ECP-PF Holdings Group, Inc., an entity jointly owned by private equity firms Exaltare Capital Partners LLC (“Exaltare”), and Brightwood Capital Advisors LLC (“Brightwood”), acquired 8 Planet Fitness health clubs in Albuquerque, NM, owned by franchisee Rick Glassman. ECP-PF Holdings now has 30 total locations in Connecticut and New Mexico.
Planet Fitness is the fastest-growing fitness operator in the United States, providing its members low-prices and unbeatable value in a relaxed Judgment Free® atmosphere that allows all people, at all fitness levels, the opportunity to pursue an active, healthy lifestyle.
Rick Glassman opened his first Planet Fitness club in Albuquerque in 2008, and quickly expanded since then. Under the terms of the agreement, the seller will continue to be an equity owner in the company. The existing senior management team will continue to oversee the daily operations, and Rick Glassman will serve as President of the New Mexico Division.
ECP-PF Holdings has purchased, in addition to the 8 Albuquerque clubs, an area development agreement from the corporate Planet Fitness office in Newington, NH, for the rights to open clubs in all unoccupied territories throughout New Mexico, with the exception of Las Cruces.
Exaltare Capital Partners LLC is a Boston, Massachusetts-based private equity firm that invests in owner-managed, family-controlled businesses and corporate divestitures.