Company buffs up by buying Akron-Canton area Planet Fitness centers
Fifteen Planet Fitness franchises in the Akron, Canton and Cleveland areas now have a new owner.
National Fitness Partners said it bought 15 Northeast Ohio Planet Fitness franchises, plus another in central Pennsylvania, from two separate owners. The purchase price was not announced.
National Fitness Partners, also known as NFP, is owned by private investment firm Argonne Capital Group LLC in Atlanta. Argonne also owns hundreds of IHOP, Applebees, On The Border, and Sonny’s BBQ restaurants, plus other businesses.
NFP was created in 2016 in partnership with Argonne to buy 10 Planet Fitness centers in central Pennsylvania from the Kindler family, who have been involved in the fitness industry since 1967 and Planet Fitness franchisees since 2005.
This was the seventh and latest acquisition for NFP, which now owns 94 Planet Fitness clubs with exclusive rights to develop more than 40 other clubs in Ohio, Pennsylvania, Delaware, North Carolina and South Carolina.
“We remain bullish on the near-term recovery prospects and long-term growth of the Planet Fitness brand, as encouraging membership and utilization trends continue to point to a successful emergence from the COVID-19 pandemic,” Stephen Kindler Jr., NFP president and chief executive officer, said in a news release.
“This significant investment will expand our reach into important new markets and strengthen our efforts to ensure more people have access to low-cost fitness options, as we believe regular exercise plays an essential role in enhancing the physical, mental and emotional wellbeing of our members.”
Planet Fitness was founded in 1992 in Dover, New Hampshire, and as of Sept. 30 had 2,085 centers in 50 states, with more than 95% owned and operated by independent business people; 101 stores are corporate owned.