NEWPORT BEACH, CA October 15, 2013 – Private equity firm ClearLight Partners announced today that it has acquired a significant ownership interest in Planet Fitness franchisee, Taymax Fitness LLC, a leading health club operator in Texas and Tennessee. Planet Fitness is the fastest- growing full size health club franchise in the U.S., and provides its members with an unbeatable value and a relaxed Judgment Free® atmosphere that allows them the opportunity to pursue an active, healthy lifestyle without being judged by others. Financial terms of the transaction were not disclosed.
Kyle Nagel, CEO of Taymax, commented, “We are excited to have ClearLight Partners joining our team as we enter the next phase of our company’s growth. The partnership with ClearLight will allow us to accelerate the growth of our business as we seek to continue to aggressively develop new locations. We remain committed to the Planet Fitness vision of providing excellent customer service and the most comfortable atmosphere in the health club industry.”
Josh Mack, a Principal at ClearLight, stated, “We are thrilled to be joining the Planet Fitness team. We believe Planet Fitness offers the most compelling value proposition in the fitness industry today and Taymax is well positioned to capitalize on the growth opportunities in this industry.”
Michael S. Kaye, Managing Partner at ClearLight, added, “We are impressed with the great job that Kyle Nagel and his partner Tim Kelleher have done in bringing the Planet Fitness concept to San Antonio and Nashville. We are excited to partner with them to continue to further expand the company’s footprint.”
ClearLight completed the transaction in partnership with Riveria investment Group, a New York City-based private equity group.
About Planet Fitness
Founded in 1992 in Dover, N.H., Planet Fitness is now the fastest-growing full size health club franchise in the United States, and has revolutionized the industry with a combination of extremely low prices and a unique, friendly, and hassle-free environment called the Judgement Free Zone®.
Planet Fitness has approximately 700 locations nationwide and has grown to more than 4.5 million members. The company prides itself on giving people an unbeatable value, top-notch facilities, and an atmosphere that focuses on the needs of occasional or first-time gym users rather than hard-core fitness fanatics. All Planet Fitness clubs feature a wide selection of brand-name cardio and strength equipment, and provide unlimited fitness instruction with all memberships.
Planet Fitness is a national brand partner of NBC’s The Biggest Loser®. For more information visit, www.planetfitness.com.
About ClearLight Partners
ClearLight Partners is a private equity firm located in Newport Beach, CA with $900 million of assets under management. ClearLight has extensive operating and financial experience, and invests in and contributes to the expansion of established and profitable businesses. ClearLight focuses on leveraged buyout investments in middle-market companies with strong management teams and significant growth potential. For more information, visit www.clearlightpartners.com
Riveria Investment Group, headquartered in New York, NY, is a growth focused private equity firm that acquires and invests in middle-market companies based in the United States. Riveria Investment Group’s website is: www.riveriagroup.com.