In the fitness industry, Planet Fitness has established a reputation as a reasonably priced gym with a “Judgment-Free Zone” philosophy. Michael Grondahl and Marc Grondahl launched it in Dover, New Hampshire, in 1992. With more than 14 million members, it has since expanded to more than 2,000 sites globally. But whose property is Planet Fitness?
The principal owner of Planet Fitness as of 2021 is the San Francisco-based private equity company TSG Consumer Partners. In 2013, TSG Consumer Partners paid $500 million for a majority stake in the business. The Grondahl brothers continue to have stock in the business and are board members. The CEO of Planet Fitness is Chris Rondeau, who has worked with the company since 1993.
Vitamin Water, Smashbox Cosmetics, and REVOLVE apparel are just a few examples of consumer brands that TSG Consumer Partners has previously invested in. The company made a wise investment in Planet Fitness, as evidenced by the fact that sales have grown there annually since the acquisition. 2020 saw $505.9 million in revenue for the third quarter alone at Planet Fitness.
Being a privately held business, LA Fitness doesn’t make its net worth available to the public. Estimates place the company’s value at about $3 billion, though. With $1.9 billion in revenue, LA Fitness was ranked as the second-largest fitness business in the United States in 2016. In addition to a pool, basketball courts, and personal training services, the business provides a variety of attractions.
The Grondahl brothers still own a portion of Planet Fitness, but TSG Consumer Partners is the company’s primary shareholder. Privately held LA Fitness is thought to have a $3 billion market value. Both businesses have established themselves in the fitness sector and are working to expand their respective brands.