Planet Fitness franchisee bought by private equity firm

Planet Fitness Altamont Capital Partners, a Palo Alto, California-based private equity firm, has acquired 18 Planet Fitness gyms in the Austin and Dallas markets for an undisclosed amount.
Altamont announced Tuesday its purchase of Pflugerville-based Excel Fitness Holdings Inc., the largest Planet Fitness franchisee in Texas. Owners Mike Turner and Greg Attwood will continue to manage the business and will each retain significant equity stakes, Altamont said.Planet Fitness
A Palo Alto, California-based private equity firm has acquired 18 Planet Fitness gyms in the Austin and Dallas markets.
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A Palo Alto, California-based private equity firm has acquired 18 Planet Fitness gyms in… more

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Attwood and Turner own the rights to develop Planet Fitness gyms in Austin, Killeen, Waco, Tyler, Sherman, Denton, Fort Worth and other cities west of Dallas. The partnership with Altamont will allow Excel to acquire additional development territories in Texas, including in the Dallas-Fort Worth region.
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“We believe that Altamont’s experience in franchise operations and multi-unit retail will be a helpful resource as we execute on our growth plans,” Turner said.
Three franchisees, including Excel, operate North Texas’ 18 Planet Fitness locations. Excel owns eight gyms in the area, including four locations in Fort Worth, a location on Westmoreland Road in Dallas and one gym each in Denton, Grand Prairie and Farmers Branch. It has an additional location under construction in Arlington, set to open at the beginning of April.
Excel also operates Planet Fitness locations in Sherman and Tyler.
New Hampshire-based Planet Fitness Inc. (NYSE: PLNT) has more than 1,000 locations across the country, with 90 percent owned by franchisees.