Planet Fitness Gets $50 Million From GE Capital To Fuel Growth

iNews Connect:

Planet Fitness, whose low-price gyms have struck a chord with consumers and revolutionized an industry once dominated by big-box health clubs, reached agreement today with GE Capital on a million credit facility that will help fuel the franchise company’s expansion. The facility may be increased to million under certain conditions.

“Because of GE Capital’s deep domain expertise, they’re smart about loan underwriting and willing to make significant financial commitments to growth businesses,” said Jayne Conway, chief financial officer of Planet Fitness. “This provides us with both the liquidity and flexibility we need for our day-to-day operations and to foster our growth plans.”

Planet Fitness, which topped 0 million in system-wide revenue in 2009, has for three straight years made Inc. magazine’s list of the fastest-growing private businesses in America.

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