Anytime Fitness, Hastings, MN, announced today that Atlanta-based private equity firm Roark Capital Group has made an investment in the company. Terms were not disclosed.

Anytime Fitness and Roark Capital Group said the investment would help Anytime Fitness accelerate U.S. and global expansion, capitalizing on the company's growth rate and global interest in fitness clubs.

"We've been contacted by dozens of private equity firms over the years who have wanted to invest in the company," Chuck Runyon, CEO and co-founder of Anytime Fitness, said in a statement. "We've been extremely selective in seeking the right partner with a strategic and cultural fit. Roark is the preeminent private equity firm in franchising. They understand our philosophy and value the importance of supporting profitable and happy franchisees."

Runyon, co-founder and President Dave Mortensen, and the rest of the Anytime Fitness management team will continue to lead and operate the company. Roark Capital Managing Directors Erik Morris and Steve Romaniello have joined the Anytime Fitness board of directors and will provide strategic counsel and operational support.

"Chuck and Dave have built a terrific business with an incredibly strong culture," Morris said in a statement. "We are thrilled to be partnering with such a great company and talented team of people."

In 2010, Roark Capital Group had had discussions with Planet Fitness, Newington, NH, about an investment, according to Planet Fitness, but that did not materialize. Last year, Planet Fitness announced a private equity investment from TSG Consumer Partners. In recent private equity investment news, Snap Fitness, Chanhassen, MN, announced earlier this year that it received an investment from TZP Capital Partners II, taking the place of Summit Partners.

The Anytime Fitness investment represents Roark's 31st investment in a franchise or multi-unit brands. Collectively, Roark's investments represent nearly 18,000 locations and $16 billion in system-wide revenues across 50 states and 71 countries.

In the Anytime-Roark deal, Piper Jaffray served as financial advisor and Larkin Hoffman acted as legal counsel to Anytime Fitness, and King & Spalding and DLA Piper acted as legal counsel to Roark Capital.

Anytime Fitness, which is ranked No. 1 on the Entrepreneur Franchise 500 list this year, was No. 19 on Club Industry's Top 100 Clubs list last year with a reported $52.6 million in 2012 revenue. For the 2014 Franchise 500 list, Anytime Fitness reported 1,791 U.S. clubs, 72 Canadian clubs, 459 international clubs and 17 company-owned clubs in 2013. Anytime recently announced it surpassed the 2 million member mark.

Last year, Runyon received the inaugural Mid-Market CEO Award for leadership from Chief Executive magazine. Other honors for the company include being named One of America's Most Promising Companies by Forbes in February 2013 and twice being named the best company to work for in Minnesota by Minnesota Business magazine.

Through its parent company, Self Esteem Brands, Anytime Fitness also franchises Waxing the City, a personal services franchise brand it acquired in 2012 and is projected to grow to more than 100 studios in the next three years.