Anytime Fitness has announced that an affiliate of Roark Capital Group, an Atlanta-based private equity firm that focuses on investing in the franchise industry, has made an equity investment in its company.
According to Anytime Fitness, the investment will help the franchise accelerate both U.S. and global expansion, capitalizing on the company’s robust growth rate and global consumer interest in fitness and health clubs.
“We’ve been contacted by dozens of private equity firms over the years who have wanted to invest in the company,” said Chuck Runyon, the CEO and co-founder of Anytime Fitness in a statement. “We’ve been extremely selective in seeking the right partner with a strategic and cultural fit. Roark is the preeminent private equity firm in franchising. They understand our philosophy and value the importance of supporting profitable and happy franchisees.”
The Anytime Fitness investment represents Roark Capital Group’s 31st investment in a franchise. Other franchises Roark has invested in include Arby’s, Auntie Anne’s, Massage Envy, McAlister’s Deli, Moe’s Southwest Grill, Schlotzsky’s and Waxing the City, to name a few. The firm has $3 billion of equity capital under management.
“Chuck and Dave have built a terrific business with an incredibly strong culture,” said Erik Morris, a managing director of Roark Capital. “We are thrilled to be partnering with such a great company and talented team of people.”
The Anytime Fitness management team, including Runyon and the company’s president and co-founder, Dave Mortensen, will continue to lead and operate the company. Roark Capital managing directors Erik Morris and Steve Romaniello have joined the Anytime Fitness board of directors and will provide strategic counsel and operational support.
The No. 1-ranked Anytime Fitness has been listed on Entrepreneur magazine’s 2014 annual Franchise 500® list, and has opened at least 250 new clubs each year for the last six years. The fitness franchise serves more than 2 million members in over 2,400 clubs across 19 countries.
