Mayfair Capital Partners (a division of Oxford Financial Group), on behalf of its underlying investors, has acquired Baseline Fitness. This investment closed on February 2, 2024, and terms were not disclosed. And Fredrikson & Byron served as legal counsel for Mayfair.
Launched in 2009 and headquartered in Fargo, North Dakota, Baseline Fitness is a leading franchisee in the Planet Fitness system, with 100 locations under its umbrella. Planet Fitness (the franchisor) is one of the largest and fastest-growing franchisors and operators of fitness centers, with more members than any other fitness brand and 2,500+ locations system-wide, with more than 18 million members. Planet Fitness’ goal is to enhance people’s lives by providing a high-quality fitness experience in a welcoming and non-intimidating environment called the Judgement Free Zone. And Mayfair Capital Partners acquired Baseline Fitness from Freeman Spogli and Co.
Oxford’s Mayfair division has a 20+ year history of investing in high-growth and market-leading companies to provide growth capital and strategic support to enable businesses to broaden their reach and better serve their customers. And the Baseline Fitness management team, led by CEO Scott Majkrzak, and the knowledgeable, skilled employee base has a compelling, shared vision for continued growth.
KEY QUOTES:
“We are grateful for the opportunity to partner with the Baseline team and the company’s 1,000+ employees as they seek to grow the business from 100 locations today to more than 150 in the next few years. Planet Fitness is a strong brand that offers its customers a great value in our markets and we appreciate the support we have received from Planet Fitness HQ and the Piper Sandler investment banking team as we worked to join this great franchisee system.”
– Ben Ault, Mayfair Managing Director
“We are thrilled to partner with Mayfair. Our partnership will allow us to continue our growth trajectory by expanding our footprint in our existing territories and in new markets.”
– Scott Majkrzak, CEO of Baseline Fitness
“We are always on the lookout for opportunities to partner with outstanding management teams to provide growth capital and strategic support. We are very excited to work with Scott and the rest of the Baseline team growing the business in the years to come.”
– Bo Ramsey, Oxford’s Co-Managing Partner and Chief Investment Officer
“We are pleased to offer our qualified clients and partners the opportunity to participate in hard-to-access investment opportunities like this one, through Mayfair. We believe this is an important component of what sets us apart from other firms, and we are pleased to be able to provide these opportunities.”
– Jeff Thomasson, Oxford’s CEO
