TSG Consumer Partners has backed Planet Fitness, a health club operator, to help further the company's national brand, expand locations and support its franchisees. The company and its franchisees currently provide 618 locations nationwide to 3.8 million members. Concurrent with the financing, co-founder Michael Grondahl has stepped down as CEO, handing over the reins to head of operations Chris Rondeau. San Francisco and New York-based TSG Consumer focuses its investments in the branded consumer sector.
