Fireman Capital Partners (FCP), a consumer-focused private equity firm, announced that the firm has acquired a majority interest in Bandon Holdings, the largest Anytime Fitness franchisee. Terms of the transaction were not disclosed. The purchase agreements were signed on May 18, 2018 and the transaction closed simultaneously with the signing.
Bandon Holdings is a strategic fitness platform and the largest franchisee in the Anytime Fitness family with 38 clubs across Texas, Oklahoma and Kansas. The franchise has expanded significantly through new development and a proven acquisition strategy, with growth driven by consumer demand for healthier lifestyles. Based in Austin, TX, the Bandon team, led by co-founders and co-CEOs Jeff Kiecke and Brian Portner, is comprised of highly seasoned professionals with strong relationships and fitness acumen. Kiecke and Portner bring deep experience in the fitness industry, as well as operational, financial and real estate expertise.
Anytime Fitness, founded in 2002 and headquartered in Woodbury, MN, is the fastest growing fitness club in the U.S. The company follows a medium-cost, high-convenience pricing model and provides a complete gym product offering, as well as convenient, 24-hour access for its members. Anytime’s small box format with low build-out costs provides real estate flexibility for broad geographic reach. The brand serves its customer base with over 4,000 fitness centers in more than 30 countries and territories worldwide.
Dan Fireman, managing partner of FCP, said, “We are thrilled to partner with the talented Bandon Holdings team, which has built a terrific fitness platform with a robust pipeline for future growth. We look forward to further scaling the business by continuing to pursue a focused acquisition strategy and integration plan, as well as implementing strategic operational enhancements and marketing initiatives.”
Chris Akelman, principal at FCP, said, “Bandon Holdings is poised for continued success. We are delighted to be collaborating with Jeff, Brian and their exceptional team to drive positive momentum for the business and solidify Bandon’s position as a market leader in the high-growth fitness space as part of the Anytime Fitness global network.”
Jeff Kiecke, co-founder and co-CEO of Bandon Holdings, said, “Brian and I–and the rest of the Bandon team–are excited to partner with Fireman Capital Partners. FCP brings extensive fitness industry experience, as well as a proven ability to help shape and grow consumer-driven companies. With FCP’s guidance and resources, we will be well-positioned to capitalize on the numerous growth opportunities ahead and realizing our collective vision to create a next-generation fitness platform.”
McDermott Will & Emery LLP acted as legal advisor to Fireman Capital Partners. Brookwood Associates acted as financial advisor to Bandon Holdings.