Atlantic Street Capital has made a “significant” investment in Planet Fit Indy 10 LLC. Based in Indianapolis, PF Indy is an operator of franchised Planet Fitness health clubs.
STAMFORD, Conn., March 14, 2017 /PRNewswire/ — Atlantic Street Capital (Atlantic Street), a private equity firm targeting entrepreneurial businesses poised for the next level of growth, announced today that it has made a significant investment in Planet Fit Indy 10 LLC (PF Indy), owner of Planet Fitness (NYSE: PLNT) health clubs in the greater Indianapolis area, to support its ongoing expansion in new and existing markets.
Atlantic Street is partnering with Mike Campagnolo, Chief Executive Officer of PF Indy, who will retain a significant stake in the new company and lead the company’s growth as CEO. Founded in 2010, PF Indy is headquartered in Indianapolis and operates franchised Planet Fitness health clubs, one of the largest and fastest-growing franchisors and operators of fitness centers.
Andy Wilkins, Atlantic Street’s Managing Partner, said, “The management team at Planet Fitness Corporate is truly remarkable in the ability to manage a brand and partner with its franchise base. Combine that with a strong operator like Mike Campagnolo and the success speaks for itself. We look forward to being a strong financial partner to Mike and working tirelessly to be a top performer.”
Mr. Campagnolo, said, “Atlantic Street is the perfect partner for us as they share the same vision for our company. I was impressed by Atlantic Street’s successful multi-unit retail experience consolidating and scaling businesses within the Verizon and Jimmy John’s systems. Planet Fitness offers a compelling value proposition and its model is very attractive to members who want the benefits of a first-class gym but in a non-intimidating environment. I look forward to working with Atlantic Street to continue our steady growth beyond Indianapolis.”
This is the first platform investment since Atlantic Street raised its Fund III last year with $210.5 million in capital commitments.
About Atlantic Street Capital
Atlantic Street Capital is a private equity firm that invests in middle market companies with between $4 million and $12 million in EBITDA. The firm invests in fundamentally sound companies that will benefit from capital investment and value-adding strategic and operational initiatives. Atlantic Street Capital’s partners are hands-on investors who work closely with management to unlock their business’ underlying value and help them succeed.
The firm is currently investing in Atlantic Street Capital III, LP. For more information, visit www.atlanticstreetcapital.com.