Crunch Fitness Announces Strategic Investment from Leonard Green & Partners; Continues Expansion In Florida With Acquisition Of Nine 24 Hour Fitness Gyms
Posted: April 16, 2025 in Chains
Crunch
NEW YORK, N.Y. – Crunch Holdings, LLC (“Crunch Fitness”), a globally recognized powerhouse in the fitness industry, announces a strategic investment from Leonard Green & Partners (“LGP”), a leading private equity investment firm. Under the terms of the agreement, LGP will acquire a majority interest in Crunch Fitness from TPG Growth, the middle market and growth equity platform of global alternative asset management firm TPG and Crunch’s minority shareholders.
Founded in 1989 in New York City’s Greenwich Village, Crunch has grown from a single gym with a unique “No Judgments” philosophy into one of the fastest-growing and most respected fitness brands in the world. Ranking #1 in the fitness category for the second year in a row and #32 overall in the annual Entrepreneur Franchise 500® – the world’s first and most comprehensive franchise ranking – Crunch has built a loyal and diverse membership base worldwide with its inclusive culture, innovative group fitness programming, and high-value, low-price gym model.
“This is an exciting new chapter for Crunch,” said Jim Rowley, Chief Executive Officer of Crunch Fitness. “Leonard Green & Partners has a phenomenal track record of success and investing in consumer brands, and we’re confident their strategic insight and operational expertise will only continue to accelerate our growth while staying true to our core values.”
Since TPG invested in Crunch in 2019, the brand has experienced remarkable growth. During that period, Crunch added over 2.1 million members, a staggering 176% increase. The brand also significantly expanded its gym footprint, adding 275 locations, more than doubling its unit count. Today, Crunch boasts over three million members and operates more than 500 gyms worldwide. These achievements, in addition to Crunch’s new gym innovations, such as the recently launched Crunch 3.0 design and its commitment to making serious fitness fun for people of all fitness levels, continue to drive strong demand across domestic and international markets.
“We’re incredibly grateful to TPG for being an exceptional partner over the past five-plus years,” Rowley continued. “Their support and commitment—especially during the challenges of the pandemic—helped drive our transformation and rapid expansion. We also want to thank our amazing franchisees whose passion and entrepreneurial spirit have been the driving force behind our success and our incredible team members who continuously strive to provide legendary experiences across every Crunch gym.”
“What Crunch has accomplished in the past five years is truly unprecedented,” said John Danhakl, Managing Partner at Leonard Green & Partners. “We are excited to support the brand’s continued evolution alongside a strong leadership team and franchise network. Crunch’s powerful business fundamentals and distinctive member experience make it an ideal fit for our portfolio.”
“Jim and his team have built a superb company, serving both their members and their franchisees well,” said Jonathan Coslet, Partner at TPG. “The Crunch team’s creativity, tenacity, and customer-centric culture have been hallmarks of their very successful build to date and will continue to drive Crunch’s leadership alongside their new partners at LGP.”
Jefferies LLC served as the lead financial advisor to Crunch, with North Point M&A also acting as a financial advisor. Kirkland & Ellis provided legal counsel. “I’d also like to thank our advisors for their invaluable insight and support throughout this process,” added Rowley.
TAMPA, FL – Fitness Holdings, the largest, fastest-growing franchisee of Crunch Fitness, announces the acquisition of nine 24 Hour Fitness gyms in Miami and Orlando regions. This expansion marks a significant milestone, setting the stage for future growth and continued investment in Florida. This growth directly benefits community members by supporting local businesses and expanding access to health and wellness resources in Miami and Orlando. Current and prospective members will now have access to over 60 Crunch Fitness locations across the state of Florida.
Gyms will ultimately feature Crunch Fitness’s innovative 3.0 design, combining modern aesthetics with enhanced functionality to elevate the fitness experience. Varying by location, highlights include expanded Olympic weightlifting racks, a reimagined relax-and-recover zone, and the Hot studio, complemented by updated lighting, premium flooring, and vibrant new graphics. Members can enjoy premier cardio and strength equipment, group fitness studio, cycling, hot yoga & Pilates, saunas, HydroMassage®, tanning, and upgraded locker rooms – creating a community-focused and motivating environment. “We are thrilled at the opportunity to invest millions of dollars into these gyms and transform them into the Crunch Fitness brand and model.” – Tony Scrimale, CEO of CR Fitness Holdings
CR Fitness Holdings, LLC, led by industry veterans Vince Julien, Geoff Dyer, Tony Scrimale, and Jeff Dotson, will now be operating 84 gym locations across Texas, Florida, Georgia, North Carolina, and Tennessee. With the opening of these nine new locations, the company continues its mission to provide high-quality, affordable fitness options to communities across the country.
