HGGC Private Equity Invests a Fortune in Grand Fitness Partners

Grand Fitness Partners
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HGGC, a prominent middle-market private equity firm, has recently announced the acquisition of a majority stake in Grand Fitness Partners (formerly PF Atlantic Holdings), a top-15 Planet Fitness franchisee. PF Atlantic Holdings rebrands as Grand Fitness Partners in line with the investment.

CEO David Bidwell and COO Scott Linsky, co-founders, will continue to oversee the business and retain a major minority investment alongside current investor Monogram Capital. The specifics of the private transaction were withheld.

Grand Fitness Partners, based in Toms River, New Jersey, launched in 2010, is one of the Planet Fitness system’s fastest-growing franchise brands. The company owns and runs 42 Planet Fitness locations throughout Florida, California, New Jersey, and Pennsylvania.

HGGC Partner Steven Leistner is happy to collaborate with David and Scott, two outstanding operators, and Monogram Capital to assist them in accelerating the extraordinary growth they’ve accomplished at Grand Fitness Partners over the last decade.

Grand Fitness Partners’ membership and revenue numbers have already surpassed pre-Covid levels, demonstrating the team’s outstanding leadership and tenacity during a difficult period in the fitness industry. Leistner believes in Planet Fitness as a long-term secular health and wellness winner and has high hopes for Dave and Scott’s ongoing success in expanding the Planet Fitness system’s leading platform.

Leistner will join the Grand Fitness Partners board of directors and as HGGC Principal Phil Sampognaro and HGGC President and Co-Founder Steve Young.

CEO David Bidwell informed how he and Scott are delighted to welcome HGGC as their new financial partner to implement their winning strategy. Their objectives are lofty, and HGGC’s resources, network, and expertise will enable them to capitalize on market tailwinds and seize a sizable opportunity to develop organically and expand their reach.

Jared Stein, co-founder and managing partner of Monogram Capital Partners, spearheaded the investment and will continue to serve on the board. According to Stein, the alliance is a perfect chance to build on the tremendous progress we’ve achieved with the Grand Fitness team over the last four years and bring in HGGC, an appropriate partner, to help further stimulate our expansion in the next chapter.

Due to their long-standing relationship with HGGC, they believed they were uniquely qualified to inject additional capital into the business to accelerate their new unit growth and serve more members, thereby assisting themselves in achieving their shared mission of bringing affordable, non-intimidating fitness to even more people. The deal was financed by Carlyle’s Global Credit section and Goldman Sachs Asset Management’s Private Credit unit.