GE Capital Agents Planet Fitness Franchisee Expansion
GE Capital Franchise Finance announced it is administrative agent on a $58.75 million credit facility for PF Growth Partners, one of the largest franchisees of Planet Fitness clubs. The funds will be used to refinance PFGP’s existing debt and fund its growth plans. GE Capital Markets served as sole lead arranger and sole bookrunner on the facility.
Based in Timonium, MD, PFGP operates 28 clubs in Maryland, Tennessee and Florida, and has plans to open eight to 10 additional locations per year. In November 2014, PFGP received $35 million in financing from Alaris Royalty, a Calgary-based private equity firm.
“As one of the largest lenders to franchise operators, particularly in the restaurant space, we’re in a great position to extend our expertise to support growing fitness club franchisees,” said Bill Kraus, a senior managing director with GE Capital, Franchise Finance. “We’ve also worked through our GE Antares Capital colleagues to build a strong relationship with Alaris, which helped us provide a solution that works for all parties involved.”