PFC Management LLC, a Connecticut-based Planet Fitness franchisee, has been sold to private equity firm Exaltare Capital Partners LLC, Boston, and private investment firm Brightwood Capital Advisors LLC, New York.
“It will allow us the necessary capital to make improvements to some of our older locations, possibly relocate into some new space and expand into new locations around Connecticut, much quicker than we would have been able to on our own,” Pepe Jr. told The Register Citizen, Torrington, CT. He also told the Connecticut Post that as a “mom-and-pop operation,” it would have been difficult to invest in the older clubs and expand simply by asking a bank for loans.
In addition to the 15 locations, Exaltare also has purchased an area development agreement from the corporate Planet Fitness office in Newington, NH, for the rights to open clubs in all unoccupied territories throughout Connecticut.
“We’re confident about the future of this strong franchise and feel that Planet Fitness has done a great job of creating a high-value fitness club offering to the value-oriented consumer,” Exaltare Managing Partner Omar Simmons said in a statement.
Modern Bank provided a portion of the financing to complete the transaction and will be the administrative agent for the credit facilities.
PFC Management has 150 employees and will continue to be headquartered in Orange, CT.
Last November, Planet Fitness CEO Mike Grondahl confirmed a deal with San Francisco-based private equity firm TSG Consumer Partners, which now lists Planet Fitness among its portfolio companies on its website.
Orange, CT (March 27, 2019) – ECP-PF Holdings Group, Inc., a Planet Fitness franchisee with over 90 Planet Fitness locations across the U.S. and Canada, including 28 Planet Fitness locations in Connecticut,...
Orange, CT (March 7, 2019) – ECP-PF Holdings Group, Inc., a Planet Fitness franchisee with over 80 Planet Fitness locations across the U.S. and Canada, has announced that it acquired seven Planet Fitness...
Location (January 23, 2019) – ECP-PF Holdings Group, Inc., a Planet Fitness franchisee with over 80 Planet Fitness locations across the U.S. and Canada, including 23 Planet Fitness locations in Connecticut,...