One of the largest Planet Fitness franchise groups, Excel Fitness Holdings LLC, Austin, Texas, has been purchased by private equity firm Olympus Partners, Stamford, Connecticut, for an undisclosed amount, Olympus announced on April 29.
Olympus bought Excel Fitness Holdings from private investment firm Altamont Capital Partners, which had owned Excel Fitness since 2016.
Excel Fitness Holdings, which is led by Excel CEO CJ Bouchard, operates more than 90 clubs in Austin; Dallas; Fort Worth, Texas; Northwest Arkansas; Raleigh-Durham, North Carolina; Tulsa, Oklahoma; and Virginia.
Excel’s clubs are in many of the highest growth markets in the United States, which gives the company the opportunity to expand its footprint through development and marketing, Bouchard said. The Excel team plans to operate more than 100 locations by the end of 2022 with 80 clubs left to build.
"The Planet Fitness brand has done an incredible job cultivating a welcoming environment for the large percentage of the population who have never belonged to a gym or find traditional gym settings intimidating,” Matt Boyd, Principal at Olympus, said in the announcement. “We are thrilled to be partnering with Excel management who we believe has developed one of the premier franchisees by marrying the proven Planet Fitness concept with exceptional customer service and operational excellence. We look forward to our partnership with CJ and the rest of the Excel team as we further expand the company's presence in its core markets and beyond."
Olympus Partners provides equity capital for middle market management buyouts and for companies needing capital for expansion, according to its website.