Intrepid Investment Bankers, a leading middle-market investment bank and the advisory arm of MUFG, a global financial group, announced today that it served as the exclusive financial advisor to Citadel Fitness, LLC on its sale of Bravo Fit, LLC, a Pacific Northwest-based franchisee of Planet Fitness clubs, to Easy Mile Fitness, LLC, a Boston-based, multi-national Planet Fitness franchisee.
Bravo Fit's Legacy and Vision
Bravo Fit was founded in 2012 when Tanner Halton opened the company’s first Planet Fitness club in Salem, Oregon. In 2018, Dan Afrasiabi joined the company as Co-CEO to support its strategic growth and expansion across multiple states. Together, they developed the talent, infrastructure, and uncompromising standards of quality necessary to excel as a system operator and deliver a world class member experience.
Strategic Partnership with Easy Mile Fitness
As a seasoned acquiror in the Planet Fitness system, Easy Mile saw Bravo Fit as a unique opportunity to bolster its existing presence in the Pacific Northwest and expand its footprint into Alaska. With this acquisition, Easy Mile owns and operates 70 locations across seven territories including Alaska, Florida, Georgia, Oregon, South Carolina, Puerto Rico, and Ontario, Canada.
“We are thrilled to grow our footprint in the Pacific Northwest and expand into a new state with this acquisition. This acquisition fits with our internal goals and will help us execute our vision of continuing to be a top franchise partner while bringing the high-value, low-price experience to more communities.” said Philip Amato, Chief Operating Officer for Easy Mile.
Heard from the Client
“We are grateful for Intrepid’s tenacious efforts in helping us complete the deal and are excited for what’s in store with this Easy Mile partnership. Intrepid’s expertise in the franchise ecosystem was instrumental to the success of this transaction. Their guidance was invaluable, ensuring a seamless and extremely positive outcome for all parties involved,” said Dan Afrasiabi, Co-Chief Executive Officer for Citadel Fitness.
Why This Deal Matters
- System Consolidation: With a diverse and growing franchisee base, M&A proves to be an increasingly common growth strategy in the Planet Fitness system to expand market share
- Brand Prevalence: Planet Fitness continues to distinguish itself as the premier fitness brand in the high-value, low-price (“HVLP”) segment with highly-attractive unit economics and global member growth
- Market Leadership: Easy Mile establishes itself as the dominant Planet Fitness franchisee in the United Sates and Canada
- Enhanced Experience: Easy Mile is committed to maintaining Bravo Fit’s dedication to its members with continued investment and system-leading operational standards
The Bottom Line
Despite ongoing M&A headwinds, resilient franchise systems like Planet Fitness and top operators like Bravo Fit attract robust investor interest. “Tanner and Dan have built one of the best multi-unit assets I have seen in my 20-year career. Bravo Fit is the perfect investment for Easy Mile as they continue their impressive growth story and gain additional access to promising markets along the West Coast,” said JB Hewetson, Managing Director and Head of Restaurant and Franchise Concepts at Intrepid.