May 28, 2023


stressful sport

Stamford private equity firm acquires Planet Fitness franchisee for $675 million

4 min read

STAMFORD — Olympus Companions has acquired a Planet Physical fitness franchisee for additional than $675 million, highlighting a single of the busiest-at any time periods for the Stamford private equity company.

The acquisition of Austin, Texas-centered Excel Fitness Holdings will increase the amount of corporations to 13 in Olympus’ portfolio. Excel serves practically 750,000 Earth Exercise users across far more than 90 places that it operates in Austin Dallas-Fort Value Raleigh-Durham, N.C. Tulsa, Okla. northwest Arkansas and across Virginia. Supported by Olympus, it aims to operate extra than 100 locations by the conclude of 2022.

The offer comes as other providers in Olympus’ portfolio are flourishing. Olympus officials explained their business has returned a total of roughly $1.5 billion in dividends and sale proceeds to about 40 institutional traders in the previous eight months — an Olympus-record distribution to traders in a a person-yr period of time.

“We’re rather joyful with the condition of the portfolio and how our firms are undertaking,” Olympus founder and handling spouse Rob Morris claimed in an interview. “In the case of the Excel Health acquisition, of the several health and fitness golf equipment and gymnasiums that are countrywide franchises, Earth Health and fitness seems to have been the most resilient with respect to COVID. We imagine we can continue on to construct out that product in geographies adjacent to existing destinations.”

Among other the latest specials, Olympus introduced in March the acquisition for close to $450 million of Irving, Texas-based mostly Omega Environmental Systems, a distributor of automotive air-conditioning solutions.

“They have an fantastic market place posture with distribution of parts wanted to maintenance or rebuild air-conditioning units in cars and trucks. These fellas provide every person,” Morris reported. “And it’s also an great platform, which we can use to buy other businesses to construct on to this administration group to provide related types of products in the following-market.” | Newsphere by AF themes.