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Private equity firm Atlantic Street Capital announced its portfolio company, PLNTF Holdings (PLNTF), has acquired 14 additional health clubs in Alabama and Virginia. These new locations bring the PLNTF’s total number of clubs to 29, joining existing gyms in the greater Indianapolis area.
This acquisition makes PLNTF one of the largest franchisees in the Planet Fitness system.
“We are very pleased with the growth of our operations in existing markets,” said Mike Campagnolo, the CEO of PLNTF Holdings, in a statement. “We partnered with Atlantic Street to leverage their multi-unit retail expertise and help broaden our footprint into new markets. The acquisition of these clubs in high-quality retail locations is an important step in our overall strategy to create a more powerful and geographically-diverse Planet Fitness platform. We see strong potential in the Alabama and Virginia markets where our club’s compelling value proposition will be very appealing to consumers. We look forward to working with Atlantic Street to continue our steady growth.”
Atlantic Street partnered with Campagnolo in 2017 to support PLNTF’s ongoing expansion into new and existing markets.
“These acquisitions demonstrate our strong level of confidence in the Planet Fitness brand and the northern Virginia and Alabama markets,” added Andy Wilkins, the managing partner of Atlantic Street, in a statement. “There is significant potential to grow the business by leveraging the company’s brand recognition, and these locations are a great addition to PLNTF’s existing footprint.”
PLNTF is headquartered in Indianapolis and was founded in 2010.