Planet Fitness buys Be-Fit and enters Portugal

Planet Fitness has acquired the Portuguese gym chain Be-Fit for approximately €102.5 million, expanding its network to 25 clubs with around 80,000 members in Portugal. The deal includes €100 million in cash at closing and up to €2.5 million based on performance targets. This acquisition is part of Planet Fitness's international expansion strategy, aiming to strengthen its presence in Western Europe, where it already operates in Spain. The Be-Fit clubs will gradually adopt the Planet Fitness brand, and the company plans to maintain direct operations while collaborating with the current management team to explore growth opportunities in Portugal. CEO Colleen Keating emphasized the significance of entering the Portuguese market as part of the company's goal to enter one to two new markets annually.