SEATTLE, November 16, 2023—(BUSINESS WIRE)–Rainier Partners, a private equity firm investing in lower middle class service businesses, is pleased to announce its acquisition of Omega Fitness, the flagship franchisee of Anytime Fitness, formed from the combination of businesses, built by two franchise operators, Andy Gundlach and Russ Allen.
Omega Fitness is the second largest Anytime Fitness platform in the US with nearly 70 gyms in Wisconsin, California and Florida. The company will be led by Allen and Gundlach, who are widely regarded as two of the top operators in the Anytime Fitness system, as evidenced by their individual success to date in a large and unconsolidated fitness franchise network. Allen and Gundlach will work closely with Rainier to lead and expand the Omega Fitness platform while optimizing operations at existing clubs.
“We recognized the need for a partner with not only extensive experience in the fitness industry, but also the resources and operational capabilities to assist with integration and future growth,” said Allen. “Rainier’s partnership-oriented approach, combined with enthusiasm for the future of our company and Anytime Fitness, solidifies our confidence in this transformative alliance.”
“With the abundance of interest from the private equity community, the idea of ​​partnering with Rainier felt good from day one,” Gundlach said. “Looking forward, acquisitions will continue to be a key element of our growth strategy, along with building new locations across the U.S. and implementing best practices across all of our gyms, drawing on the experience of my team and Russ.”
Anytime Fitness was founded in 2002 and operates over 5,000 franchise locations in 50 countries. The company prioritizes user convenience and geographic accessibility while providing high-quality equipment, fitness classes, and other unique offerings.
“We are excited to be an early investor in the Anytime Fitness system and to partner with Russ, Andy and their teams to take advantage of the growth opportunities ahead for the company and the brand,” said Rainier Co-Founder and Managing Partner John Altman.
“Now that we’ve crossed the finish line of formalizing our partnership, we’re eager to begin implementing SUMMIT, Rainier’s value creation playbook, which we use to drive the long-term success of our portfolio companies,” continued the co-founder and managing partner of Rainier Alex Rolfe.
Omega Fitness is actively seeking partnerships with Anytime Fitness franchisees and other gym owners. Business owners interested in learning more should contact Pedro Belmontes, VP of Operations at [email protected].
Perkins Coie provided legal advice and Fifth Third Bank acted as financial advisor to Omega Fitness.
Omega Fitness is a franchisee of Anytime Fitness clubs in the United States. With nearly 70 gyms in Wisconsin, California and Florida, Omega is managed by two proven leaders in Anytime Fitness franchisees, Russ Allen and Andy Gundlach.
Rainier Partners is a Seattle-based private equity firm with over $375 million in assets under management that invests in lower-middle class service businesses. We seek opportunities where we can actively support business owners and management teams by providing growth capital, operational resources and strategic partnership. We focus on industries where we have extensive experience, a network of partners and deep resources: business services, consumer services, industrial services and financial services. We typically invite the founders or management teams of our portfolio companies to co-invest with us to align interests. Please visit www.rainierpartners.com for more information.
Check out the source version on businesswire.com: https://www.businesswire.com/news/home/20231116460307/en/
Contacts
Rainier Partners (Business Inquiries)
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MiddleM Creative (Media Inquiries)
Ali Gamble
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