The $800 million cash-and-stock deal is expected to close in Q1 2022 and is aimed at helping Planet Fitness diversify its presence in Southern states. Sunshine Fitness mostly operates Planet Fitness gyms in North Carolina, South Carolina and Florida.
“Owning corporate stores is an important part of our strategy, as it gives us both relevancy and credibility when making decisions that impact the entire system,” said Planet Fitness Chief Executive Officer Chris Rondeau.
At the completion of the deal, Planet Fitness will own more than 200 locations, which will account for about 10% of the company’s portfolio, according to Rondeau.
The Hampton, New Hampshire-based company, had 15.2 million members at the end of 2021. The same year, Planet Fitness added 1.7 million members with the opening of 132 new locations, which was higher than its estimates. Today, the company operates a total of 2,254 locations worldwide.
This growth propelled the company’s stock by 17% in 2021.
In August last year, the company signed a franchise agreement with Fitness Para Todos to accelerate growth and dramatically expand its footprint in Mexico with the development of a minimum of 80 new stores over the next five years.