The amount and the terms of the deal were not disclosed.
The company intends to use the proceeds to further build its national brand, expand locations, and support its franchisees.
Michael Grondahl, Planet Fitness co-founder, has stepped down as CEO and will continue as a member of the board of directors. Chris Rondeau, who joined the company in 1993, has been appointed CEO. He will led Planet Fitness, a nationwide gym franchise with 618 locations and 3.8 million members.