PLANET FITNESS ANNOUNCES NEW DEVELOPMENT AGREEMENT IN NEW ZEALAND

Rhea-AI Summary

Planet Fitness has signed an Area Development Agreement with Castle Point Fitness NZ Ltd. to expand its presence in New Zealand. This agreement will see the opening of at least 25 new locations over the coming years, part of the company's strategic growth plans. With about 86% of the New Zealand population not currently belonging to a gym, this expansion is poised to meet significant market demand. Currently, Planet Fitness has over 16.2 million members and 2,291 clubs across multiple countries, aiming to provide affordable fitness options worldwide.

Positive

• Expansion into New Zealand with a minimum of 25 new locations.
• Captures a market with 86% of the population not belonging to a gym.
• Planet Fitness currently has over 16.2 million members, showing strong demand.

Negative

• None.

Company expects to open 25 locations in New Zealand over the next several years, further expanding its international footprint

HAMPTON, N.H., May 10, 2022 /PRNewswire/ -- Planet Fitness, Inc. (NYSE: PLNT) today announced the Company has signed an Area Development Agreement with Castle Point Fitness NZ Ltd. ("Castle Point"), to expand the brand into New Zealand.

Castle Point is a joint venture between the founder of The Fresnel Companies, LLC, a U.S. based investment firm with substantial international experience, and a private family office. The agreement will bring a minimum of 25 Planet Fitness locations to New Zealand over the next several years.

"As a part of our strategic international growth plans, we are thrilled to announce that Planet Fitness will be opening fitness clubs in New Zealand," said Ray Miolla, Chief Development Officer at Planet Fitness. "Our growing fleet of clubs in Australia is performing very well, and we believe we have the right local team in place to replicate this success in New Zealand and accelerate growth of our business in this region."

With more than 16.2 million members, Planet Fitness has 2,291 stores located in all 50 states, the District of Columbia, Puerto Rico, Canada, Panama, Mexico, and Australia.

"Planet Fitness' expansion into New Zealand, where approximately 86% of the population doesn't yet belong to a gym*, creates a tremendous opportunity to meet consumer needs in the market and offer a judgement free, affordable fitness experience by breaking down the barriers and providing access to fitness for all," said Chris Rondeau, Chief Executive Officer at Planet Fitness. "We are excited to be working with the Castle Point team and look forward to welcoming them into our system and growing the Planet Fitness brand in New Zealand."

Planet Fitness offers extremely low prices and a variety of benefits, including a hassle-free environment, brand name cardio and strength equipment, fully equipped locker rooms, flat screen televisions and much more. The free Planet Fitness App, available to members and non-members alike, puts more than 1,000 exercises right in your pocket with routines for all levels and interests. The Planet Fitness Black Card® membership includes extra perks, such as access to any club at no additional charge, the ability to bring a guest anytime, and additional amenities like unlimited use of massage chairs, HydroMassage beds, and more.

For more information on Planet Fitness and to find a club near you visit www.PlanetFitness.com.

*The 2020 IHRSA Global Report.

About Planet Fitness
Founded in 1992 in Dover, NH, 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. As of March 31, 2022, Planet Fitness had more than 16.2 million members and 2,291 stores in 50 states, the District of Columbia, Puerto Rico, Canada, Panama, Mexico and Australia. The Company's mission is to enhance people's lives by providing a high-quality fitness experience in a welcoming, non-intimidating environment, which we call the Judgement Free Zone®. More than 90% of Planet Fitness stores are owned and operated by independent business men and women.

 

 

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SOURCE Planet Fitness, Inc.

FAQ

What is the recent development agreement signed by Planet Fitness in New Zealand?

Planet Fitness has signed an agreement to open at least 25 new locations in New Zealand over the next several years.

How many Planet Fitness locations are currently operational worldwide?

Planet Fitness has 2,291 locations worldwide, including clubs in the USA, Canada, Australia, and more.

What percentage of the New Zealand population currently belongs to a gym?

Approximately 86% of the New Zealand population does not belong to a gym.

How many members does Planet Fitness have as of now?

As of now, Planet Fitness has over 16.2 million members.

What is the significance of Planet Fitness's expansion into New Zealand?

The expansion provides an opportunity to meet the fitness needs of a population with low gym membership rates.