New York, NY (October 25, 2021) – ECP-PF Holdings Group, Inc. (“ECP-PF”) of Orange, CT, a portfolio company of Exaltare Capital Management (“Exaltare”) of Boston, MA, has been acquired by TowerBrook Capital Partners L.P. (“TowerBrook”) of New York, NY. Sperry, Mitchell & Company assisted in negotiations and served as financial advisor to ECP-PF. DLA Piper served as legal representative to ECP-PF in the transaction.
ECP-PF is one of the largest developers and operators of fitness clubs under the Planet Fitness brand, operating 108 locations and serving approximately 600,000 members in six U.S. states and three Canadian provinces. The business was formed by Exaltare Capital Management, a Boston, MA-based private equity firm.
Planet Fitness is one of the largest and fastest-growing franchisors and operators of fitness clubs in North America. As of June 30, 2021, Planet Fitness had more than 14.8 million members and 2,170 clubs in the United States, Puerto Rico, Canada, Panama, Mexico, and Australia. The company’s mission is to enhance people’s lives by providing a high-quality fitness experience in a welcoming, non-intimidating environment, called the Judgement Free Zone.
As part of the transaction, Omar Simmons, Founder and former Executive Chairman of ECP-PF and Managing Director of Exaltare Capital Management, will retain a stake in the business and stay on the Board of Directors.
Mr. Simmons stated, “I am extremely proud of the business we have built over the last nine years and am excited to stay involved, as both an investor and Board member. I believe adding TowerBrook as a partner is a pivotal next step in our evolution as ECP-PF continues to grow its platform and fulfill and extend its mission: to serve people of all fitness levels in an affordable, inclusive, and welcoming environment.”
TowerBrook Capital Partners (www.towerbrook.com) TowerBrook Capital Partners is a purpose-driven investment management firm headquartered in New York and London. The firm has raised in excess of $17.4 billion to date and invests in private equity and structured opportunities through its family of funds. TowerBrook’s value creation strategy aims to transform the capabilities and prospects of the businesses in which it invests.
Exaltare Capital Management (www.exaltarecapital.com) Exaltare Capital Management is a private equity firm that focuses on franchise and consumer businesses. Exaltare seeks not only to invest capital, but also expertise, energy and network in differentiated, niche leading businesses.
Sperry, Mitchell & Company (www.sperrymitchell.com) is an investment banking firm specializing in sell-side, middle-market merger & acquisition advisory services. Since the firm’s founding in 1986, Sperry Mitchell has completed hundreds of transactions in a wide range of industries.
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