Grand Fitness Partners has acquired a 13 location Planet Fitness portfolio from the Asbell Group. The deal follows an investment in Grand Fitness Partners by HGGC in November 2021.
Grand Fitness Partner’s new locations are focused in the regions of Richmond-Petersburg, Roanoke, Charlottesville, and Washington D.C. metropolitan area, and add a new state to the franchise’s extant presence in Florida, California, New Jersey, and Pennsylvania. Grand Fitness has seen membership levels of their locations exceed those recorded pre-Covid and are excited by the runway for geographic expansion the acquisition offers.
“We are thrilled to kick off 2022 by adding these Virginia clubs to our growing portfolio,” said Dave Bidwell, Grand Fitness’ CEO. “These clubs have strong fundamentals in regions seeing an increase in the number of people excited to launch or re-launch their fitness journeys. Pursuing these growth opportunities is exactly why we partnered with HGGC and we are excited to build this area out further with additional locations.”
“By offering the inclusive culture of the Planet Fitness brand, its high-quality fitness experience and affordable memberships, we are confident that Virginia can be a strong region for growth,” added Scott Linsky, COO.
“Dave and Scott have shown an incredible enthusiasm and drive to kick off our partnership by pursuing compelling growth opportunities that strengthen the Grand Fitness portfolio and also lay the foundation for further geographic expansion,” said Steven Leistner, Partner at HGGC. “We are incredibly excited to help the team build a long-term health leader in the Planet Fitness system.”