Ropes & Gray Advises Planet Fitness in Secondary Offering of 15 Million Shares
Ropes & Gray represented Planet Fitness Inc. in an underwritten block trade of 15 million shares of common stock owned by private equity firm TSG Consumer Partners LLC and certain directors and officers of the company. The shares were purchased by the underwriter at a price of $20.44 per share, resulting in gross proceeds to the selling stockholders of approximately $306.6 million, and may be offered by the underwriter from time to time in one or more transactions at market prices prevailing at such time or at other negotiated prices. The offering closed on March 14.
Planet Fitness is one of the largest and fastest-growing franchisors and operators of fitness centers in the United States, with approximately 8.9 million members and more than 1,300 stores in 48 states, the District of Columbia, Puerto Rico, Canada and the Dominican Republic.
The Ropes & Gray team was led by securities & public companies partner Craig Marcus (Boston) and included associates Thomas Fraser (Boston), Jessica Unger (New York) and Keith MacLeod (Boston).