Mid-market-focused private equity house Centre Partners has bought a majority stake in health club franchise business New England Fitness.
Company founder Bill Fidler has invested in the company alongside Centre Partners, as have other key members of management team. The acquired company will now be renamed through the deal as One World Fitness.
Financial details of the deal were not disclosed, although Centre Partners typically aims to invest between $10m to $50m per business.
The company operates fitness clubs under the Planet Fitness brand, including 18 fitness clubs primarily located in the Philadelphia metropolitan and New Jersey areas. One World Fitness is headquartered in Windham and has over 250 club employees.
The PE owner’s operating partner William Olson has also joined the company as chief executive officer.
“Centre is excited to partner with Bill Fidler to support the continued growth of the One World Fitness platform,” said Centre Partners managing partner Bruce Pollack.
“Bill’s passion and expertise in the business is evident in the rapid growth that has been achieved with a high quality group of facilities that are strategically well-positioned.
“We share a common vision for significantly expanding the scale of One World Fitness in both new and existing markets.”
Centre Partners has been investing in the consumer and healthcare sectors since 1986 and has deployed more than $2bn of equity capital.
Centre Partners recently backed household cleaning and personal care products manufacturer Guy & O’Neill.
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