SOURCE: Sunshine Fitness Growth Holdings LLC
ORLANDO, FL – May 31, 2018 – Sunshine Fitness Growth Holdings, LLC (“Sunshine Fitness” or “the Company”), a leading owner and operator of Planet Fitness clubs in the Southeast United States backed by TSG Consumer Partners (“TSG”), today announced the acquisition of two franchise groups representing a combined 31 Planet Fitness clubs in Florida, North Carolina, and South Carolina. Terms of the transactions were not disclosed.
The acquisitions include 20 fitness clubs across South Florida and the greater Charlotte area, and 11 clubs across North and South Carolina. The acquisitions nearly double Sunshine Fitness’s total club ownership to 64 clubs. As part of the transactions, the prior owners of the acquired clubs, Glenn Dowler, Heather Robinson and Michael Hicks, will join the Sunshine Fitness leadership team.
Shane McGuiness, Co-Founder and Co-CEO of Sunshine Fitness said, “Glenn, Michael and their respective teams have done an excellent job developing and operating top tier fitness clubs with strong, loyal customer followings. These transactions allow us to add talented leaders to our team, expand our presence in Florida and enter new markets in North and South Carolina, putting in place the infrastructure we need to continue executing on our growth plans.”
“I am confident that our clubs and their members will benefit from the combined team at Sunshine Fitness,” said Glenn Dowler. “As the original Planet Fitness franchisee, and one of the largest, Sunshine Fitness has proven itself to be an excellent operator focused on staying true to the Planet Fitness mission and enhancing the member experience.”
“The Sunshine Fitness team has demonstrated its devotion to the health and well-being of its communities in the Southeast and we believe they will help us accelerate our growth and penetration in the southeast United States,” added Michael Hicks. “We look forward to working with them and to serving our members as a part of this new combined company.”
These transactions follow the December 2017 acquisition of a majority stake in Sunshine Fitness by TSG. TSG is a leading private equity firm focused exclusively on the branded consumer sector and prior majority owner of Planet Fitness.
The McLean Group served as financial advisor and Morgan, Lewis & Bockius, LLP served as legal counsel to the sellers in both transactions, and Ropes & Gray, LLP served as legal counsel to TSG.
About Sunshine Fitness
Sunshine Fitness Growth Holdings, LLC, is a leading owner and operator of Planet Fitness gyms, the fastest-growing health club franchise in the United States. Led by Co-CEOs Eric Dore & Shane McGuiness, Sunshine Fitness recognized the differentiated value offered by Planet Fitness and opened the first franchised Planet Fitness location in Altamonte Springs, Florida in 2003. Since then, the group has grown to more than 60 clubs across Florida, Georgia, Alabama, North Carolina and South Carolina and is one of the largest franchise groups in the Planet Fitness network. The Company is dedicated to the Planet Fitness mission of providing a comfortable workout environment that enables anyone to pursue a healthy, happy lifestyle.
About TSG Consumer Partners
TSG Consumer Partners, LLC is a leading investment firm focused exclusively on the branded consumer sector. Since its founding in 1987, TSG has been an active investor in the food, beverage, restaurant, beauty, personal care, household, apparel & accessories, and e-commerce sectors. Representative past and present partner companies include Duckhorn Wine Company, vitaminwater, thinkThin, popchips, Muscle Milk, Yard House, Stumptown, Pabst, Planet Fitness, REVOLVE, Backcountry, Smashbox Cosmetics, Pureology, Sexy Hair, e.l.f. Cosmetics and IT Cosmetics. For more information, please visit www.tsgconsumer.com.