Argonne Recapitalizes Planet Fitness Franchisee

Argonne Capital Group said a newly-formed affiliate recapitalized a 10-unit Planet Fitness Inc. franchisee in Pennsylvania.

ENLARGE

PHOTO: ZUMA PRESS

The Argonne affiliate, National Fitness Partners, took a majority stake in the franchisee from the Kindler family and Julie Morrison, director of marketing and community outreach for the franchisee, according to a news release. The Kindler family and Ms. Morrison will hold a “meaningful portion” of National Fitness Partners and will continue to manage the Harrisburg, Pa.-based business with Argonne, according to the release.

Argonne in the release said National Fitness Partners would look to acquire other Planet Fitness franchisees and develop new units.

McGuireWoods LLP, King & Spalding LLP, Gray Plant Mooty and Asenti Diligence Partners LLC advised Argonne Capital Group, according to the release. Mclean Group and DLA Piper advised selling shareholders including the Kindler family.

Planet Fitness, which trades on the New York Stock Exchange, is backed by TSG Consumer Partners. The San Francisco firm acquired the gym operator for $479.3 million in 2012. Planet Fitness went public in August 2015.

Founded in 2003, Atlanta firm Argonne invests $25 million to $100 million of equity in midmarket companies with earnings before interest, taxes, depreciation and amortization of $5 million to $75 million.