Planet Fitness Announces New Development Agreement in New Zealand
Posted: May 10, 2022 in Chains
HAMPTON, N.H. – Planet Fitness, Inc. (NYSE: PLNT) has 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.
*The 2020 IHRSA Global Report