Franchise Equity Partners acquires Planet Fitness holdings in Australia

Planet Fitness, Inc. and Franchise Equity Partners (FEP) have announced a major ownership change in Australia.

FEP, an investment firm focused on partnerships with franchisees and franchisors, has acquired Bravo Fit, the largest Planet Fitness franchisee in Australia. Under the terms of the deal, FEP has purchased Bravo Fit from existing shareholders, including Planet Fitness. FEP is a minority owner of Planet Fitness in the United States.

As a result of the transaction, Planet Fitness has exited its minority ownership in Bravo Fit. The financial terms of the purchase were not disclosed.

Australian operations

Bravo Fit operates 32 Planet Fitness clubs and holds the development rights for approximately 100 clubs across Victoria, New South Wales, South Australia, Queensland, and the Australian Capital Territory.

“Bravo Fit is exactly the kind of partner FEP is built to support: a proven operator with a clear runway in a high-quality, globally recognized franchise system,” said David O’Donnell, managing director, head of investments at FEP. “We have established experience with Planet Fitness as a minority partner in a U.S.-based franchise group, and we are excited by the opportunity to become a full-scale franchise owner in one of the world’s most attractive fitness markets.”

This is FEP’s first investment in an Australian-headquartered business. In January, FEP finalized its deal to acquire IMO Car Wash, a U.K.-based business with operations in Australia.

Fep investment portfolio

Based in New York, FEP said it manages about $1.5 billion in assets with $5 billion in revenue across 14 portfolio companies. The company’s holdings include 1,800 storefronts across 12 countries.

“Our flexible capital and experience scaling franchise businesses are designed to help the management team accelerate that buildout while preserving the operating discipline and member focus that have made Bravo Fit successful,” O’Donnell added.

As of March 31, 2026, Planet Fitness had approximately 21.5 million members and 2,909 clubs in all 50 states, the District of Columbia, Puerto Rico, Canada, Panama, Mexico, Australia, and Spain

“We are thrilled by the performance of the Planet Fitness brand in Australia since first entering the market seven years ago,” said Colleen Keating, CEO at Planet Fitness. “We partnered with Bravo Fit initially to bring our brand promise of high-value, low-price fitness to the region, and our model has resonated well in the country. The success we’ve seen to date demonstrates one of the ways we can successfully deploy capital in a disciplined and focused manner to drive Planet Fitness’ expansion in international markets.”

Growth and leadership

As part of the agreement, Bravo Fit’s leadership team will continue to lead the business, with FEP’s investment expected to accelerate the brand’s growth in Australia.

“This partnership with FEP is an important milestone for our entire team,” said Danielle Monroy, CEO of Bravo Fit. “Over the past several years, we have built a business defined by operational discipline and a genuine commitment to our members and our people. We look forward to benefitting from FEP’s expertise in scaling franchises as we work to open clubs faster, invest in our team and continue bringing the Planet Fitness brand and experience to more communities across Australia — without compromising the standards that have gotten us here.”

The transaction also calls for Rob Coombe to serve as chairman of Bravo Fit. Coombe has over 40 years of experience in financial services and consumer businesses. He is the former CEO of BT Financial Group and previously served as CEO of Craveable Brands, one of Australia’s largest franchised quick-service restaurant operators.

FEP was advised by Mallesons, PwC, and Davis Wright Tremaine LLP. The Bravo Fit shareholders were advised by Hall & Wilcox and Intrepid Investment Bankers.