HGGC Completes Sale of Grand Fitness Partners to Flynn Group

Audio By Carbonatix

PALO ALTO, Calif.--(BUSINESS WIRE)--Mar 31, 2026--

HGGC, a values-driven, partnership-focused middle-market private equity firm with over $10 billion in AUM (as of December 31, 2025), announced today that it has completed the sale of its portfolio company Grand Fitness Partners (the “Company”), to Flynn Group. As part of the transaction, Monogram Capital Partners, the Company's previous majority owner prior to HGGC's 2021 investment, also exited its remaining position. Terms of the transaction were not disclosed.

Founded in 2010 and headquartered in Coral Springs, Florida, Grand Fitness Partners operated a rapidly expanding portfolio of Planet Fitness gyms across multiple states, including California, Florida, New Jersey, Pennsylvania, and Virginia. With 98 clubs, the Company’s mission was focused on promoting accessible, high-quality fitness and wellness experiences in a welcoming, non-intimidating Judgement Free environment.

“Since HGGC partnered with Grand Fitness Partners in 2021, the Company has grown meaningfully through a combination of new club openings and strategic acquisitions, solidifying its position as one of the largest franchisees in the Planet Fitness system – all while maintaining the welcoming, high-quality, and judgment-free experience that defines the brand,” said HGGC. “Our collaboration with the Grand Fitness Partners team underscores HGGC’s partnership-focused approach to building value together. We believe the Company is well-positioned for continued success as part of Flynn Group and within a fitness category that continues to benefit from today’s evolving wellness trends.”

About Grand Fitness Partners
Grand Fitness Partners is one of the largest Planet Fitness franchisees, operating 98 clubs across the United States. Backed by HGGC since 2021, the company is dedicated to offering welcoming, accessible, and member-focused fitness experiences in every community it serves.

About HGGC
HGGC is a values-driven, partnership-focused private investment firm. The Firm’s ecosystem of investors, operators, and professionals is united by the shared mission to develop leading enterprises and build long-term value together. HGGC invests in technology, business services, financial services, and consumer enterprises. The Firm is based in Palo Alto, CA and manages over $10 billion in assets under management (as of December 31, 2025). More information, including a complete list of current and former investments, is available at www.hggc.com.

About Flynn Group LP
Founded in 1999, Flynn Group LP is the largest franchise operator in the world, and the third largest operator of restaurants, after only Starbucks and Chipotle, in the United States. Flynn Group owns and operates more than 3,000 restaurants and fitness clubs across the Applebee’s®, Arby’s®, Taco Bell®, Panera®, Pizza Hut®, Wendy’s®, Planet Fitness® and 7 Brew® brands, spanning 44 states, Australia and New Zealand, generating $5 billion in sales and employing more than 78,000 people. More information is available at www.flynn.com.

View source version on businesswire.com:https://www.businesswire.com/news/home/20260330392802/en/

CONTACT: Media Contacts

Madeline Jones/Carly King

Joele Frank, Wilkinson Brimmer Katcher

[email protected]

(212) 355-4449

KEYWORD: CALIFORNIA UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: ASSET MANAGEMENT PROFESSIONAL SERVICES FINANCE

SOURCE: HGGC

Copyright Business Wire 2026.

PUB: 03/31/2026 01:12 PM/DISC: 03/31/2026 01:12 PM

http://www.businesswire.com/news/home/20260330392802/en