American Securities’ Acquisition of United PF Holdings


Kirkland & Ellis LLP served as legal advisor to American Securities, and King & Spalding LLP served as legal counsel to United PF with respect to the transaction. Jefferies LLC acted as a financial advisor to American Securities, and Harris Williams served as financial advisor to the Company.

American Securities LLC has completed an investment in United PF Holdings, LLC. Financial terms of the transaction were not disclosed.

In the transaction, American Securities partnered with the current UPF management team, led by CEO and founder Trey Owen. The Company, which American Securities acquired from JLM Financial and Eagle Merchant Partners, continues American Securities’ long history of supporting leading multi-unit consumer services retail businesses.

United PF, headquartered in Austin, Texas, is the largest developer and operator of fitness clubs under the Planet Fitness brand (NYSE: PLNT) serving approximately 1.1 million members across 168 clubs in 14 states.

Planet Fitness is one of the largest and fastest-growing franchisors of fitness centers in the United States. As of September 30, 2019, Planet Fitness had more than 14.1 million members and 1,899 clubs in the 50 states, the District of Columbia, Puerto Rico, Canada, the Dominican Republic, Panama and Mexico.

The Kirkland team was led by transactional partners Michael Weisser (Picture) and Megan Spelman; debt finance partners Melissa Hutson and Suhan Shim; and tax partners Jared Rusman and Ryan Roberts.

Involved fees earner: Melissa Hutson – Kirkland & Ellis; Ryan Roberts – Kirkland & Ellis; Jared Rusman – Kirkland & Ellis; Suhan Shim – Kirkland & Ellis; Megan Ward Spelman – Kirkland & Ellis; Michael Weisser – Kirkland & Ellis;

Law Firms: Kirkland & Ellis;

Clients: American Securities LLC;

Author: Ambrogio Visconti