Intrepid Investment Bankers, LLC (“Intrepid”), the middle-market advisory arm of global financial group MUFG, served as exclusive financial advisor to Citadel Fitness, LLC (“Citadel Fitness”) on the acquisition of Bravo Fit Holdings, Pty. Ltd. (“Bravo Fit AUS” ), an Australia-based franchisee of 32 Planet Fitness clubs and the exclusive holder of development rights for up to approximately 100 additional clubs in the country, by Franchise Equity Partners (“FEP”), a private investment firm on a mission to create long-term partnerships with quality franchisees and franchisors. FEP’s investment pairs seasoned franchise investment expertise with Bravo Fit AUS’s demonstrated track record as a world-class operator.
Intrepid Working Hand-in-Hand with the Founders
“This is our second transaction with the Intrepid team, and we continue to deeply value their partnership. We are thankful for Intrepid’s relentless dedication in guiding us through a complex cross-border transaction and are excited to continue spearheading Planet Fitness’ growth in Australia with FEP as our new partner. Intrepid’s deep understanding of the franchise landscape and business model were invaluable to getting this deal across the finish line.” said Dan Afrasiabi, Co-Chief Executive Officer for Citadel Fitness.
The Bottom Line
As the M&A market sees a welcome recovery in 2026, resilient franchise systems like Planet Fitness and top operators like Bravo Fit AUS distinguish themselves as the most sought-after assets, commanding strong investor interest and competitive valuations. “Danielle, Jake, Tanner, and Dan have built one of the most ambitious and successful multi-unit franchise platforms I have seen in my 20-year career. Management combined unique vision and new market opportunity with superior development and operations resulting in one of the most compelling international expansion stories in franchising. We are incredibly excited to see them further expand the brand’s Judgement Free Zone® and mission to make fitness accessible, unintimidating, and affordable with the FEP partnership.” said JB Hewetson, Managing Director and Head of Restaurant & Franchise Concepts at Intrepid.