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Article: It's a Planet Fitness World
- Article from:
- Business NH Magazine
- Article date:
- November 1, 2008
- Author:
CopyrightCopyright Laurentian Business Publishing Inc. Nov 2008. Provided by ProQuest LLC. (Hide copyright information)
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More than once a week, Planet Fitness executives field calls from private investors looking to buy the Dover-based fitness club chain. But founders Mike and Marc Grondahl and Chris Rondeau aren't ready to cash in on the sweat equity created during the company's 10-year history.
They aren't necessarily ruling out selling the business, but with the amount of cash rolling in, it would take a lucrative offer. "If we get the right price, we go," says Rondeau, operations chief. "But we don't have to do anything. We're fine as is." Rondeau isn't kidding. Revenues increased 472 percent between 2004 and 2007 to $48.5 million in an industry that generated $18.5 billion in revenues last year. This ...