National Fitness Partners Acquires 12 Clubs from Planet Fitness Franchisee | Business Wire

HARRISBURG, Pa. &. CHARLOTTE, N.C. &. ATLANTA–(BUSINESS WIRE)–Argonne

Capital Group, LLC (“Argonne Capital” or “Argonne”) today announced

that its portfolio company, National Fitness Partners (“NFP” or the

“Company”), has acquired 12 Planet

Fitness clubs operating in the Charlotte, NC metro area from GNT

Holdings, LLC (“GNT”). This acquisition more than doubles the footprint

of the Company, which will now operate 23 clubs in Pennsylvania,

Delaware, North Carolina and South Carolina. NFP’s headquarters will

remain in Harrisburg, PA. The Company plans to maintain an office in

Charlotte to support the newly acquired clubs.

Founded in 1992 in Dover, N.H., Planet Fitness is one of the largest and

fastest-growing franchisors and operators of fitness centers in the

United States by number of members and locations. As of March 31, 2017,

Planet Fitness had more than 10 million members and more than 1,300

stores in 48 states, the District of Columbia, Puerto Rico, Canada and

the Dominican Republic. The Company’s mission is to enhance people’s

lives by providing a high-quality fitness experience in a welcoming,

non-intimidating environment, which we call the Judgement Free Zone®.

“We've known Gerald Kennedy and the GNT team for many years and have

always been impressed with the quality of their clubs, their operations

and their growing markets,” said Frank Kindler, President of National

Fitness Partners. “With these newly acquired clubs and the continued

financial support of Argonne, we look forwards to further expanding the

Planet Fitness brand in the Carolinas and beyond.”

“After 11 years of hard work building out the Charlotte market, the

entire GNT team and I couldn't be more thrilled with the outcome of

this transaction,” said Gerald Kennedy, Founder and President of GNT

Holdings. “We believe that National Fitness Partners is going to provide

the perfect home for our 12 Charlotte-area clubs and their loyal

employees and members.”

King

& Spalding, McGuireWoods

LLP, Gray

Plant Mooty and Asenti

Diligence Partners advised Argonne Capital Group. Bishop,

Dulaney, Joyner & Abner advised GNT Holdings.

About Argonne Capital Group

Founded in 2003, Argonne Capital Group is a closely-held private

investment firm that seeks to make control equity investments in a

diverse range of middle market enterprises, including those in the

multi-unit restaurant, retail and service industries. Argonne also has a

significant presence in multi-tenant retail real estate through its RCG

Ventures platform. Unlike traditional private equity firms, Argonne

independently capitalizes each investment it makes, allowing the firm

meaningful flexibility in the types of transactions it pursues and an

indefinite time horizon for its ownership of any given asset. The firm

targets equity investments of $25 –. $100 million per transaction.

For more information, please visit www.argonnecapital.com

For Argonne Capital Group:
Layton Grisette, 404-364-2984