Argonne Capital Group LLC on Wednesday announced that its portfolio company, National Fitness Partners, entered into a definitive agreement to acquire 12 Planet Fitness clubs operating in the Triad North Carolina area—Winston-Salem, Greensboro and High Point—from GNT Triad LLC.
Financial terms of the deal weren’t disclosed. The transaction is expected to close within the next 30 days. This acquisition continues to add to the footprint of the company, which will now operate 71 clubs in Pennsylvania, Delaware, North Carolina and South Carolina. NFP’s headquarters is in Camp Hill, PA, but the company also maintains an office in Charlotte, which will support the newly acquired clubs.
Founded in 1992 in Dover, NH, Planet Fitness has more than 14 million members and more than 1,800 stores in 50 states, the District of Columbia, Puerto Rico, Canada, Mexico, Panama and the Dominican Republic.
“We have known Gerald Kennedy and the GNT team for many years and have always been impressed with the quality of their clubs, their operations and their growing markets,” said Stephen Kindler, president and CEO of National Fitness Partners. “With these newly acquired clubs and the continued support of Argonne, we look forward to further expanding the Planet Fitness brand in North Carolina and the markets in which we operate.”
“After 7 years of hard work building out the Triad market, the entire GNT team and I could not be more thrilled with the outcome of this transaction,” said Gerald Kennedy, Founder and President of GNT Holdings. “We believe that National Fitness Partners is going to provide the perfect home for our 12 Triad area clubs and their loyal employees and members.”
King & Spalding, McGuireWoods LLP, Gray Plant Mooty and Ernst & Young advised Argonne Capital Group. Bishop, Dulaney, Joyner & Abner advised GNT Holdings. Fifth Third Bank provided financing for the transaction.