On March 30, private equity firms HGGC and Monogram Capital Partners announced the completion of the sale of Grand Fitness Partners’ equity to Flynn Group, one of the world’s largest franchise operators. Grand Fitness Partners is a major franchisee of Planet Fitness, and this transaction doubles the number of Planet Fitness locations under Flynn Group to approximately 98.

Franchise operator Flynn Group has completed the acquisition of Grand Fitness Partners from HGGC, which invested in the company in 2021, and Monogram Capital Partners, the company’s prior majority owner.

The transaction underscores continued consolidation among large-scale franchise operators seeking to expand their footprint in the growing fitness sector. Founded in 2010 and headquartered in Florida, Grand Fitness Partners is a prominent franchisee within the Planet Fitness system, operating 98 locations across California, Florida, New Jersey, Pennsylvania and Virginia. The company has scaled through a combination of new club openings and acquisitions, building a strong regional presence.

“Since HGGC partnered with Grand Fitness Partners in 2021, the Company has grown meaningfully through a combination of new club openings and strategic acquisitions, solidifying its position as one of the largest franchisees in the Planet Fitness system – all while maintaining the welcoming, high-quality, and judgment-free experience that defines the brand,” said HGGC. “Our collaboration with the Grand Fitness Partners team underscores HGGC’s partnership-focused approach to building value together. We believe the Company is well-positioned for continued success as part of Flynn Group and within a fitness category that continues to benefit from today’s evolving wellness trends.”

About Grand Fitness Partners

Grand Fitness Partners is one of the largest Planet Fitness franchisees, operating 98 clubs across the United States. Backed by HGGC since 2021, the company is dedicated to offering welcoming, accessible, and member-focused fitness experiences in every community it serves.

About HGGC

HGGC is a values-driven, partnership-focused private investment firm. The Firm’s ecosystem of investors, operators, and professionals is united by the shared mission to develop leading enterprises and build long-term value together. HGGC invests in technology, business services, financial services, and consumer enterprises. The Firm is based in Palo Alto, CA and manages over $10 billion in assets under management (as of December 31, 2025). More information, including a complete list of current and former investments, is available at www.hggc.com.

About Flynn Group LP

Founded in 1999, Flynn Group LP is the largest franchise operator in the world, and the third largest operator of restaurants, after only Starbucks and Chipotle, in the United States. Flynn Group owns and operates more than 3,000 restaurants and fitness clubs across the Applebee’s®, Arby’s®, Taco Bell®, Panera®, Pizza Hut®, Wendy’s®, Planet Fitness® and 7 Brew® brands, spanning 44 states, Australia and New Zealand, generating $5 billion in sales and employing more than 78,000 people. More information is available at www.flynn.com.

FGS Analysis: Flynn Group, previously best known for its hundreds of Burger King, Panera, and Applebee’s restaurants, is now making a significant move into fitness chains. This not only reflects the high confidence that professional franchise capital has in the fitness industry but also indicates that the wave of consolidation in the U.S. gym market is far from over. Against the backdrop of Planet Fitness having more than 2,400 locations nationwide, changes in equity among major franchisees will accelerate store standardization and expansion speed.