TPG Growth — the middle market and growth equity platform of alternative asset firm TPG — has partnered with company management to acquire Crunch, including the brand’s company-owned Signature facilities and global franchising business.
“The investment from TPG is a testament to Crunch’s distinct brand, great facilities and strong management and club teams,” said Jim Rowley, CEO of Crunch, in a statement. “Under the leadership of Ben Midgley and Keith Worts, we’ve been able to create a fun, team-focused, and fitness-minded atmosphere that our members, team and franchise partners embrace and enjoy. With the support of our new partners at TPG, we’re well-positioned to accelerate this offering. We look forward to working together to enhance our capabilities and expand Crunch’s footprint across the globe.”
Crunch currently boasts 315 locations globally in the U.S, Australia, Canada and Spain. In addition to Crunch’s franchise locations, the brand also boasts a premium offering called Crunch Signature — of which there are 30 corporate-owned locations in New York, San Francisco, Los Angeles and Miami.
The brand is currently celebrating its 30-year anniversary, founded in 1989 by Doug Levine in New York City’s East Village.
Crunch is led by industry veterans Mark Mastrov and Jim Rowley, who acquired Crunch with the private equity arm of Angelo Gordon in 2009. They began franchising the brand in 2010.
“At Crunch, we strive to provide our members with more than just a fitness experience,” said Mark Mastrov, the chairman of Crunch, in a statement. “We’re a diverse community of real people that seeks to encourage, empower and entertain. With TPG, we’ve found a partner who understands our vision and industry. They have a long history of working with companies to build authentic brands, and we’re excited to welcome them to the Crunch team.”
Looking ahead, Crunch is actively pursuing franchise expansion domestically and internationally.
“We 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,” said Jonathan Coslet, the chief investment officer at TPG, in a statement. “We’re excited to partner with the Crunch team as they look to continue their growth, including their global franchise network.”
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