Ropes & Gray Advises Planet Fitness in Minority Investment in iFIT Health & Fitness
Ropes & Gray represented Planet Fitness, Inc. in a minority investment in iFIT Health & Fitness, a leading global health and fitness technology company that develops and sells interactive software, content, and equipment. The investment was announced on May 6.
The investment builds upon Planet Fitness and iFIT’s existing collaboration announced in April 2020, in which Planet Fitness partnered with iFIT to accelerate Planet Fitness’ digital offerings with expanded and enhanced content.
The current partnership between both brands has created new iFIT trainer-led workouts that stream on the Planet Fitness mobile app for people of all fitness levels. Many of these workouts are available for free – to both Planet Fitness members and non-members – and span a broad range of fitness and wellness categories, including at home cardio, at home strength-training, stretching and more.
Planet Fitness is one of the largest and fastest-growing franchisors and operators of fitness centers in the United States by number of members and locations. As ofDecember 31, 2020, Planet Fitness had approximately 13.5 million members and 2,124 stores in 50 states, the District of Columbia, Canada, Panama, Mexico and Australia.
The Ropes & Gray team was led by capital markets partner Thomas Fraser and associate Jordan Kiellach (both of Boston).