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Planet Fitness multi-unit operator National Fitness Partners (NFP) is acquiring 16 Planet Fitness clubs, including 15 locations in the greater Cleveland and Akron-Canton, Ohio markets and one location in central Pennsylvania.
The new deal expands NFP’s portfolio, which now includes 94 Planet Fitness clubs with exclusive rights to develop 40 plus additional locations in Pennsylvania, Ohio, Delaware, North Carolina, and South Carolina. NFP is a portfolio company of Atlanta-based private investment firm Argonne Capital Group, LLC.
“We remain bullish on the near-term recovery prospects and long-term growth of the Planet Fitness brand, as encouraging membership and utilization trends continue to point to a successful emergence from the Covid-19 pandemic,” said Stephen Kindler Jr., president and CEO of National Fitness Partners. “This significant investment will expand our reach into important new markets and strengthen our efforts to ensure more people have access to low-cost fitness options, as we believe regular exercise plays an essential role in enhancing the physical, mental and emotional wellbeing of our members.”
This transaction represents the seventh acquisition for NFP, which was founded in 2016 in partnership with Argonne to acquire 10 Planet Fitness locations in central Pennsylvania from the Kindler family. The Kindlers have been involved in the fitness industry since 1967 and legacy Planet Fitness franchisees since 2005, when the family converted two gyms in Harrisburg, Pennsylvania to Planet Fitness.