NEWINGTON, NH -- Planet Fitness is in the process of completing a minority sale of the company, according to sources.

The buyer is a private equity firm, believed to be Goode Partners LLC, New York. Neither Planet Fitness nor Goode Partners could be reached for comment, but sources say a letter of intent has been signed. The sale, expected to be completed next month, will lead to capital growth for the company in the form of an expansion of franchises.

In the sale, Planet Fitness CEO Mike Grondahl, CFO Marc Grondahl and COO Chris Rondeau are expected to retain a majority interest in the company.

The last major deal that involved Planet Fitness was in late 2008 when the Newington, NH-based company sold World Gym to the Joyce J. Cammilleri family for an undisclosed sum. Planet Fitness bought World Gym for around $10 million in 2006.

In an effort to expand to the Pacific Northwest, Planet Fitness will hold a discovery day for potential franchisees on March 31 in Portland, OR.

Planet Fitness, which began franchising in 2003, has more than 320 clubs in 36 states and a membership base of 2.1 million. It reported 2008 revenue of $99 million, putting it 10th on Club Industry’s Top 100 clubs list in 2009.

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