Harris Williams Advises Impact Fitness on an Investment by Morgan Stanley Capital Partners

June 11, 2019

Harris Williams, a global investment bank specializing in M&A advisory services, announces that it advised Impact Fitness, a portfolio company of Bain Capital Double Impact, on an investment by investment funds managed by Morgan Stanley Capital Partners (MSCP), the middle market focused private equity team within Morgan Stanley Investment Management. Headquartered in Brighton, Michigan, Impact Fitness is one of the highest performing franchisees within the Planet Fitness system, built on the foundation of providing high-quality, affordable access to health clubs for underserved communities. The transaction was led by Ryan Budlong, Zach England and Brandon Geyer of Harris Williams’ Consumer Group.

“We are honored to have had the privilege to serve as Impact Fitness’ advisor,” said Ryan Budlong, a managing director at Harris Williams. “We look forward to watching Impact Fitness’ future and are excited that the company has found a new partner in MSCP that will continue to support management’s mission of positively impacting and serving their members and communities.”

“Impact Fitness represents our second transaction in the last year within the Planet Fitness system and another marquee transaction for Harris Williams in the fitness space,” said Zach England, a vice president at Harris Williams. “The Planet Fitness franchisee community is a truly special group of operators, who together generate exceptional value for a powerful brand that is driving the industry.”

Impact Fitness was founded by Chris Klebba in 2006 with the opening of one club in the Greater Detroit market. Since then, the company has grown organically and via acquisitions to 29 clubs across Michigan, Indiana, British Columbia and Ontario. In addition to operating top-performing locations in the Planet Fitness system, Impact Fitness is dedicated to improving communities in which it operates by providing high-quality, affordable gym access to underserved communities, partnering with local charitable organizations and hiring talent from the very cities and towns the clubs serve. Impact Fitness achieved B-Corp eligibility status in 2018 and is a recognized leading franchisee in the Planet Fitness system.

Planet Fitness is one of the largest and fastest-growing franchisors of fitness centers in the United States. As of March 31, 2019, Planet Fitness had more than 13.6 million members and 1,806 clubs in the 50 states, the District of Columbia, Puerto Rico, Canada, the Dominican Republic, Panama and Mexico. The company’s mission is to enhance people’s lives by providing a high-quality fitness experience in a welcoming, non-intimidating environment, called the Judgment Free Zone®.

Bain Capital Double Impact is the impact investing strategy of Bain Capital, a leading global private investment firm. Bain Capital Double Impact utilizes Bain Capital's proven, deep diligence, value-added approach to build great companies that deliver both competitive financial returns and meaningful, measurable social and environmental good. Bain Capital Double Impact focuses on sustainability, community building and health and wellness to create long-term value and meaningful impact at scale. Its goal is to enable the next phase of financial and impact growth for its partner companies, which are solving critical social problems, and doing so profitably.

MSCP, part of Morgan Stanley Investment Management, is a leading middle market private equity platform that has invested capital in a broad spectrum of industries for over three decades. MSCP focuses on privately negotiated equity and equity-related investments primarily in North America and seeks to create value in portfolio companies primarily in a series of subsectors in the business services, consumer, healthcare and industrials markets with an emphasis on driving significant organic and acquisition growth through an operationally focused approach.

Morgan Stanley (NYSE: MS) is a leading global financial services firm providing investment banking, securities, wealth management and investment management services. With offices in more than 41 countries, the firm's employees serve clients worldwide including corporations, governments, institutions and individuals.

Harris Williams, an investment bank specializing in M&A advisory services, advocates for sellers and buyers of companies worldwide through critical milestones and provides thoughtful advice during the lives of their businesses. By collaborating as one firm across Industry Groups and geographies, the firm helps its clients achieve outcomes that support their objectives and strategically create value. Harris Williams is committed to execution excellence and to building enduring, valued relationships that are based on mutual trust. Harris Williams is a subsidiary of the PNC Financial Services Group, Inc. (NYSE: PNC).

Harris Williams’ Consumer Group has completed more than 60 transactions in recent years across a variety of verticals, including branded consumer products; consumer services; fitness; food, beverage and agribusiness; and restaurant and retail. For more information on Harris Williams’ Consumer Group and other recent transactions, visit the Consumer Group’s section of the Harris Williams website.

Harris Williams LLC is a registered broker-dealer and member of FINRA and SIPC. Harris Williams & Co. Ltd is a private limited company incorporated under English law with its registered office at 5th Floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered with the Registrar of Companies for England and Wales (registration number 07078852). Harris Williams & Co. Ltd is authorized and regulated by the Financial Conduct Authority. Harris Williams & Co. Corporate Finance Advisors GmbH is registered in the commercial register of the local court of Frankfurt am Main, Germany, under HRB 107540. The registered address is Bockenheimer Landstrasse 33-35, 60325 Frankfurt am Main, Germany (email address: hwgermany@harriswilliams.com). Geschäftsführer/Directors: Jeffery H. Perkins, Paul Poggi. (VAT No. awaited). Harris Williams is a trade name under which Harris Williams LLC, Harris Williams & Co. Ltd and Harris Williams & Co. Corporate Finance Advisors GmbH conduct business.