Palo Alto, CA – After six years of partnership with Excel Fitness, Altamont Capital Partners (Altamont) has exited its investment with a sale of the company to Olympus Partners. As part of that transaction, completed last month, Excel’s management team and founders, along with Altamont, established a bonus pool that provided every employee at the company – more than 1,500 individuals – with a payment at closing, in recognition of their contributions.
“We are proud of what we have accomplished with the Excel Fitness team throughout our partnership and we are thrilled that every one of our dedicated team members participated in this exciting event,” said Altamont Managing Director Kevin Mason. “Excel Fitness has seen tremendous success in recent years, building upon its proven history of operational excellence and industry-leading member service. Excel wouldn’t be where it is today without the hard work and commitment of its team members, and we are confident that because of them the company is well-positioned for continued growth.”
Altamont acquired the Planet Fitness franchisee business in 2016, building on its prior multi-unit consumer investing experience, including with Tacala, the largest Taco Bell franchisee in the country. At the time, Excel Fitness operated 18 Planet Fitness locations in Austin and Dallas. Today, Excel operates 90 locations across Texas, Oklahoma, Arkansas, Missouri, North Carolina, and Virginia and was named the 2019 Franchisee of the Year by Planet Fitness.
“We have always prioritized delivering value to both our club members and our employees,” said Excel Fitness CEO CJ Bouchard. “We have had a fantastic run these past six years and are looking forward to embarking on this next chapter as we continue expanding our business and providing world-class experiences for our members.”
“Our partnership with Excel Fitness fueled tremendous growth thanks to great leadership and great employees,” added Altamont Managing Director Casey Lynch. “The organization fully embodies its core values of integrity, dedication, and team culture and that commitment to core values really enabled the company’s success.”
Altamont is a founding partner of Ownership Works, a new nonprofit dedicated to developing broad-based employee ownership programs to create better work environments and financial opportunities for employees, and to help businesses improve their performance by attracting and retaining engaged employees who are invested in their company’s success. As part of its partnership with Ownership Works, Altamont will continue working with its partner companies to build upon existing efforts and implement shared ownership more broadly in its portfolio.
Terms of the transaction were not disclosed. Harris Williams acted as financial advisor, and Ropes & Gray and Lathrop GPM served as legal counsel to Excel Fitness on the transaction. Fifth Third Bank acted as advisor to management.
About Excel Fitness Holdings, Inc.
Excel Fitness Holdings, Inc. is a leading Planet Fitness franchise group based in the Austin area with over 90 locations across Texas, Oklahoma, Arkansas, Missouri, North Carolina, and Virginia. Excel Fitness has built a team culture that focuses on elevating the member experience by developing exceptional health clubs and delivering world-class customer service. The team is passionate about building communities through fitness and supporting their local markets through employment and memberships opportunities that positively impact lives.
About Altamont Capital Partners
Altamont Capital Partners is a private investment firm based in the San Francisco Bay Area with more than $4.5 billion of assets under management. Altamont is focused on investing in middle-market businesses where it can partner with leading management teams to help its portfolio companies reach their full potential. The firm’s principals have significant experience building business success stories across a range of industries, including financial services, healthcare, business services, consumer/retail, and industrials.