TPG Growth, a middle market and growth equity platform of alternative asset firm TPG, has partnered with company management to acquire Crunch Fitness, a New York City-based health and fitness company.
The transaction includes Crunch’s company-owned “Signature” facilities, as well as its global franchising business.
The financial terms of the deal were not disclosed.
The investment will enable the company to enhance its capabilities and pursue franchise expansion, with several territories still available domestically and internationally.
Founded in 1989 in New York City, Crunch owns, operates, and franchises more than 300 fitness centers serving more than 1.3 million members across the United States, Australia, Canada, and Spain.
With a range of membership options available, the company’s business model focuses on providing its members with cardio and strength equipment, dynamic group classes, and personalized training programs. Crunch Signature, the brand’s premier offering, provides members with expanded facilities, upgraded amenities, dedicated RIDE and yoga studios, full-service locker rooms, and more.
Crunch currently serves over 1,300,000 members with over 300 gyms worldwide in 29 states, Puerto Rico and 4 countries.
The company is led by Mark Mastrov and Jim Rowley, who acquired it with the private equity arm of Angelo Gordon in 2009 and began franchising the brand in 2010.