Planet Fitness is owned by a publicly traded company—Planet Fitness, Inc. (NYSE: PLNT)—and most of its gyms are independently owned and operated by franchisees. If you’re wondering who actually controls Planet Fitness, here’s the straight answer: the corporation owns the brand and a small percentage of gyms, while the vast majority of individual locations are owned by franchisees, not the company itself.
Understanding who owns Planet Fitness is important if you’re thinking about joining, investing, or even buying a franchise. In this guide, you’ll learn how Planet Fitness’s ownership works, who the CEO is, what role franchisees play, and which investors are involved. We’ll also highlight the latest leadership updates, major franchise groups, and what this means for you as a member or entrepreneur.
Who Actually Owns Planet Fitness?
The Parent Company: Planet Fitness, Inc.
Planet Fitness is managed and controlled by its parent company, Planet Fitness, Inc., which is listed on the New York Stock Exchange under the symbol PLNT. This corporation owns all trademarks, intellectual property, and handles brand-wide strategy, marketing, and technology. No single person or family privately owns Planet Fitness; it is a public company accountable to shareholders.
Official policy, financial statements, and updates can always be found at investor.planetfitness.com.
How the Planet Fitness Franchise Model Works
Franchisees Own Most Locations
About 90% of all Planet Fitness clubs are owned and operated by independent franchisees. These franchisees are usually local entrepreneurs or investment groups who buy the rights to use the Planet Fitness brand and operate gyms under its system.
- As of December 2023, Planet Fitness had over 2,575 locations worldwide (Investor Relations, 2024).
- Approximately 2,319 are franchise-owned, while 256 are corporate-owned.
- Most franchisees operate multiple locations—sometimes dozens or even hundreds.
Major franchise operators include:
- Flynn Group (acquired 37 clubs in 2023)
- United PF Partners (operates over 100+ clubs)
- Other large investment groups with regional or national reach
Franchisees pay initial fees, ongoing royalties (typically 7% of gross monthly dues), and must follow strict operational standards (Franchise Info).
Who Is the CEO of Planet Fitness?
Latest Leadership Updates
As of April 2024, Colleen Keating is the CEO of Planet Fitness, Inc. She succeeded interim CEO Craig R. Benson (who stepped in after Chris Rondeau in September 2023).
- Colleen Keating: Brought on to drive the next phase of company growth and improve club culture (WSJ, 2024).
- Craig R. Benson: Served as interim CEO and has a long history as a franchise operator and board member.
You can always check the latest executive team and board of directors at planetfitness.com/about-planet-fitness/leadership.
Who Are the Major Shareholders of Planet Fitness?
Institutional Investors
Because Planet Fitness is public, its shares are owned by institutional investors, mutual funds, and individual shareholders. No single private individual or family controls the company. Top institutional shareholders include:
- Vanguard Group
- BlackRock
- Various investment funds
These firms each own substantial—but non-controlling—stakes, making the ownership widely distributed.
What About the Founders?
Planet Fitness was founded in 1992 by Michael and Marc Grondahl in Dover, New Hampshire. They launched the franchise model in the early 2000s and eventually took the company public in 2015. Today, the founders are no longer majority owners or day-to-day operators.
How Does This Affect Members and Franchisees?
- Members: No change—memberships, services, and prices are set at the local club level but guided by corporate standards.
- Franchisees: Must follow brand rules, pay royalties, and benefit from corporate marketing and support.
- Investors: Planet Fitness is one of the largest and fastest-growing fitness franchises globally, making it a significant player in the health and wellness sector.
Recent Policy & Industry Updates
- Leadership Transition: Chris Rondeau (former CEO) was replaced by Craig Benson in Sept. 2023, and Colleen Keating became CEO in April 2024 (Investor Press Release).
- Franchise Growth: Flynn Group’s entry and acquisitions show continued confidence in the franchise model (Athletech News, 2024).
- Public Ownership: Major investment firms continue to hold top positions among shareholders, which is typical for large U.S. public companies.
Common Questions About Planet Fitness Ownership
Is Planet Fitness a franchise or a corporation?
Both. The corporation owns the brand, but the gyms are mostly franchisee-owned.
Can I buy a Planet Fitness franchise?
Yes! Initial investment typically ranges from $1.5 million to $4.3 million, with a franchise fee of $20,000–$25,000 and ongoing royalties (Franchise Info).
Who is the biggest Planet Fitness franchisee?
As of 2025, the largest franchise group operates nearly 200 clubs, and Flynn Group is one of the newest big players.
Conclusion
Planet Fitness is owned by a public company, led by experienced executives and powered by independent franchise owners across the U.S. and beyond. If you’re a member, you benefit from this blend of corporate oversight and local entrepreneurship. If you’re considering investing or buying a franchise, Planet Fitness remains one of the world’s leading gym franchises, offering strong support and brand recognition.
Want to learn more about joining or opening a Planet Fitness franchise? Visit the official franchise page or check their Investor Relations for the latest updates.