Taymax Group Holdings LP, which is backed by Trilantic North America, has acquired MJ Fitness, an operator of Planet Fitness clubs. No financial terms were disclosed. FIDUS Partners was financial adviser to MJ Fitness on the transaction.
NEW YORK & SALEM, N.H.–(BUSINESS WIRE)–Taymax Group Holdings, LP (“Taymax” or the “Company”), one of the largest Planet Fitness franchisees, today announced its acquisition of MJ Fitness, a leading operator of Planet Fitness clubs with four locations in the northern Alabama market. This transaction brings Taymax’s footprint to 65 clubs across North America and marks the Company’s first acquisition since receiving a strategic growth investment from private equity firm Trilantic North America in 2018.
Established in 2013 by Mark Manion, MJ Fitness serves more than 32,000 members across its four clubs in the Huntsville, Alabama region and employs a staff of approximately 60. The acquisition represents a natural extension of Taymax’s operations in nearby Nashville, Tennessee, and the Company plans to invest to support the continued growth of the existing footprint and to expand by opening new clubs in the northern Alabama market.
“By fostering a non-intimidating fitness environment and utilizing a data-driven approach to club management, Mark and his team have built an exceptional business that is well respected and valued by its loyal customers and employees alike,” said Tim Kelleher, co-founder and CEO of Taymax. “We are thrilled to partner with such a strong business as we continue to build out Planet Fitness’ presence in the region and aim to bring a high-value, low-price fitness experience to even more members.”
Taymax was founded in 2009 and has grown from one club to more than 60 locations across the greater San Antonio, Nashville, Huntsville, Pittsburgh, Sacramento, Toronto and Ottawa markets. Taymax has been recognized as the Planet Fitness system Developer of the Year twice in the last four years and Franchisee of the Year in 2018.
Planet Fitness, one of the fastest-growing health club franchises in the country, is known for providing a high-quality, low-price fitness experience in a welcoming, non-intimidating environment, called the Judgement Free Zone®. As of March 31, 2019, Planet Fitness had more than 13.6 million members and 1,806 stores in 50 states, the District of Columbia, Puerto Rico, Canada, the Dominican Republic, Panama and Mexico.
FIDUS Partners acted as the financial advisor to MJ Fitness on the transaction and Locke Lorde LLP served as its legal advisor. Kirkland & Ellis LLP provided legal advice to Taymax.
About Taymax Group Holdings, LP
Founded in 2009, Taymax is one of the largest and fastest growing franchisees within the Planet Fitness system. The Company has been recognized as Planet Fitness Developer of the Year in two of the last four years and Franchisee of the Year in 2018. Taymax operates 65 Planet Fitness health clubs in the greater San Antonio, Nashville, Huntsville, Pittsburgh, Sacramento, Toronto and Ottawa regions. The Company is very active in community work in its markets, donating to organizations such as the Boys and Girls Clubs of America, the San Antonio Food Bank and other important local causes.
About Trilantic North America
Trilantic Capital Management L.P. (“Trilantic North America”) is a private equity firm focused on control and significant minority investments in North America. Trilantic North America’s primary investment focus is in the business services, consumer, and energy sectors. Trilantic North America currently manages six private equity fund families with aggregate capital commitments of $9.4 billion. Trilantic North America has been recognized by Inc. Magazine’s 2019 list of Top 50 Founder-Friendly Private Equity Firms. For more information, visit www.trilanticnorthamerica.com.
About Planet Fitness
Founded in 1992 in Dover, NH, 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, 2019, Planet Fitness had more than 13.6 million members and 1,806 stores in 50 states, the District of Columbia, Puerto Rico, Canada, the Dominican Republic, Panama and Mexico. 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®. More than 95% of Planet Fitness stores are owned and operated by franchise owners.