TSG Consumer Partners has acquired a majority stake in Sunshine Fitness, the first franchisee of Planet Fitness clubs.

Terms of the transaction were not disclosed.

Founded by Co-CEOs Eric Dore and Shane McGuiness in Orlando, FL, Sunshine Fitness is one of the largest franchisees of Planet Fitness clubs. Since opening the first franchised Planet Fitness location in 2003, Sunshine Fitness has grown rapidly and currently operates 31 locations across Florida, Georgia and Alabama. Planet Fitness, one of the fastest-growing health club franchises in the United States, provides a high-quality fitness experience in a welcoming, non-intimidating environment.

McGuiness said, “We’re excited to be partnering with a top tier consumer expert like TSG, who has an extensive track record in supporting and building world class brands, as well as an intimate knowledge of Planet Fitness. With TSG’s support, we look forward to accelerating growth of the Sunshine Fitness platform through new store growth and acquisitions, while enhancing the unique, welcoming environment that we provide to our members in the region.”

Michael Layman, Managing Director at TSG, added, “Our prior investment in Planet Fitness gave us a deep appreciation of the strength of that brand, as well as the unique value proposition offered to consumers by the company’s franchisees, and Sunshine Fitness in particular.”

Pierre LeComte, Managing Director at TSG, added, “We are thrilled to leverage our experience with the brand and partner with Sunshine Fitness — the pioneer of the Planet Fitness franchisee model and a very successful franchisee. We are eager to bring our knowledge and experience to catalyze Sunshine Fitness’s growth, both through new clubs and as a platform for acquisitions of other Planet Fitness franchisees.”

Chris Rondeau, CEO of Planet Fitness, said, “We’re pleased to see two of our long-time partners, Sunshine Fitness and TSG, come together. The decision by TSG to invest in Sunshine Fitness is a clear testament to the power of the franchisee model and the Planet Fitness brand. With the Planet Fitness community recently surpassing 10 million members, we are thrilled to see our franchisees continue to drive growth, as we all strive to bring comfortable, low-cost fitness experiences to as many communities as possible.”

TSG’s involvement with the Planet Fitness brand dates back to November of 2012 when TSG acquired a majority stake in Planet Fitness. For nearly five years, TSG and Planet Fitness worked together to develop the Planet Fitness Brand and improve the support and value proposition for both members and franchisees. In August of 2015, Planet Fitness began trading publicly on the New York Stock Exchange. After a successful partnership, TSG exited its investment in May of 2017.

Piper Jaffray & Co. served as financial advisor to TSG and Fidus Partners LLC advised Sunshine Fitness. Ropes & Gray LLP served as legal counsel to TSG and Akerman LLP served as legal counsel to Sunshine Fitness.