PLNTF Holdings, owner of Planet Fitness health clubs in the greater Indianapolis area, has acquired 14 additional health clubs in Alabama and Virginia. No financial terms were disclosed. PLNTF is a portfolio company of Atlantic Street Capital.
STAMFORD, CT, May 23, 2018 – Atlantic Street Capital (Atlantic Street), a private equity firm targeting entrepreneurial businesses poised for the next level of growth, announced today that its portfolio company PLNTF Holdings (PLNTF), owner of Planet Fitness health clubs in the greater Indianapolis area, has acquired 14 additional health clubs in Alabama and Virginia as part of the next step in its acquisition strategy to expand into new and growing geographic regions.
The addition of these new clubs increases the company’s total locations to 29, creating one of the largest franchisees in the Planet Fitness system. The Alabama health clubs are located in the greater Mobile area and northern Alabama, and the Virginia clubs include Alexandria, Manassas, Fairfax, Centreville, Springfield and Woodbridge. Going forward, PLNTF will look to develop additional Planet Fitness health clubs in both geographies.
Mike Campagnolo, Chief Executive Officer of PLNTF Holdings, said, “We are very pleased with the growth of our operations in existing markets. We partnered with Atlantic Street to leverage their multi-unit retail expertise and help broaden our footprint into new markets. The acquisition of these clubs in high-quality retail locations is an important step in our overall strategy to create a more powerful and geographically-diverse Planet Fitness platform. We see strong potential in the Alabama and Virginia markets where our club’s compelling value proposition will be very appealing to consumers. We look forward to working with Atlantic Street to continue our steady growth.”
Andy Wilkins, Managing Partner of Atlantic Street added, “These acquisitions demonstrate our strong level of confidence in the Planet Fitness brand and the northern Virginia and Alabama markets. There is significant potential to grow the business by leveraging the company’s brand recognition, and these locations are a great addition to PLNTF’s existing footprint.”
Atlantic Street partnered with Mr. Campagnolo in 2017 to support PLNTF’s ongoing expansion into new and existing markets. Founded in 2010, PLNTF is headquartered in Indianapolis and operates franchised Planet Fitness health clubs, one of the largest and fastest-growing franchisors and operators of fitness centers.
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 of 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.