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Altamont Capital Partners has acquired Excel Fitness Holdings, Inc. (Excel Fitness), the largest Planet Fitness franchisee in Texas, which operates 18 fitness clubs throughout the Dallas and Austin markets.
As part of the transaction, Altamont has partnered with Greg Attwood and Mike Turner, the prior majority owners of Excel Fitness, along with Kimberly Attwood and Scott Attwood. Attwood and Turner will continue to manage the business and will each retain significant equity stakes.
“This is an exciting day for our company,” said Attwood, in a statement. “I am extremely proud of what our team at Excel Fitness has accomplished these past eight years and believe the partnership with Altamont positions us incredibly well for future growth. We look forward to introducing even more communities to the high value, low cost, ‘judgement free’ offering that Planet Fitness delivers for its members.”
Altamont Capital Partners is a private investment firm based in the San Francisco Bay Area with over $1 billion of capital under management. Altamont is focused on investing in middle market businesses where it can partner with leading management teams to help its portfolio companies reach their full potential.
“Greg and I are excited to be partnering with Altamont as we embark on this next phase of growth for the business,” added Turner. “We all share a similar set of values and ambitions, which is important to our team, and we believe that Altamont’s experience in franchise operations and multi-unit retail will be a helpful resource as we execute on our growth plans.”
The McLean Group and Reger Rizzo Darnall LLP advised Excel Fitness while Ropes & Gray LLP advised and represented Altamont.