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


STAMFORD – Olympus Partners has acquired a Planet Fitness franchisee for more than $ 675 million, highlighting one of the busiest-ever periods for the Stamford private equity firm.

The acquisition of Austin, Texas-based Excel Fitness Holdings increases the number of companies to 13 in Olympus’ portfolio. Excel serves nearly 750,000 Planet Fitness members across more than 90 locations that it operates in Austin; Dallas-Fort Worth; Raleigh-Durham, NC; Tulsa, Okla .; northwest Arkansas; and across Virginia. Supported by Olympus, it aims to run more than 100 locations by the end of 2022.

The deal comes as other companies in Olympus’ portfolio are thriving. Olympus officials said their firm has returned a total of approximately $ 1.5 billion in dividends and sale proceeds to about 40 institutional investors in the past eight months – an Olympus-record distribution to investors in a one-year period.

“We’re pretty happy with the state of the portfolio and how our companies are doing,” Olympus founder and managing partner Rob Morris said in an interview. “In the case of the Excel Fitness acquisition, of the various health clubs and gymnasiums that are national franchises, Planet Fitness seems to have been the most resilient with respect to COVID. We think we can continue to build out that model in geographies adjacent to existing locations. ”

Among other recent deals, Olympus announced in March the acquisition for approximately $ 450 million of Irving, Texas-based Omega Environmental Technologies, a distributor of automotive air-conditioning products.

“They have an excellent market position with distribution of components needed to repair or rebuild air-conditioning systems in cars. These guys supply everybody, ”Morris said. “And it’s also an excellent platform, which we can use to buy other companies to build onto this management team to supply similar kinds of items in the after-market.”


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