Flynn Group Buys Planet Fitness Franchise Giant

Flynn Group LP has significantly expanded its fitness footprint by acquiring Grand Fitness Partners, a major franchisee of Planet Fitness. This strategic move, finalized on March 31, 2026, sees the departure of private equity firms Monogram Capital Partners and HGGC from their stakes in the rapidly growing fitness operator.

Grand Fitness Partners, which began its journey in 2010 as PF Atlantic Holdings, has transformed from a modest 14-location entity into one of the largest Planet Fitness operators in the United States. Under the stewardship of its founders and subsequent private equity backing, the company now boasts 98 facilities spread across five key states: California, Florida, New Jersey, Pennsylvania, and Virginia. Their operational philosophy centers on delivering accessible and high-quality fitness experiences to a broad consumer base.

The acquisition positions Flynn Group LP, already a dominant force in the franchise world, for further diversification. Founded in 1999, Flynn Group is recognized as the globe's largest franchise operator and ranks third in the U.S. restaurant sector. Its extensive portfolio encompasses over 3,000 establishments across various brands, including well-known names like Applebee's, Arby's, Taco Bell, and now, a substantial number of Planet Fitness clubs. This vast network generates approximately $5 billion in annual sales and employs over 78,000 individuals.

The investment journey for Grand Fitness Partners involved a multi-stage partnership with private equity. Monogram Capital Partners initially backed the company in 2017, marking its first institutional investment. In 2021, HGGC stepped in to acquire a controlling interest, while Monogram Capital Partners maintained a significant minority share. Throughout this period, Jared Stein, a Co-Founder and Partner at Monogram, provided board-level guidance, underscoring the collaborative nature of the investment.

Jared Stein reflected on the eight-year association, characterizing the collaboration as exceptionally rewarding. He highlighted the impressive expansion from 14 clubs to a leading position within the Planet Fitness franchise system. This growth trajectory aligns with broader trends in the fitness industry, where consolidation among large franchisees is becoming more prevalent as operators seek economies of scale and enhanced operational efficiencies. The health and wellness sector continues to attract substantial investment, driven by increasing consumer focus on personal well-being.

While the financial specifics of the transaction remain undisclosed, the scale of Grand Fitness Partners and the strategic alignment with Flynn Group LP's existing franchise empire suggest a significant deal. This acquisition is likely to enhance Flynn Group's market share in the fitness segment, potentially leading to synergies with its other operational verticals. The continued expansion of large-scale fitness operators like Planet Fitness underscores the enduring appeal of accessible gym memberships in the U.S. market, which is valued in the tens of billions of dollars.