GE Capital announced Thursday that it arranged a $59 million line of credit for a Planet Fitness franchisee based in Timonium to refinance existing debt, open new clubs and expand to the West Coast.
The loan will allow PF Growth Partners LLC, which operates 20 Planet Fitness clubs in Maryland and nine more in Tennesse and Florida, to open 15 new clubs in its existing territory this year and expand into new turf in Seattle and possibly San Francisco, said CEO Victor Brick and Glenn Norris, its chief finacial officer.
Norris said the expansion with 15 more clubs in Seattle is "close to being finalized." Brick said the company is "also looking at San Francisco."
The company has clubs throughout the Baltimore area, including Baltimore, Howard and Harford counties, each with 15 to 20 employees.
Established in 2007, PF Growth Partners is owned by Victor and Lynne Brick, also known locally for the Brick Bodies gyms. It has evolved into one of the largest franchisees for Planet Fitness, which has more than 900 clubs across the country.