Stamford private equity firm acquires Planet Fitness franchisee for $675 million

Stamford private equity firm acquires Planet Fitness franchisee for $675 million

STAMFORD — Olympus Partners has acquired a Planet Fitness franchisee for greater than $675 million, highlighting one of many busiest-ever intervals for the Stamford personal fairness agency.

The acquisition of Austin, Texas-based Excel Fitness Holdings will increase the variety of firms to 13 in Olympus’ portfolio. Excel serves almost 750,000 Planet Fitness members throughout greater than 90 places that it operates in Austin; Dallas-Fort Worth; Raleigh-Durham, N.C.; Tulsa, Okla.; northwest Arkansas; and throughout Virginia. Supported by Olympus, it goals to run greater than 100 places by the tip of 2022.

The deal comes as different firms in Olympus’ portfolio are thriving. Olympus officers mentioned their agency has returned a complete of roughly $1.5 billion in dividends and sale proceeds to about 40 institutional traders prior to now eight months — an Olympus-record distribution to traders in a one-year interval.

“We’re fairly pleased with the state of the portfolio and the way our firms are doing,” Olympus founder and managing companion Rob Morris mentioned in an interview. “In the case of the Excel Fitness acquisition, of the assorted well being golf equipment and gymnasiums which might be nationwide franchises, Planet Fitness appears to have been probably the most resilient with respect to COVID. We assume we are able to proceed to construct out that mannequin in geographies adjoining to current places.”

Among different latest offers, Olympus introduced in March the acquisition for about $450 million of Irving, Texas-based Omega Environmental Technologies, a distributor of automotive air-conditioning merchandise.

“They have a wonderful market place with distribution of elements wanted to restore or rebuild air-conditioning methods in automobiles. These guys provide everyone,” Morris mentioned. “And it’s additionally a wonderful platform, which we are able to use to purchase different firms to construct onto this administration group to produce comparable sorts of things within the after-market.”

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