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Planet Fitness has agreed to acquire franchisee Sunshine Fitness Growth Holdings, a 114 location franchisee, in a cash and stock transaction valued at $800 million. Sunshine Fitness was the first Planet Fitness franchisee and operates locations in Alabama, Florida, Georgia, North Carolina, and South Carolina.
In a statement the company said Sunshine Fitness was one of its best-performing franchisees and that the acquisition will provide geographic diversity to the current corporate store portfolio.
“Owning corporate stores is an important part of our strategy, as it gives us both relevancy and credibility when making decisions that impact the entire system,” said Chris Rondeau, CEO of Planet Fitness. “Additionally, joining our corporate team is a management team that has built some of the highest store-level profit generating locations in our system which will enhance our corporate store leadership and capabilities.”
Following the purchase, Planet Fitness will own more than 200 corporate stores, accounting for approximately 10 percent of the brand’s total system.
Sunshine Fitness co-founder and CEO Shane McGuiness, who has been an owner and operator in the Planet Fitness system for nearly 20 years, will oversee operations of the combined corporate store portfolio.