- Planet Fitness said it plans to acquire Sunshine Fitness, operator of more than 100 Planet Fitness fitness clubs in the US, for $800 million.
- It also announced on Tuesday that it ended fiscal year 2021 with 15.2 million members, an increase of 1.7 million people over the previous 12 months.
- The gym chain said it opened 132 locations during the year, exceeding its expectations and bringing the total number of gyms globally to 2,254.
Planet Fitness said Tuesday it plans to acquire Sunshine Fitness, operator of more than 100 Planet Fitness fitness clubs in the US, for $800 million.
The transaction is expected to close in the first quarter of 2022, the company said in a press release. Planet Fitness said the deal is projected to add to its adjusted earnings this year at a low-double-digit percentage.
Chief Executive Chris Rondo said the purchase of Sunshine Fitness will help further diversify Planet Fitness into more geographies. Sunshine Fitness primarily operates in the Southeast with locations in South Carolina, North Carolina, and Florida.
“Corporate store ownership is an important part of our strategy, as it gives us both relevance and credibility when making decisions that impact the entire system,” Rondo said.
Once the transaction is complete, Planet Fitness will own more than 200 corporate locations, or about 10% of its total portfolio, he said.
Planet Fitness said it ended 2021 with 15.2 million members, an increase of 1.7 million over the previous 12 months. It opened 132 locations during the year, exceeding its own expectations and bringing its total gym count globally to 2,254.
Planet Fitness is scheduled to present to investors later on Tuesday at the ICR conference, which is being held virtually this year.
Shares of Planet Fitness rose about 17% in 2021.