Freeman Spogli, a middle market private equity firm, announced that its portfolio company, Baseline Fitness, LLC , a leading franchise division of Planet Fitness fitness centers, has been acquired by Mayfair Capital Partners, a division of Oxford Financial Group, Ltd. Freeman Spogli and Baseline’s existing management team have each retained significant minority equity stakes, and the Baseline management team will continue to lead the company. Terms of the transaction were not disclosed.
Headquartered in Fargo, North Dakota, and founded in 2009, Baseline is one of the largest franchisees of Planet Fitness with 100 clubs across the Upper Midwest, Colorado and California. Planet Fitness Inc. is one of the largest and fastest-growing franchisors and operators of fitness centers with more members than any other fitness brand.
Freeman Spogli partnered with the Baseline Fitness team in 2017, when the company had 22 clubs in the Upper Midwest and California. With the support of Freeman Spogli, Baseline has grown organically and via acquisitions, adding density to its existing markets and strategically entering new markets.
“Baseline Fitness has grown into one of the largest franchise divisions of Planet Fitness, having opened our landmark 100th club earlier this year,” said Scott Majkrzak, the CEO of Baseline Fitness. “We’re proud of what we accomplished together with the Freeman Spogli team and are excited to begin our new chapter with Mayfair Capital Partners, who we expect to be an excellent new partner. This transaction is a testament to the great work of our many employees and our management team, and an acknowledgment of the excellent partnerships we have established with our loyal members, the franchisor, and Freeman Spogli, who has been a very supportive partner to us for the last six years.”
Todd Halloran of Freeman Spogli added, “The Baseline Fitness management team has done an exceptional job of establishing the Company as a differentiated and leading franchise of Planet Fitness and an important partner to the franchisor. We have greatly enjoyed our successful partnership with Baseline, and we wish the Company great success as it continues its strong growth trajectory.”
