Altamont Capital Partners has acquired PF Eastern NC, a North Carolina-based Planet Fitness franchisee. No financial terms were disclosed. Marks & Klein LLP advised and represented PF Eastern NC while Ropes & Gray LLP and Bass, Berry & Sims PLC advised and represented Altamont.
Palo Alto, CA, Austin, TX and Raleigh, NC (March 5, 2018) – 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/