ClearLight Partners Invests in Planet Fitness Franchise Group
ClearLight Partners, a private equity firm, now has ownership interest in Taymax Fitness, LLC, a Planet Fitness franchisee group, with clubs in Tennessee and Texas. The deal’s financial details were not released, and it was completed in partnership with Riviera Investment Group, another private equity firm.
ClearLight, which is based in Newport Beach, Calif., is a $600-million firm and works to “invest in industry-leading companies with talented management teams, and to work hard to help them achieve the next phase of success,” according to their website.
“We are thrilled to be joining the Planet Fitness team,” said Josh Mack, a ClearLight principal, in a news release. “We believe Planet Fitness offers the most compelling value proposition in the fitness industry today, and Taymax is well-positioned to capitalize on the growth opportunities in the industry.”
Planet Fitness’ calling card is a “Judgment Free” atmosphere in the clubs, and focuses on giving members an inexpensive, but quality, option for fitness. Memberships are $10 a month.
Planet Fitness, including Taymax, wants to continue its growth in the fitness industry, using that business model.
“We are excited to have ClearLight Partners joining our team as we enter the next phase of our company’s growth,” said Kyle Nagel, Taymax’s CEO, in the news release. “The partnership with ClearLight will allow us to accelerate the growth of our business as we seek to continue to aggressively develop new locations. We remain committed to the Planet Fitness vision of providing excellent customer service and the most comfortable atmosphere in the health club industry.”
ClearLight was particularly struck by Taymax’s strides within the industry in recent years.
“We are impressed with the great job that Kyle Nagel and his partner, Tim Kelleher, have done in bringing the Planet Fitness concept to San Antonio and Nashville,” said ClearLight Managing Partner Michael S. Kaye, in the release. “We are excited to partner with them to continue to further expand the company’s footprint.”
By Ashley Scoby