Private investment company Franchise Equity Partners has acquired Bravo Fit, the Planet Fitness franchisee in Australia, from existing shareholders.

The deal marks Planet Fitness' exit from its minority ownership position in Bravo Fit and provides the Australian franchisee with fresh capital to accelerate expansion, while allowing the US fitness giant to recycle funds into further international growth opportunities.

Bravo Fit operates 32 Planet Fitness clubs and holds exclusive area development rights for up to approximately 100 additional clubs across Victoria, New South Wales, South Australia, Queensland and the Australian Capital Territory, giving it one of the largest development pipelines in the Australian fitness market.

The transaction provides Bravo Fit with capital to accelerate the rollout.

David O'Donnell, head of investments at Franchise Equity Partners, said the company was attracted by both the strength of the Planet Fitness brand and the growth potential of the Australian market.

"Bravo Fit is exactly the kind of partner FEP is built to support: a proven operator with a clear runway in a high-quality, globally recognised franchise system," he said.

O'Donnell added that Franchise Equity Partners already had experience as a minority investor in a US Planet Fitness franchise group and was now looking forward to becoming a full-scale franchise owner in Australia.

Bravo Fit's management team will continue to lead the business and oversee its future growth.

CEO Danielle Monroy said: "This partnership with FEP is an important milestone for our entire team. Over the past several years we've built a business defined by operational discipline and a genuine commitment to our members and our people.

"We look forward to benefiting from Franchise Equity Partners' expertise in scaling franchises as we work to open clubs faster, invest in our team and continue bringing the Planet Fitness brand and experience to more communities across Australia."

Planet Fitness CEO Colleen Keating said the transaction demonstrated the success of the company's international strategy.

"We're thrilled by the performance of the Planet Fitness brand in Australia since first entering the market seven years ago," she explained.

"The success we've seen to date demonstrates one of the ways we can successfully deploy capital in a disciplined and focused manner to drive Planet Fitness' expansion in international markets.

"The sale of our ownership stake in Bravo Fit to FEP validates our approach, and we're confident that Franchise Equity Partners and Bravo Fit will continue to scale Planet Fitness' growth in Australia."

The transaction comes as Planet Fitness appears to be institutionalising international expansion. Earlier this year, the company appointed Sudhanshu Priyadarshi as chief financial officer and president, international, bringing responsibility for capital allocation, corporate strategy and international operations under a single executive. The move suggests overseas growth is becoming a strategic priority rather than a series of one-off market entries.

The Australian transaction may also offer insights into Planet Fitness’ next moves. The company already has an agreement in place to develop at least 25 clubs in New Zealand, where Australia’s strong performance has given it confidence the model can be replicated.

Europe could follow a similar pattern. Spain is expanding steadily and is expected to reach 18 clubs by the end of the year, providing Planet Fitness with an operational foothold in southern Europe.

While the company has not identified its next European market, Portugal may represent the most logical next step. The two countries share supply chains, property relationships and consumer characteristics, potentially allowing Planet Fitness to leverage the infrastructure, management expertise and brand awareness it's building in Spain before moving into larger European markets. Priyadarshi also has experience working in India, suggesting this might be an eventual target.

Taken together, the appointment of Priyadarshi, the continuing rollout in Spain and the sale of the Australian business point to a more systematic international strategy. Rather than retaining long-term ownership stakes, Planet Fitness appears to be developing a repeatable blueprint: establish the brand alongside local partners, prove the concept, bring in specialist growth capital and then recycle investment into the next wave of market entries.

If successful, the approach could enable the company to accelerate international expansion while remaining true to its asset-light franchise model.