Simpson Thacher represented the underwriters, led by J.P. Morgan, BofA Merrill Lynch, Jefferies and Guggenheim, in a secondary offering of Class A common stock of Planet Fitness, Inc. The selling stockholders sold 10,000,000 shares in the offering for gross proceeds of $165 million, without giving effect to any exercise of the underwriters’ option to purchase an additional 1,500,000 shares. Planet Fitness, Inc.’s Class A common stock is listed on the New York Stock Exchange under the symbol “PLNT.”
Founded in 1992 in Dover, N.H., 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. Planet Fitness has more than 8.3 million members and 1,171 locations in 47 states, the District of Columbia, Puerto Rico, Canada and the Dominican Republic.
The Simpson Thacher team included John C. Ericson, Chris Webb and Val Washington (Capital Markets); Drew Purcell (Tax); David Rubinsky, Nadine Mompremier and Joo Hyun Lee (ECEB); Michael Isby (Environmental); Linda Nyberg (IP); and Jennie Getsin (FINRA and Blue Sky). Summer Associate Kira Mandella also provided valuable assistance.