The McLean Group Advises KiwiMex Holdings on the Sale of 17 Planet Fitness Clubs to CDM Fitness Holdings, a Portfolio Company of Spanos Barber Jesse & Co.
McLean, Va. – Dec. 5, 2019 – KiwiMex Holdings, an Area Developer of 17 Planet Fitness clubs in Rhode Island and Massachusetts, has been acquired by CDM Fitness Holdings, a portfolio company of Spanos Barber Jesse & Co. The McLean Group’s Meg Montague and Burt Yarkin of its franchising practice served as the exclusive advisor to KiwiMex Holdings. Terms of the transaction were not disclosed.
Meg Montague, Senior Managing Director of The McLean Group, said, “The synergy between KiwiMex Holdings and CDM Fitness Holdings was obvious from the start. Beyond shared geography and culture, both firms are great organizations and strong regional players. They also mirror one another in terms of corporate values and growth expectations. Their combined power will undoubtedly lead to future success for all involved.”
“CDM Fitness Holdings owns and operates more than 20 Planet Fitness clubs in Massachusetts,” explained Steve Eddleston, founder of KiwiMex Holdings. “With the strong financial backing of Spanos Barber Jesse & Co., our team gains the structure, guidance and support to continue to excel within the Plant Fitness model.”
Eddleston continued, “The McLean Group’s execution of our engagement was flawless. Throughout the process their team worked tirelessly to maintain ongoing communication, update us on target opportunities, help us avoid potential deal pitfalls and facilitate the due diligence process. Our choice to go with The McLean Group was the best decision we could have made.”
Brian Kablik, CEO of CDM Fitness Holdings, added, “Steve Eddleston and his team are proven Planet Fitness operators with very successful, well-appointed and efficiently run clubs. The addition of their 17 clubs across Rhode Island and Massachusetts concurrently fulfills our vision for growth while maintaining the high standards our members have come to expect.”
The McLean Group’s franchising practice provides a full range of M&A advisory and capital-raising services to franchisors and multi-unit franchisees.
The McLean Group is a middle-market investment bank that provides objective strategic and financial advice on mergers and acquisitions and business valuations. Our investment banking advisory and valuation services are built on comprehensive industry knowledge, extensive transaction experience, senior-level attention to every client engagement and a real-time understanding of industry-specific value drivers. By partnering with clients and providing strategic advice throughout every phase of a company’s development, The McLean Group is uniquely positioned to support clients’ long-term success.
About KiwiMex Holdings
KiwiMex Holdings, founded by Steve Eddleston, opened its first Planet Fitness club in December 2008 in Providence, Rhode Island. Since then, the network of clubs has grown to 17 across Rhode Island and Massachusetts. Their buy-and-build strategy has helped make them the largest Planet Fitness franchise in Rhode Island.
About CDM Fitness Holdings
CDM Fitness Holdings opened its first Planet Fitness club in 2007 in Massachusetts and entered into one of the first exclusive area development agreements with Planet Fitness corporate. In 2011, CDM Fitness Holdings established the first marketing cooperative in the Planet Fitness system. Since that time, CDM Fitness Holdings has grown to 37 clubs in Massachusetts through new club openings and acquisitions and is now the operator of the most Planet Fitness clubs in New England.
About Planet Fitness
Founded in 1992 in Dover, New Hampshire, Planet Fitness (NYSE: PLNT) is one of the largest and fastest-growing franchisors and operators of fitness centers in the United States by number of members and locations. As of September 30, 2019, Planet Fitness had more than 14.1 million members and 1,899 clubs in 50 states, the District of Columbia, Puerto Rico, Canada, the Dominican Republic, Panama and Mexico. Planet Fitness’ mission is to enhance people’s lives by providing a high-quality fitness experience in a welcoming, non-intimidating environment, known as the Judgement Free Zone®.
About Spanos Barber Jesse & Co.
Spanos Barber Jesse & Co. is a private investment firm with approximately $300 million of committed capital, focused on leading investments in founder and family-owned consumer, business services and healthcare services companies. Spanos Barber Jesse & Co. provides thoughtful strategic advice, domain expertise and a partnership-oriented approach to support the goals of entrepreneurs, owners and management teams. It was founded by an experienced team of professionals with a track record of growing companies both as principal investors and as operating executives. Please visit www.sbjcap.com for more information.