TOMS RIVER, N.J.--(BUSINESS WIRE)--Grand Fitness Partners, one of the largest franchisees within the Planet Fitness system and backed by middle market private equity firm HGGC, today announced that it has completed the acquisition of eight Planet Fitness locations in California from PCV Holding Co. LLC, a top-tier Planet Fitness franchisee since 2011. As part of the transaction, the owners of PCV have rolled a portion of their proceeds into Grand Fitness and hold a minority stake in the business.
The newly acquired Planet Fitness locations are spread throughout the Central Valley, serving cities including Fresno, Modesto and Stockton that are adjacent to Grand Fitness’ existing California locations.
“PCV has done a tremendous job with these clubs, and they are a perfect fit to grow our presence in California,” said Dave Bidwell, Grand Fitness' CEO. “While these locations come to us with very strong financial performance, we believe there is room to drive further improvements through our established operating infrastructure, marketing resources, and strong culture. We have a robust new club development pipeline we expect to be active in 2024.”
This marks Grand Fitness’ second major acquisition following an investment from HGGC in 2021 and enables the company to further access key whitespace opportunity for organic growth within the California region.
“This acquisition continues the strong momentum of strategic advancement for Grand Fitness and aligns with our shared vision of capitalizing on long-term growth opportunities,” said Steven Leistner, Partner and Co-Chief Investment Officer at HGGC. “Dave and the entire Grand Fitness team have been outstanding to work with, and we’re thrilled for the further value creation that our partnership will bring to the company.”
About Grand Fitness Partners
Founded in 2010 by David Bidwell and Scott Linsky, Grand Fitness Partners is one of the fastest growing franchisees in the Planet Fitness system, Grand Fitness Partners has 74 locations across South Florida, Central California, and parts of New Jersey, Pennsylvania and Virginia. With a strategy centered on health & wellness, the franchise strives to achieve Planet Fitness’ mission to enhance people’s lives by providing a high-quality fitness experience delivered with a smile in a welcoming, non-intimidating environment.
About HGGC
HGGC is a values-driven, partnership-focused private investment firm. The firm’s ecosystem of investors, operators, and professionals are united by the shared mission to develop leading enterprises and build long term value together. HGGC invests in technology, business services, financial services and consumer enterprises generally valued between $200M - $1.5B+. The firm is based in Palo Alto, CA and manages over $6.9 billion in cumulative capital commitments. More information, including a complete list of current and former investments, is available at www.hggc.com.
