TSG's Planet Fitness Sets IPO Terms, Plans to Raise Over $200M
July 28, 2015
TSG Consumer Partners-backed Planet Fitness has set terms for its IPO, planning to price shares in a range between $14 and $16, which would raise $202.5 million if shares priced at the midpoint of that range. The company itself will sell over 9.1 million shares in the IPO with the remainder of shares being sold by TSG (81.6% Pre-IPO stake); following the offering, TSG will hold nearly 68% of Planet Fitness's Class A common stock. Filing to list on the NYSE under the symbol PLNT, Planet fitness is a franchisor and operator of fitness centers in the U.S., providing exercise equipment along with staff trainers who offer unlimited free fitness instruction to all members in small group settings. In fiscal 2014, it generated an EBITDA margin of 37.3% on total revenues just shy of $280 million.