Market Overview

Morgan Stanley Capital Partners Completes Investment in Impact Fitness

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Investment funds managed by Morgan Stanley Capital Partners (MSCP), the
middle market focused private equity team within Morgan Stanley
Investment Management, announced today that they have completed an
investment in Impact Fitness ("Impact" or the "Company"), a leading
Planet Fitness franchisee with 29 clubs across the United States and
Canada. MSCP partnered with the current management team, led by CEO Adam
Willaeys, as well as founder Chris Klebba, who will remain as Executive
Chairman. The Company, which MSCP acquired from Bain Capital Double
Impact (BCDI) and Bridges Fund Management (Bridges), extends MSCP's long
track record of partnering with experiential, multi-site retail
businesses.

Impact, headquartered in Brighton, Michigan, was founded by Chris Klebba
in 2006 with the opening of its first Planet Fitness club in the Greater
Detroit market. Since then, the Company has grown to include 29 clubs
across Michigan, Indiana, British Columbia, and Ontario.

Planet Fitness is one of the largest and fastest-growing franchisors of
fitness centers in the United States. As of March 31, 2019, Planet
Fitness had more than 13.6 million members and 1,806 clubs in the 50
states, the District of Columbia, Puerto Rico, Canada, the Dominican
Republic, Panama and Mexico. Planet Fitness' mission is to enhance
people's lives by providing a high-quality fitness experience in a
welcoming, non-intimidating environment, called the Judgement Free Zone®.

In addition to operating top-performing locations in the Planet Fitness
system, Impact is dedicated to improving communities in which it
operates by providing high-quality, affordable gym access to underserved
communities, partnering with local charitable organizations, and hiring
talent from the very cities and towns the clubs serve. Impact achieved
B-Corp eligibility status in 2018 and is a recognized leading franchisee
in the Planet Fitness system.

Aaron Sack, Managing Director and Head of MSCP, said: "We are excited to
partner with Impact's talented management team to continue the Company's
impressive growth. We have admired Planet Fitness and the franchisee
system, and Impact has differentiated itself through its mission-driven
culture. We are pleased to support the Company as it expands and aims to
bring its offering to additional communities in need."

Adam Willaeys, Chief Executive Officer of Impact Fitness, said, "Impact
Fitness is excited to continue its journey of providing high-value,
low-cost, judgement-free fitness for everyone. Morgan Stanley Capital
Partners is the ideal match for not only growing our brand, but also the
culture and mission of Impact Fitness. Thank you to Bain Capital Double
Impact, Bridges Fund Management, and all parties for making this
opportunity possible."

"We have been pleased to partner with a mission-driven management team
as they've increased access to fitness for hundreds of thousands of
people who live in markets that are underserved by other fitness
providers," said Peter Spring, a Managing Director of Bain Capital
Double Impact. "We have been thrilled with their successes improving
access to low-cost fitness and building a high-performance,
mission-aligned team culture, and we wish Chris, Adam and the rest of
the Impact Fitness team well during this next phase of their growth."

Debevoise & Plimpton served as legal advisor to MSCP. Harris Williams
served as financial advisor to Impact Fitness and BCDI.

About Morgan Stanley Capital Partners

Morgan Stanley Capital Partners, part of Morgan Stanley Investment
Management, is a leading middle-market private equity platform that has
invested capital in a broad spectrum of industries for over three
decades. Morgan Stanley Capital Partners focuses on privately negotiated
equity and equity-related investments primarily in North America and
seeks to create value in portfolio companies primarily in a series of
subsectors in the business services, consumer, healthcare and
industrials markets with an emphasis on driving significant organic and
acquisition growth through an operationally focused approach. For
further information about Morgan Stanley Capital Partners, please visit www.morganstanley.com/im/capitalpartners.

About Morgan Stanley Investment Management

Morgan Stanley Investment Management, together with its investment
advisory affiliates, has more than 671 investment professionals around
the world and $480 billion in assets under management or supervision as
of March 31, 2019. Morgan Stanley Investment Management strives to
provide outstanding long-term investment performance, service and a
comprehensive suite of investment management solutions to a diverse
client base, which includes governments, institutions, corporations and
individuals worldwide. For further information about Morgan Stanley
Investment Management, please visit www.morganstanley.com/im.

About Morgan Stanley

Morgan Stanley (NYSE:MS) is a leading global financial services firm
providing investment banking, securities, wealth management and
investment management services. With offices in more than 41 countries,
the Firm's employees serve clients worldwide including corporations,
governments, institutions and individuals. For more information about
Morgan Stanley, please visit www.morganstanley.com.

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