PRZOOM - /newswire/ -
Scottsdale, AZ, United States, 2015/03/02 - GE Capital’s Franchise Finance business announced that it is administrative agent on a $58.75 million credit facility for PF Growth Partners, LLC (PFGP), one of the largest franchisees of Planet Fitness® clubs - GEFranchiseFinance.com. NYSE: GE
GE Capital’s Franchise Finance business announced today that it is administrative agent on a $58.75 million credit facility for PF Growth Partners, LLC (PFGP), one of the largest franchisees of Planet Fitness® clubs. The funds will be used to refinance PFGP’s existing debt and fund its growth plans. GE Capital Markets served as sole lead arranger and sole bookrunner on the facility.
Based in Timonium, MD, PFGP operates 28 clubs in Maryland, Tennessee and Florida, and has plans to open eight to 10 additional locations per year. In November 2014, PFGP received $35 million in financing from Alaris Royalty Corp., a Calgary-based private equity firm.
“This new facility with GE Capital improves our capital structure and positions us to significantly expand our presence across our development territories,” said Victor Brick, CEO of PFGP.
Founded in 2008 by Victor and Lynne Brick, PFGP has grown to become one of the largest franchise groups in the Planet Fitness® system, with more than 450 employees. PFGP was named the 2013 Franchisee of the Year, 2014 Developer of the Year for opening the most clubs in a single year, and the 2014 Brand Excellence Review winner for having the highest-rated clubs in the system.
“As one of the largest lenders to franchise operators, particularly in the restaurant space, we’re in a great position to extend our expertise to support growing fitness club franchisees,” said Bill Kraus, a senior managing director with GE Capital, Franchise Finance. “We’ve also worked through our GE Antares Capital colleagues to build a strong relationship with Alaris, which helped us provide a solution that works for all parties involved.”
Founded in 1992 in Dover, N.H., Planet Fitness has more than 900 locations and is known for its combination of extremely low membership rates and friendly, non-intimidating environment called the Judgement Free Zone®. Planet Fitness® is also a national brand partner of NBC's The Biggest Loser®.
About GE Capital, Franchise Finance
With more than 30 years of experience and about $6 billion in assets, GE Capital, Franchise Finance (gefranchisefinance.com) is a leading lender for the U.S. franchise finance market via direct sales and portfolio acquisitions. It specializes in financing mid-market operators with multiple stores, mainly in the restaurant and hospitality industries. Its team of industry experts helps them realize their individualized growth plans. GE Capital, Franchise Finance customers also receive access to its proprietary industry research and cutting-edge digital tools.
GE Capital (gecapital.com) offers customers around the globe an array of financial products, services and insights to help them grow their businesses.
GE (ge.com) imagines things others don’t, builds things others can’t and delivers outcomes that make the world work better. GE brings together the physical and digital worlds in ways no other company can. In its labs and factories and on the ground with customers, GE is inventing the next industrial era to move, power, build and cure the world.