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Spanos Barber Jesse & Co. Completes 10th Investment with the Acquisition of CDM Fitness Holdings
June 13, 2019
Spanos Barber Jesse & Co. ("SBJ"), a private equity firm that partners with founder and family-owned businesses, announced today that it has completed its 10th investment in the current fund with the acquisition of CDM Fitness Holdings ("CDM"), the largest Planet Fitness franchisee in Massachusetts. SBJ invested in partnership with CDM's co-founders, Brian Kablik (CEO), Bill Whelan (COO) and Jonathan Epstein (CMO), as well as its CFO, Eric Peabody, all of whom will remain in their present roles leading the company.

CDM opened its first Planet Fitness club in 2007 and entered into one of the first exclusive area development agreements within the system. Since that time, CDM has grown to 20 clubs in Massachusetts through new club openings and acquisitions and is now the largest Planet Fitness franchisee in the state. In 2011, CDM established the first marketing cooperative in the Planet Fitness system.

Founded in 1992 in Dover, New Hampshire, Planet Fitness (NYSE: PLNT) 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, 2019, Planet Fitness had more than 13.6 million members and 1,806 clubs in 50 states, the District of Columbia, Puerto Rico, Canada, the Dominican Republic, Panama and Mexico. Planet Fitness' mission is to enhance people's lives by providing a high-quality fitness experience in a welcoming, non-intimidating environment, known as the Judgement Free Zone®.

"We are big believers in Planet Fitness' disruptive and inclusive fitness club model, and have looked for the right opportunity to enter the system for many years. We have found the ideal partners in the CDM team and look forward to continuing to build CDM through both de novo and acquisition growth in the years ahead," commented Ben Landis, Managing Director at SBJ.

"We are thrilled to partner with SBJ as CDM enters its next stage of growth," said CDM CEO Brian Kablik. "We chose SBJ as a result of the team's many years of experience in the fitness club sector and their passion for Planet Fitness. Their personal ties to Massachusetts and love of the Red Sox and Patriots certainly didn't hurt either," added Brian.

The McLean Group acted as the exclusive financial advisor to CDM on the transaction and Marks & Klein, LLP served as CDM's legal advisor. O'Melveny & Myers LLP provided legal advice to SBJ. Goldman Sachs Specialty Lending Group, L.P. provided the senior debt in the transaction.

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