Planet Fitness’ $326 million Common Stock Secondary Offerings

Simpson Thacher represented J.P. Morgan Securities LLC, as underwriter, in two recent secondary offerings of Class A common stock of the Planet Fitness, Inc. In March 2017, the selling stockholders sold 15,000,000 shares in an offering for gross proceeds of approximately $307 million, and in May 2017 the selling stockholders sold 16,085,510 shares in an offering for gross proceeds of approximately $326 million.

With the completion of these offerings, investment funds affiliated with TSG Consumer Partners, LLC no longer hold shares of Planet Fitness. The company’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 10 million members and 1,300 stores in 48 states, the District of Columbia, Puerto Rico, Canada and the Dominican Republic.

The Simpson Thacher team for these transactions included John C. Ericson (Picture), Tony Rim and Maya Reeves (Capital Markets); Andrew Purcell (Tax); Linda Nyberg (Intellectual Property); David Rubinsky and Christopher Scavone (Executive Compensation and Employee Benefits); Michael Isby and Louise Kruger (Environmental); and Jennie Getsin (FINRA and Blue Sky).

Involved fees earner: John Ericson – Simpson Thacher & Bartlett; Tony Rim – Simpson Thacher & Bartlett; Maya Reeves – Simpson Thacher & Bartlett; Andrew Purcell – Simpson Thacher & Bartlett; Linda Nyberg – Simpson Thacher & Bartlett; David Rubinsky – Simpson Thacher & Bartlett; Christopher Scavone – Simpson Thacher & Bartlett; Michael Isby – Simpson Thacher & Bartlett; Louise Kruger – Simpson Thacher & Bartlett; Jennie Getsin – Simpson Thacher & Bartlett;

Law Firms: Simpson Thacher & Bartlett;

Clients: JP Morgan Securities;


Author: Ambrogio Visconti