Planet Fitness to buy major franchisee in $800 million deal
Deal for 100 Southeast U.S. gyms will double company-owned portfolio
Hampton, NH-based gym franchisor and operator Planet Fitness Inc. said Tuesday it will acquire Sunshine Fitness, an operator of more than 100 Planet Fitness gyms throughout the Southeast, in a cash-and-stock deal valued at $800 million.
The transaction is expected to close in the first quarter of 2022, the company said in a press release.
The purchase of the Orlando, Fla.-based Sunshine Fitness will “provide geographic diversity to our current corporate store portfolio,” said Planet Fitness CEO Chris Rondeau.
Sunshine Fitness operates primarily in the Southeast, with locations in South Carolina, North Carolina and Florida.
With the acquisition, Planet Fitness will own more than 200 corporate locations, or about 10% of its total portfolio, he said.
“Owning corporate stores is an important part of our strategy, as it gives us both relevancy and credibility when making decisions that impact the entire system,” Rondeau said.
The company ended 2021 with 15.2 million members, an increase of 1.7 million over the past year. It opened 132 new locations during the year, bringing its total gym count to 2,254 internationally.