United PF Partners - Case Study

United PF Partners
  • Investment period: 2016 - 2019
  • Headquarters: Austin, TX
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Company Overview

Largest franchisee of Planet Fitness, which operates gyms. Founded by Trey Owen

Investment Thesis

  • Recession resistant, not fad reliant, and appeals to the 80% non-gym member population in the U.S.
  • Target growth through development and acquisitions, and add value through improving critical functions and growing sites / team

Eagle Value Creation

  • Established institutional process to accelerate unit development 
  • Recruited the majority of executive team
  • Led negotiation of development rights with franchisor
  • Established joint venture to expand internationally


  • Tripled total unit count in under three years by both building and acquiring gyms 
  • Increased EBITDA by over 300%
  • Grew founder’s rollover equity by over 7x