News: Retail
Posted: August 27, 2021
CDM Fitness acquires 11 Planet Fitness Clubs
Boston, MA Planet Fitness franchisee CDM Fitness Holdings has completed the acquisition of 11 Planet Fitness clubs from Northshore Fit LLC (NSF), including 10 locations in northern Massachusetts and one location in southern New Hampshire. CDM is New England’s largest franchisee and is now continuing its growth. The transaction strategically expands CDM’s growing footprint to cover new parts of the region, which now includes 50 Planet Fitness clubs with exclusive rights to develop 20+ plus additional clubs in Massachusetts and Rhode Island. CDM is a portfolio company of SBJ Capital, a San Francisco Bay Area-based private investment firm.
“This partnership puts us in an advantageous growth position to expand affordable access to fitness across New England and we are actively seeking top-tier, 20,000 s/f plus spaces throughout the market to add to the four new locations scheduled to open this year and fulfill our growth benchmarks,” said CDM CEO Brian Kablik. “The past year reinforced how essential fitness is and we are looking forward to accelerating the growth of our company and the Planet Fitness brand. We are also excited to welcome Taylor Mandell of NSF to the CDM team as Chief Brand Officer.”
Ben Landis, managing director at SBJ, said, “We started our partnership with CDM in May of 2019 with 20 clubs. At that time, we saw an opportunity to consolidate and optimize the New England Planet Fitness market. Under the leadership of Brian Kablik and his team, we are proud that we have grown to 50 clubs today both by opening new clubs and by partnering with other great Planet Fitness franchisees. We have achieved this growth despite the COVID-19 pandemic, and we continue to believe deeply in the Planet Fitness brand and the value being delivered to our members.”
NSF opened its first Planet Fitness club in 2009 and over the next 12 years they expanded to 11 clubs across northeastern Massachusetts and New Hampshire. This is the second acquisition for CDM which was founded in 2002 with its first fitness club in Franklin, MA.
In connection with the transaction, North Point acted as the exclusive financial advisor to NSF and McLane Middleton served as their legal advisor. O’Melveny & Myers LLP provided legal advice to CDM.
Tags:
Retail
MORE FROM Retail
Retail
The Landing at Hyannis expands with additional retailers
Hyannis, MA The Landing at Hyannis continues its transformation with three new businesses joining its roster of retail and dining options. These brands, making their debut on Cape Cod, include fashion retailer Nordstrom Rack, physician-owned medical spa SkinMD, and eyewear retailer Warby Parker.
Quick Hits
Columns and Thought Leadership
Keeping the “there” there - by Carol Todreas
New zoning is a big topic for many communities. Whether it is to comply with the 2021 MBTA legislation calling for more multi-family housing in locales with access to T stations or to address other pressures from public-private entities, zoning for multi-family housing is believed to be a major part of the solution to the housing crisis.
Placemaking and retail in 2024 - by Carol Todreas
Placemaking. That is the word for 2024. While the concept has historical precedence in urban development, it became part of our current culture in the 1960’s when urbanists started to think about cities for people, not just cars.
Village centers and local retail: What the market wants - by Carol Todreas
Good news! Brick and mortar is alive and well. Many malls are coming back. Americans are flocking to Europe to walk, shop, eat, and enjoy much needed vacations. Visitors return and talk about the pleasures of walking and shopping in local shops in cities and towns all over Europe.
Reimagining retail for the downtown - by Carol Todreas
Before COVID-19, downtown retail had been sliding downwards. A few restaurants and stores were hanging on, but the trajectory was headed south. Now with post- COVID-19 lifestyle changes, old-style retail anywhere has lost its market appeal.