National Fitness Partners Completes Recapitalization of a 10-Unit Planet Fitness Franchise by Argonne Capital Group
MCLEAN, VA – April 2016 – A newly-formed affiliate, National Fitness Partners (“the Company”), undertook a majority recapitalization of a 10-unit Planet Fitness franchisee by Argonne Capital Group, LLC (“Argonne”). The franchisee’s sellers include the Kindler family and Julie Morrison, the franchisee’s director of Marketing and Community Outreach, all of whom will own a meaningful portion of the newly created entity and will continue to manage the go-forward business alongside Argonne. The Company’s operations will remain in Harrisburg, PA.
Founded in 1992 in Dover, NH, Planet Fitness (NYSE: PLNT) is one of the largest and fastest-growing franchisors and operators of fitness centers in the US by number of members (7.3 million) and locations (1,100).
With this acquisition, Argonne has completed 18 acquisitions in the multi-unit restaurant, retail and service sectors. Today, Argonne’s portfolio spans more than 1,000 locations covering brands such as IHOP, Applebee’s, Krystal, On The Border, Lube Stop and Planet Fitness; and its portfolio of companies employ more than 32,000 people and generate in excess of $1.6 billion in annual system-wide sales.
“Argonne has long admired the scale, value-orientation and positive customer experience provided by the Planet Fitness system,” said Layton Grisette, Principal at Argonne Capital Group. “In joining forces with the Kindlers on this transaction, we believe we’ve found a great partner to enable National Fitness Partners to achieve considerable growth through acquisitions of other Planet Fitness franchisees and through new unit development in existing and new territories.”
“We started with one gym in the Planet Fitness system in 2005 and have grown our footprint to 10 locations serving over 65,000 members across Central Pennsylvania,” said Frank Kindler, President of National Fitness Partners. “With this new Argonne partnership, we see tremendous potential to continue our growth trajectory without losing sight of our main objective – offering our members an affordable and inviting gym experience that will keep them coming back.”
Kindler continued, “The McLean Group was instrumental in helping us identify and evaluate a range of offers and potential partners who could help facilitate our ongoing growth and complement our cultural values.”
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