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United PF Partners acquires two additional Planet Fitness Club Groups

United PF Partners (United PF), the largest Planet Fitness (NYSE: PLNT) franchisee, has completed two add-on acquisitions of Planet Fitness franchisees in the Phoenix and New Orleans markets, increasing its operating club count by 11 clubs to 78 across 10 states. 

In November 2016, JLM Financial Partners (JLM) and Eagle Merchant Partners (Eagle) created United PF with 59 operating clubs.
 
Founded in 1992 in Dover, NH, Planet Fitness, home of the Judgement Free Zone, is one of the largest and fastest growing franchisors and operators of fitness clubs with more than 1,400 clubs and over 10 million members.  Planet Fitness targets the roughly 80-85 percent of the US population who does not belong to a gym by delivering a high-quality, high-value fitness experience in a non-intimidating environment.
 
In addition to recapitalising the ownership of the Phoenix and New Orleans club groups, the investments from United PF will provide capital to fuel club-level improvements and organic growth through the development of new clubs in these markets. United PF’s capitalisation and scale will continue to provide the opportunity for rapid organic growth and acquisitive growth in contiguous geographies.
 
“We have known both groups for a number of years and the United PF team is thrilled to welcome the New Orleans and Phoenix groups to our growing enterprise,” says Trey Owen, CEO, United PF. “These club groups are fast growing, high performance and will fit in nicely with our existing platform, furthering our ability to share best practices and leverage scale across all of our clubs.”
 
United PF is a growth-oriented franchise with significant room for new club development under its area development agreements. This partnership, led by Owen, brings a depth of fitness and multi-unit industry experience to the leadership team and the board.  Members of the Thomas group of the greater Phoenix area and the Sinopoli/Hurring/Siragusa group of New Orleans will retain ownership and certain leadership roles in United PF.  The board, which includes members of JLM and Eagle, possesses deep multi-unit franchise and development experience. 
 
Financing for United PF was jointly led by Goldman Sachs Specialty Lending Group and AB Private Credit Investors, co-agents and co-lead arrangers and Antares, co-lead arranger.

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