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Indianapolis-based PLNTF Holdings, a company whose subsidiary, PF Indy, operates Planet Fitness locations, acquired 14 more of the brand's units in the Alabama and Virginia markets. The franchisee also has plans to open additional clubs in those same states.
The group is already a Planet Fitness operator in the Indianapolis market where it currently operates 15 locations. The new deal brings PLNTF Holdings' total club count to 29, which makes it one of the largest franchisees in the Planet Fitness network. PLNTF Holdings is owned by private equity firm Atlantic Street Capital.
"We are very pleased with the growth of our operations in existing markets," PLNTF Holdings CEO Mike Campagnolo said. "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."
The deal's Alabama clubs are located in the Mobile area as well as northern Alabama. The Virginia clubs are in Alexandria, Manassas, Fairfax, Centreville, Springfield, and Woodbridge.