National Fitness Partners, which is backed by Argonne Capital Group, has acquired 12 Charlotte, North Carolina metro area-based Planet Fitness clubs. The seller was GNT Holdings LLC. No financial terms were disclosed. King & Spalding, McGuireWoods LLP, Gray Plant Mooty and Asenti Diligence Partners advised Argonne Capital Group while Bishop, Dulaney, Joyner & Abner advised GNT Holdings.
HARRISBURG, Pa. & CHARLOTTE, N.C. & ATLANTA–(BUSINESS WIRE)–Argonne Capital Group, LLC (“Argonne Capital” or “Argonne”) today announced that its portfolio company, National Fitness Partners (“NFP” or the “Company”), has acquired 12 Planet Fitness clubs operating in the Charlotte, NC metro area from GNT Holdings, LLC (“GNT”). This acquisition more than doubles the footprint of the Company, which will now operate 23 clubs in Pennsylvania, Delaware, North Carolina and South Carolina. NFP’s headquarters will remain in Harrisburg, PA, but the Company plans to maintain an office in Charlotte to support the newly acquired clubs.
Founded in 1992 in Dover, N.H., Planet Fitness 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 March 31, 2017, Planet Fitness had more than 10 million members and more than 1,300 stores in 48 states, the District of Columbia, Puerto Rico, Canada and the Dominican Republic. The Company’s 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®.
“We have known Gerald Kennedy and the GNT team for many years and have always been impressed with the quality of their clubs, their operations and their growing markets,” said Frank Kindler, President of National Fitness Partners. “With these newly acquired clubs and the continued financial support of Argonne, we look forward to further expanding the Planet Fitness brand in the Carolinas and beyond.”
“After 11 years of hard work building out the Charlotte market, the entire GNT team and I could not be more thrilled with the outcome of this transaction,” said Gerald Kennedy, Founder and President of GNT Holdings. “We believe that National Fitness Partners is going to provide the perfect home for our 12 Charlotte-area clubs and their loyal employees and members.”
King & Spalding, McGuireWoods LLP, Gray Plant Mooty and Asenti Diligence Partners advised Argonne Capital Group. Bishop, Dulaney, Joyner & Abner advised GNT Holdings.
About Argonne Capital Group
Founded in 2003, Argonne Capital Group is a closely-held private investment firm that seeks to make control equity investments in a diverse range of middle market enterprises, including those in the multi-unit restaurant, retail and service industries. Argonne also has a significant presence in multi-tenant retail real estate through its RCG Ventures platform. Unlike traditional private equity firms, Argonne independently capitalizes each investment it makes, allowing the firm meaningful flexibility in the types of transactions it pursues and an indefinite time horizon for its ownership of any given asset. The firm targets equity investments of $25 – $100 million per transaction.
For more information, please visit www.argonnecapital.com