TOMS RIVER, N.J., Jan. 13, 2022 /PRNewswire/ -- Grand Fitness Partners, one of the largest franchisees within the Planet Fitness system, today announced that it has acquired a portfolio of 13 Planet Fitness locations across Virginia from the Asbell Group. The acquisition follows an investment in Grand Fitness by HGGC, a leading middle market private equity firm, in November 2021. Financial terms of the transaction were not disclosed.

The 13 Planet Fitness locations in Virginia are concentrated across the rapidly growing regions of Richmond-Petersburg, Roanoke, Charlottesville, and Washington D.C. metropolitan area, and offer strong differentiation from local competitors as well as runway for additional geographic expansion. The Virginia locations also add a new state to Grand Fitness' existing footprint of 44 clubs in Florida, California, New Jersey, and Pennsylvania, and will benefit from the Company's operating infrastructure, culture and marketing resources. Having achieved membership levels in excess of those recorded pre-COVID, the Grand Fitness team is increasingly encouraged by the enthusiasm of Americans to return to the gym and increasing focus on leading healthy lifestyles.

"We are thrilled to kick off 2022 by adding these Virginia clubs to our growing portfolio," said Dave Bidwell, Grand Fitness' CEO. "These clubs have strong fundamentals in regions seeing an increase in the number of people excited to launch or re-launch their fitness journeys. Pursing these growth opportunities is exactly why we partnered with HGGC and we are excited to build this area out further with additional locations."

"By offering the inclusive culture of the Planet Fitness brand, its high-quality fitness experience and affordable memberships , we are confident that Virginia can be a strong region for growth," added Scott Linsky, Grand Fitness' COO.

"Dave and Scott have shown an incredible enthusiasm and drive to kick off our partnership by pursuing compelling growth opportunities that strengthen the Grand Fitness portfolio and also lay the foundation for further geographic expansion," said Steven Leistner, Partner at HGGC. "We are incredibly excited to help the team build a long-term health leader in the Planet Fitness system."

About Grand Fitness Partners
Founded by David Bidwell and Scott Linsky in 2010, Grand Fitness Partners (formerly PF Atlantic Holdings) is one of the fastest growing franchisees in the Planet Fitness system, operating 44 Planet Fitness health clubs with the rights to continue to develop the areas of South Florida, Central California, and parts of New Jersey. With this acquisition and the addition of the Virginia territory, Grand Fitness has a portfolio of 57 locations.

About HGGC
HGGC is a leading middle-market private equity firm with over $5.7 billion in cumulative capital commitments. Based in Palo Alto, Calif., HGGC is distinguished by its Advantaged Investing approach that enables the firm to source and acquire scalable businesses through partnerships with management teams, founders and sponsors who reinvest alongside HGGC, creating a strong alignment of interests. Since its inception in 2007, HGGC has completed more than 300 platform investments, add-on acquisitions, recapitalizations, and liquidity events with an aggregate transaction value of over $41 billion. More information, including a complete list of current and former portfolio companies, is available at hggc.com.

 

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SOURCE HGGC