Grand Fitness Partners, Planet Fitness franchise group, has acquired a portfolio of 13 Planet Fitness locations across Virginia from the Asbell Group for an undisclosed amount, the company announced.
The 13 Planet Fitness locations in Virginia are concentrated across Richmond-Petersburg, Roanoke, Charlottesville and the Washington, DC, metropolitan area.
The purchase gives Grand Fitness Partners entry into a new state. Prior to the purchase, Grand Fitness had 44 clubs in Florida, California, New Jersey and Pennsylvania.
Grand Fitness Partners was founded in 2010 as PF Atlantic Holdings by CEO David Bidwell and COO Scott Linsky. They hold the rights to continue to develop South Florida, Central California and parts of New Jersey.
The company rebranded from PF Atlantic Holdings in November when it received an investment for an undisclosed sum from middle market private equity firm HGGC. At that time, former NFL quarterback Steve Young, who is president and co-founder of HGGC, joined the board of Grand Fitness Partners. Also joining the board were HGGC Partner Steven Leistner and HGGC Principal Phil Sampognaro.
"We are thrilled to kick off 2022 by adding these Virginia clubs to our growing portfolio," Bidwell said in the announcement. "These clubs have strong fundamentals in regions seeing an increase in the number of people excited to launch or re-launch their fitness journeys. Pursing these growth opportunities is exactly why we partnered with HGGC and we are excited to build this area out further with additional locations."
The Grand Fitness team has achieved membership levels at its existing clubs in excess of what it recorded pre-COVID.
Linsky said he is confident that Virginia can be a strong region for growth.
"Dave and Scott have shown an incredible enthusiasm and drive to kick off our partnership by pursuing compelling growth opportunities that strengthen the Grand Fitness portfolio and also lay the foundation for further geographic expansion,” Steven Leistner, partner at HGGC, said. “We are incredibly excited to help the team build a long-term health leader in the Planet Fitness system."
The Asbell Group is the latest Planet Fitness group to sell to other Planet Fitness entities. Last week, Planet Fitness announced that it was acquiring the 114 locations previously owned by its oldest franchise group, Sunshine Fitness Growth Holdings LLC. In December, National Fitness Partners acquired seven Planet Fitness clubs on the East Coast formerly owned by PF Chesapeake, giving National Fitness Partners 107 clubs.