FEP Acquires Bravo Fit From Planet Fitness

Franchise Equity Partners has acquired Bravo Fit, the Planet Fitness franchisee that operates 32 clubs across Australia, buying out existing shareholders including Planet Fitness itself. The deal, FEP's first investment in an Australian company, values Bravo Fit at roughly $170 million and pairs equity with new debt to fund faster club openings.

Planet Fitness Steps Back to Let Capital Lead

Planet Fitness exited its minority stake in Bravo Fit as part of the transaction, a deliberate move by the franchisor to seed international markets directly before handing growth off to well-capitalized operators. CEO Colleen Keating framed the sale as validation of that strategy, which the company is also applying as it expands into other international markets.

A Big Runway Still Ahead

Bravo Fit holds exclusive development rights for roughly 100 additional clubs across five Australian states and territories, with a stated target of more than 135 locations nationwide. FEP's capital, plus a new debt facility, is earmarked specifically to accelerate that buildout, and Bravo Fit's existing management team stays in place to run it.

What It Means for Multi-Unit Operators

The transaction shows private equity is willing to pay premium multiples for proven, multi-unit fitness operators with development rights still on the table, not just for the franchisor brand itself. For large-format fitness operators eyeing growth capital, FEP's structure, majority equity plus debt tied to unit growth, offers a template that ties investor returns directly to store openings rather than a straight buyout.