May 18, 2024

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Planet Physical fitness franchisee purchases 15 golf equipment in Cleveland, Akron-Canton markets

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A Planet Health and fitness franchisee from Camp Hill, Pa., declared it has acquired 15 Planet Fitness golf equipment in the Cleveland and Akron-Canton marketplaces, in addition 1 in central Pennsylvania, from two independent sellers.

The non-public equity-backed franchisee, Countrywide Health and fitness Associates, did not disclose the obtain value, or the identification of the sellers, for the 16 clubs. A spokeswoman explained in an e mail that the 15 obtained places in Ohio have a whole of 160 staff members. With the acquisitions, National Health and fitness Companions, identified as NFP, has more than 1,000 staff members and 94 World Health and fitness places in the subsequent marketplaces: central Pennsylvania Philadelphia southern Delaware Charlotte, N.C. the Triad, N.C. South Carolina and Cleveland and Akron-Canton.

NFP, started in 2016, is a portfolio organization of Argonne Money Group LLC, an Atlanta-based mostly non-public expenditure organization. In a news launch, NFP explained the transaction was financed with junior funds from cash managed by the credit history team of Ares Management Corp. (NYSE: ARES).

Stephen Kindler Jr., president and CEO of NFP, claimed in a assertion that his business is “bullish on the near-term recovery prospects and prolonged-term development of the Earth Health and fitness brand, as encouraging membership and utilization tendencies continue on to level to a effective emergence from the COVID-19 pandemic.” He mentioned the acquisitions “will grow our get to into essential new marketplaces and reinforce our initiatives to make sure extra folks have entry to very low-price health and fitness selections.”

Layton Grisette, controlling director of Argonne Cash, said in a statement that the acquisition of 16 extra golf equipment is “a distinctive opportunity that will allow NFP to bolster its base business enterprise and diversify its existing geographic footprint and cash flow, whilst positioning the enterprise for sizeable growth opportunities as the COVID-19 pandemic recedes.”

This is a checklist of the 15 acquired places in Northeast Ohio:

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