HGGC, a middle market private equity firm, has completed a majority investment in PF Atlantic Holdings, a large franchisee in the Planet Fitness health club system.

Going forward, PF Atlantic will rebrand as Grand Fitness Partners with its co-founders, David Bidwell and Scott Linsky, continuing to lead the business and retain a minority stake alongside current investor, Monogram Capital. The firm is one of the fasted growing franchisees in the Planet Fitness system with 42 locations under its ownership.

“We’re very excited to partner with David and Scott, two tremendous operators, and with Monogram Capital to help accelerate the impressive growth they have achieved at Grand Fitness Partners over the past decade,” said Steven Leistner, a partner at HGGC.

“Our ambitions are high and HGGC’s resources, network, and expertise will ensure that we can capitalize on market tailwinds and seize the substantial opportunity to drive organic growth and expand our footprint,” added David Bidwell.

Carlyle’s Global Credit segment and the Private Credit business within Goldman Sachs Asset Management provided financing for the transaction.