Mayfair Capital Partners, a division of Oxford Financial Group, Ltd. has acquired Baseline Fitness LLC, a Fargo, ND-based franchisee in the Planet Fitness system with 100 locations under its umbrella.

The acquisition, which was said to be on behalf of Mayfair’s underlying investors, closed on February 2. Terms of the deal were not disclosed.

Planet Fitness Inc. is reportedly one of the largest and fastest-growing franchisors and operators of fitness centers with more members than any other fitness brand and 2,500+ locations system-wide.

Mayfair Capital Partners acquired Baseline Fitness from Freeman Spogli and Co.

Oxford’s Mayfair Capital Partners division said in a release it has a 20+ year history of investing in high-growth, market-leading companies with the goal of providing growth capital and strategic support in order to enable businesses to broaden their reach and better serve their customers.

“The Baseline Fitness management team, led by CEO Scott Majkrzak, and the knowledgeable, skilled employee base has a compelling, shared vision for continued growth,” Mayfair said.

“We are grateful for the opportunity to partner with the Baseline team and the company’s 1,000+ employees as they seek to grow the business from 100 locations today to more than 150 in the next few years,” shared Ben Ault, managing director, Mayfair Capital Partners. “Planet Fitness is a strong brand that offers its customers a great value in our markets and we appreciate the support we have received from Planet Fitness HQ and the Piper Sandler investment banking team as we worked to join this great franchisee system.”

Scott Majkrzak, CEO, Baseline Fitness added, “We are thrilled to partner with Mayfair. Our partnership will allow us to continue our growth trajectory by expanding our footprint in our existing territories and in new markets.” Baseline was founded in 2009.

Fredrikson & Byron served as legal counsel for Mayfair.

Mayfair Capital Partners is an extension of the Mayfair direct investment program, which has been an in-house division of Oxford since 2003, historically managing a portfolio of direct investments exclusively for the benefit of Oxford’s high net worth families and institutional clients. Mayfair Capital Partners typically makes equity investments between $75-150 million per deal and can pursue both control and non-control opportunities.

Image courtesy Planet Fitness