United PF Partners - Case Study

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
   

Results

• 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