, /PRNewswire/ -- Freeman Spogli, a middle market private equity firm, announced that its portfolio company, Baseline Fitness, LLC ("Baseline"), a leading franchise division of Planet Fitness fitness centers, has been acquired by Mayfair Capital Partners ("Mayfair"), a division of Oxford Financial Group, Ltd. ("Oxford"). Freeman Spogli and Baseline's existing management team have each retained significant minority equity stakes, and the Baseline management team will continue to lead the company.
Terms of the transaction were not disclosed. Headquartered in , and founded in 2009, Baseline is one of the largest franchisees of Planet Fitness fitness centers with 100 clubs across the Upper Midwest, , and . Planet Fitness Inc.
is one of the largest and fastest-growing franchisors and operators of fitness centers with more members than any other fitness brand. Freeman Spogli partnered with the Baseline Fitness team in 2017, when the company had 22 clubs in the Upper Midwest and . With the support of Freeman Spogli, Baseline has grown organically and via acquisitions, adding density to its existing markets and strategically entering new markets.
"Baseline Fitness has grown into one of the largest franchise divisions of Planet Fitness fitness centers, having opened our landmark 100th club earlier this year," said , CEO of Baseline Fitness. "We are proud of what we accomplished together with the Freeman Spogli team and are excited to begin our new chapter with Mayfair Capital Partners.
