team, and we believe that Altamont’s experience in franchise operations and multi-unit retail will be a helpful resource as we execute on our growth plans.”
Echoing that sentiment, Casey Lynch, a Managing Director of Altamont, said, “We are thrilled to become franchisees of Planet Fitness and to do so alongside leading operators in the system like Greg and Mike. We firmly believe that Planet Fitness’ value proposition and differentiated messaging resonates with members and are excited about the growth opportunity that lies ahead for Excel Fitness.”
The McLean Group and Reger Rizzo Darnall LLP advised Excel Fitness while Ropes & Gray LLP 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. With more than 1,000 locations in 47 states, the District of Columbia, Puerto Rico, Canada, and the Dominican Republic, Planet Fitness’ 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.
About Altamont Capital Partners
Altamont Capital Partners is a private investment firm based in the San Francisco Bay Area with over $1 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.