Dickinson Williams advises on the sale of Planet Fitness™ franchisee, KSMA

Dickinson Williams & Company served as the exclusive financial advisor to KSMA, LLC (“KSMA”), a franchisee of 14 Planet Fitness™ clubs, in its sale to Excel Fitness Holdings, a portfolio company of Olympus Partners.

KSMA was established in 2006 by Ken and Sharree Ryder, who focused on a people-first approach, growing their family business from a single location to 14 locations throughout the Hampton Roads region of Virginia and Northeastern North Carolina.  KSMA’s 15th club will open this fall in Williamsburg, Virginia.

KSMA’s Chief Operating Officer, Michael Barnes, stated, “The experience with Dickinson Williams was exactly what we were looking for as a family.  Their knowledge and experience were evident from our first meeting, and the level of care from everyone at Dickinson Williams gave us confidence at every turn.  We are extremely excited to partner with Excel Fitness going forward.  We share many of the same views on building a team rooted in great culture, and ensuring the Planet Fitness™ brand is represented to the best of our abilities.”

“We are deeply grateful for the opportunity to work with the KSMA team, and we wish them all the best in their partnership with Excel and Olympus,” said John Dickinson, Managing Director at Dickinson Williams.

“With the addition of these 14 locations, we’re excited to continue expanding our footprint in Virginia and North Carolina,” said Chief Executive Officer CJ Bouchard of Excel Fitness.  “Ken, Sharree and the entire Ryder family have built a world-class organization, and their incredible team will immediately strengthen our organization as we continue growing together.”

Williams Mullen served as legal counsel to KSMA, and Wall Einhorn & Chernitzer served as KSMA’s tax and accounting advisor.

 About Planet Fitness:

Founded in 1992 in Dover, New Hampshire, 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 of June 30, 2022, Planet Fitness™ had more than 16.5 million members and 2,324 stores in 50 states, the District of Columbia, Puerto Rico, Canada, Panama, Mexico, and Australia.  The Company’s mission is to enhance people’s lives by providing a high-quality fitness experience in a welcoming, non-intimidating environment, which is referred to as the Judgement Free Zone®.  More than 90% of Planet Fitness™ stores are owned and operated by independent businessmen and women.

 About Excel Fitness Holdings:

Excel Fitness Holdings is a leading Planet Fitness™ franchise group based in the Austin area with over 100 locations across Texas, Oklahoma, Arkansas, Missouri, North Carolina, and Virginia.  Excel Fitness has built a team culture that focuses on elevating the member experience by developing exceptional health clubs and delivering world-class customer service.  The team is passionate about building communities through fitness and supporting their local markets through employment and memberships opportunities that positively impact lives.

 About Olympus Partners:

Founded in 1988, Olympus Partners is a private equity firm focused on providing equity capital for middle market management buyouts and for companies needing capital for expansion.  Olympus is an active, long-term investor across a broad range of industries, including business services, consumer products, healthcare services, financial services, industrial services, and manufacturing.  Olympus manages in excess of $8.5 billion mainly on behalf of corporate pension funds, endowment funds, and state-sponsored retirement programs.

About Dickinson Williams & Company:

Dickinson Williams & Company is an independent investment banking firm led by industry veterans with over 80 years of combined investment banking, financing, and operating experience.  The firm provides objective, experience-based advisory services to lower middle market companies with enterprise values up to $150 million.  The firm provides sell-side, buy-side, private placement, recapitalization, and strategic advisory services to family and closely held businesses, corporations, and private equity groups, and has a broad cross-section of transaction and industry experience in the industrials, business services, distribution, healthcare, and consumer sectors.

John C. Dickinson
Managing Director

James A. Gilmore
Managing Director

Harold J. Williams III
Managing Director

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