Morgan Stanley Capital Partners Completes Investment in Impact Fitness
June 11 2019 - 8:45AM
Business Wire
Investment funds managed by Morgan Stanley Capital Partners
(MSCP), the middle market focused private equity team within Morgan
Stanley Investment Management, announced today that they have
completed an investment in Impact Fitness (“Impact” or the
“Company”), a leading Planet Fitness franchisee with 29 clubs
across the United States and Canada. MSCP partnered with the
current management team, led by CEO Adam Willaeys, as well as
founder Chris Klebba, who will remain as Executive Chairman. The
Company, which MSCP acquired from Bain Capital Double Impact (BCDI)
and Bridges Fund Management (Bridges), extends MSCP’s long track
record of partnering with experiential, multi-site retail
businesses.
Impact, headquartered in Brighton, Michigan, was founded by
Chris Klebba in 2006 with the opening of its first Planet Fitness
club in the Greater Detroit market. Since then, the Company has
grown to include 29 clubs across Michigan, Indiana, British
Columbia, and Ontario.
Planet Fitness is one of the largest and fastest-growing
franchisors of fitness centers in the United States. As of March
31, 2019, Planet Fitness had more than 13.6 million members and
1,806 clubs in the 50 states, the District of Columbia, Puerto
Rico, Canada, the Dominican Republic, Panama and Mexico. Planet
Fitness’ mission is to enhance people’s lives by providing a
high-quality fitness experience in a welcoming, non-intimidating
environment, called the Judgement Free Zone®.
In addition to operating top-performing locations in the Planet
Fitness system, Impact is dedicated to improving communities in
which it operates by providing high-quality, affordable gym access
to underserved communities, partnering with local charitable
organizations, and hiring talent from the very cities and towns the
clubs serve. Impact achieved B-Corp eligibility status in 2018 and
is a recognized leading franchisee in the Planet Fitness
system.
Aaron Sack, Managing Director and Head of MSCP, said: “We are
excited to partner with Impact’s talented management team to
continue the Company’s impressive growth. We have admired Planet
Fitness and the franchisee system, and Impact has differentiated
itself through its mission-driven culture. We are pleased to
support the Company as it expands and aims to bring its offering to
additional communities in need.”
Adam Willaeys, Chief Executive Officer of Impact Fitness, said,
“Impact Fitness is excited to continue its journey of providing
high-value, low-cost, judgement-free fitness for everyone. Morgan
Stanley Capital Partners is the ideal match for not only growing
our brand, but also the culture and mission of Impact Fitness.
Thank you to Bain Capital Double Impact, Bridges Fund Management,
and all parties for making this opportunity possible.”
“We have been pleased to partner with a mission-driven
management team as they've increased access to fitness for hundreds
of thousands of people who live in markets that are underserved by
other fitness providers,” said Peter Spring, a Managing Director of
Bain Capital Double Impact. “We have been thrilled with their
successes improving access to low-cost fitness and building a
high-performance, mission-aligned team culture, and we wish Chris,
Adam and the rest of the Impact Fitness team well during this next
phase of their growth.”
Debevoise & Plimpton served as legal advisor to MSCP. Harris
Williams served as financial advisor to Impact Fitness and
BCDI.
About Morgan Stanley Capital Partners
Morgan Stanley Capital Partners, part of Morgan Stanley
Investment Management, is a leading middle-market private equity
platform that has invested capital in a broad spectrum of
industries for over three decades. Morgan Stanley Capital Partners
focuses on privately negotiated equity and equity-related
investments primarily in North America and seeks to create value in
portfolio companies primarily in a series of subsectors in the
business services, consumer, healthcare and industrials markets
with an emphasis on driving significant organic and acquisition
growth through an operationally focused approach. For further
information about Morgan Stanley Capital Partners, please visit
www.morganstanley.com/im/capitalpartners.
About Morgan Stanley Investment Management
Morgan Stanley Investment Management, together with its
investment advisory affiliates, has more than 671 investment
professionals around the world and $480 billion in assets under
management or supervision as of March 31, 2019. Morgan Stanley
Investment Management strives to provide outstanding long-term
investment performance, service and a comprehensive suite of
investment management solutions to a diverse client base, which
includes governments, institutions, corporations and individuals
worldwide. For further information about Morgan Stanley Investment
Management, please visit www.morganstanley.com/im.
About Morgan Stanley
Morgan Stanley (NYSE: MS) is a leading global financial services
firm providing investment banking, securities, wealth management
and investment management services. With offices in more than 41
countries, the Firm's employees serve clients worldwide including
corporations, governments, institutions and individuals. For more
information about Morgan Stanley, please visit
www.morganstanley.com.
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