Centre Partners Acquires Majority Stake in One World Fitness.
M2 EQUITYBITES-April 2, 2019-Centre Partners Acquires Majority Stake in One World Fitness
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2 April 2019 - New York, US-based private equity firm Centre Partners has acquired a majority interest in New Hampshire, US-based fitness clubs operator One World Fitness PFF, LLC (AKA New England Fitness and affiliates,) operating under the Planet Fitness banner, the company said.
Financial terms were not disclosed.
New England Fitness operates fitness clubs as a franchisee of Planet Fitness and has expanded its operations to include 18 fitness clubs primarily in the Philadelphia metropolitan and New Jersey markets.
Centre Partners' financial support and industry expertise will accelerate growth and facilitate meaningful investments in the One World Fitness our business.
Planet Fitness is a health club franchise known for providing high-value, low-price fitness experiences in low-pressure, Judgement-Free environments.
Centre Partners has invested over USD 2bn of equity capital in more than 80 transactions since its inception.
One World Fitness is an owner and operator of Planet Fitness clubs with facilities in the Philadelphia metropolitan and New Jersey markets. One World Fitness manages 18 Planet Fitness facilities and has a proven track record of new club development, having opened three de novo facilities in each of the past three years.
Planet Fitness is a franchisor and operator of fitness centres in the United States by number of members and locations.
As of December 31, 2018, Planet Fitness had more than 12.5m members and 1,742 stores in 50 states, the District of Columbia, Puerto Rico, Canada, the Dominican Republic, Panama and Mexico.
Marks and Klein LLP provided legal counsel to One World Fitness and Dechert LLP provided legal counsel to Centre.
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|Publication:||M2 EquityBites (EQB)|
|Date:||Apr 2, 2019|
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