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National Fitness Partners (NFP), a portfolio company of Argonne Capital Group, announced it has acquired 12 Planet Fitness clubs operating in the Charlotte, North Carolina metro area from GNT Holdings, LLC (GNT).
According to the company, this acquisition more than doubles the footprint of NFP, which will now operate 23 clubs in Pennsylvania, Delaware, North Carolina and South Carolina.
“We have known Gerald Kennedy and the GNT team for many years and have always been impressed with the quality of their clubs, their operations and their growing markets,” said Frank Kindler, the president of NFP, in a press release. “With these newly acquired clubs and the continued financial support of Argonne, we look forward to further expanding the Planet Fitness brand in the Carolinas and beyond.”
Founded in 2003, Argonne Capital Group is a closely-held private investment firm. The company was advised by King & Spalding, McGuireWoods LLP, Gray Plant Mooty and Asenti Diligence Partners, while GNT Holdings was advised by Bishop, Dulaney Joyner & Abner.
“After 11 years of hard work building out the Charlotte market, the entire GNT team and I could not be more thrilled with the outcome of this transaction,” said Gerald Kennedy, the founder and president of GNT Holdings, in a statement. “We believe that NFP is going to provide the perfect home for our 12 Charlotte-area clubs and their loyal employees and members.”
Planet Fitness was founded in 1992 in Dover, New Hampshire. As of March 31, 2017, Planet Fitness had more than 10 million members and more than 1,300 stores in 48 states, the District of Columbia, Puerto Rico, Canada and the Dominican Republic.