![\"Crunch](\"http:\/\/www.clubinsideronline.com\/news\/wp-content\/uploads\/Crunch-Fitness-300x251.jpg\")
Crunch Fitness<\/p>\nCrunch Fitness<\/p>\n
SAN FRANCISCO, CA; FORT WORTH, TX;<\/strong> and NEW YORK, N.Y.<\/strong> – TPG Growth, the middle market and growth equity platform of alternative asset firm TPG, announced that it has partnered with company management to acquire Crunch Fitness (Crunch). The transaction includes Crunch\u2019s company-owned \u201cSignature\u201d facilities, as well as its global franchising business. Financial terms of the transaction were not disclosed.<\/p>\n \u201cThe investment from TPG is a testament to Crunch\u2019s distinct brand, great facilities, and strong management and club teams. Under the leadership of Ben Midgley and Keith Worts, we\u2019ve been able to create a fun, team-focused, and fitness-minded atmosphere that our members, team, and franchise partners embrace and enjoy,\u201d said Jim Rowley, CEO of Crunch. \u201cWith the support of our new partners at TPG, we\u2019re well-positioned to accelerate this offering. We look forward to working together to enhance our capabilities and expand Crunch\u2019s footprint across the globe.\u201d<\/p>\n Founded in 1989 in New York City, Crunch \u201cThe Original No Judgments gym\u201d is a leading health and fitness company. The company owns, operates, and franchises more than 300 fitness centers serving more than 1.3 million members across the United States, Australia, Canada, and Spain. Crunch is led by Mark Mastrov and Jim Rowley, two industry veterans who previously built and ran 24 Hour Fitness. Mastrov and Rowley acquired Crunch with the private equity arm of Angelo Gordon in 2009 and began franchising the brand in 2010.<\/p>\n \u201cAt Crunch, we strive to provide our members with more than just a fitness experience. We\u2019re a diverse community of real people that seeks to encourage, empower, and entertain,\u201d said Mark Mastrov, Chairman of Crunch. \u201cWith TPG, we\u2019ve found a partner who understands our vision and industry. They have a long history of working with companies to build authentic brands, and we\u2019re excited to welcome them to the Crunch team.\u201d<\/p>\n With a range of membership options available, Crunch\u2019s business model focuses on providing its members with a superior fitness offering at a compelling price point. Memberships include access to high-quality cardio and strength equipment, dynamic group classes, and personalized training programs. Crunch Signature, the brand\u2019s premier offering, provides members with expanded facilities, upgraded amenities, dedicated RIDE and yoga studios, full-service locker rooms, and more. Since the company launched its fast-growing franchising operation in 2010, it has represented one of the industry\u2019s most progressive and competitive models. Crunch is actively pursuing franchise expansion, with several territories still available domestically and internationally.<\/p>\n \u201cWe partner with great management teams that drive their industry forward, and Jim, Mark, Ben, and Keith have pioneered a business model that has transformed Crunch into the innovative and inclusive community it is today,\u201d said Jonathan Coslet, Chief Investment Officer at TPG. \u201cWe\u2019re excited to partner with the Crunch team as they look to continue their growth, including their global franchise network.\u201d<\/p>\n \u201cConsumers across every age group are prioritizing health and wellness more than ever before. Crunch is capturing that consumer interest by providing a unique, high-quality and affordable gym experience,\u201d said Chris Kelly of TPG Growth. \u201cWith more than 300 locations, the company has created a strong infrastructure for continued, meaningful growth.\u201d<\/p>\n TPG\u2019s investment in Crunch builds on the consumer team\u2019s strategy of investing in companies that are creating elevated experiences that cater to the unique interests of consumers. In 2015, TPG partnered with Life Time, a comprehensive athletic lifestyle resorts chain focused on healthy living, healthy aging, and healthy entertainment. Other relevant investments include Beautycounter, an advocacy-driven beauty brand, Mendocino Farms, a chef-inspired, farm-to-table restaurant chain, and Philz Coffee, a third-wave coffee house that specializes in custom-blends and handcrafted drip coffee.<\/p>\n Citigroup Global Markets Inc. acted as exclusive financial advisor and Akin Gump Strauss Hauer and Feld LLP served as legal counsel to Crunch. Piper Jaffray & Co. acted as financial advisor and Kirkland & Ellis served as legal counsel to TPG Growth.<\/p>\n","protected":false},"excerpt":{"rendered":" SAN FRANCISCO, CA; FORT WORTH, TX;<\/strong> and NEW YORK, N.Y.<\/strong> – TPG Growth, the middle market and growth equity platform of alternative asset firm TPG, announced that it has partnered with company management to acquire Crunch Fitness. The transaction includes Crunch\u2019s company-owned \u201cSignature\u201d facilities, as well as its global franchising business. Financial terms of the transaction were not disclosed.<\/p>\n","protected":false},"author":1,"featured_media":3249,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[18,350],"_links":{"self":[{"href":"http:\/\/www.clubinsideronline.com\/news\/wp-json\/wp\/v2\/posts\/4577"}],"collection":[{"href":"http:\/\/www.clubinsideronline.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.clubinsideronline.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.clubinsideronline.com\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.clubinsideronline.com\/news\/wp-json\/wp\/v2\/comments?post=4577"}],"version-history":[{"count":1,"href":"http:\/\/www.clubinsideronline.com\/news\/wp-json\/wp\/v2\/posts\/4577\/revisions"}],"predecessor-version":[{"id":4578,"href":"http:\/\/www.clubinsideronline.com\/news\/wp-json\/wp\/v2\/posts\/4577\/revisions\/4578"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/www.clubinsideronline.com\/news\/wp-json\/wp\/v2\/media\/3249"}],"wp:attachment":[{"href":"http:\/\/www.clubinsideronline.com\/news\/wp-json\/wp\/v2\/media?parent=4577"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.clubinsideronline.com\/news\/wp-json\/wp\/v2\/categories?post=4577"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.clubinsideronline.com\/news\/wp-json\/wp\/v2\/tags?post=4577"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}