PE-backed Excel Fitness names new CFO

Excel Fitness, a planet fitness franchisee, has appointed Joseph Cancelliere as chief financial officer.

Excel Fitness, a planet fitness franchisee, has appointed Joseph Cancelliere as chief financial officer. Pat Mackey, Excel Fitness’ former CFO, has retired. Excel Fitness is a portfolio company of Altamont Capital Partners.


AUSTIN, TX – Excel Fitness, one of the country’s largest Planet Fitness franchisees, announced today that Joseph Cancelliere has been named Chief Financial Officer. The former CFO, Pat Mackey, retires from Excel Fitness on a high note, having opened seven new clubs in 2021. Mackey is now transitioning to an advisor role, preparing the company for its next phase of growth.

“Pat has made outstanding contributions to Excel Fitness throughout his many years of service,” said CJ Bouchard, CEO. “His dedication and commitment to building a world-class finance team and financial excellence at Excel Fitness has been a hallmark of his tenure.”
Joseph Cancelliere is well-positioned to build upon the successful foundation laid by Mackey, and will continue to strengthen Excel’s talent, processes, and technology, bringing additional value and insights that will further advance the company’s leading franchisee operations.

“It’s been my honor and privilege to be a part of this industry-leading brand for the past six years, and I am proud of what our extraordinary team has accomplished together,” said Mackey. “I am excited to watch Joe’s continued success and spend time with my wife and family who have supported me throughout my career.”

Cancelliere has worked in the Planet Fitness system since 2014 and joined Excel Fitness in 2017 as Director of Financial Planning and Analysis. Prior to working with Planet Fitness, he spent several years at Ernst & Young advising on mergers and acquisitions. His appointment as Excel Fitness CFO went into effect on December 1st, 2021.

Other staff changes include the promotion of Reagan Newman to Vice President of Accounting, where he will be transitioning into a leadership role for the finance team.

“Reagan has been a key member of our finance team as we’ve continued to scale. I’m proud of this next chapter for him and Excel Fitness, and I look forward to maintaining our close relationship as I transition to the new role as Chief Financial Officer,” said Cancelliere.
In 2021, the company also appointed CJ Bouchard as its CEO and Mike Turner to Chairman of the Board. Excel’s leadership team continues to strengthen and is well-positioned to run its differentiated franchisee platform and support growth.

Excel Fitness has been a portfolio company of Altamont Capital Partners since 2016. At the time, Excel operated 18 Planet Fitness locations in Austin and Dallas. Today, Excel Fitness operates 90 locations across Texas, Oklahoma, Arkansas, Missouri, North Carolina, and Virginia. It was named the 2019 Franchisee of the Year by Planet Fitness.

About Excel Fitness Holdings
Excel Fitness Holdings is a leading Planet Fitness franchise group based in the Austin area with over 80 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 Altamont Capital Partners
Altamont Capital Partners is a private investment firm based in the San Francisco Bay Area with more than $3.5 billion of assets 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 healthcare, business services, financial services, consumer/retail, and industrials.