Fitness Ventures, a Crunch Fitness franchisee, announced the acquisition of all four Crunch locations in Louisville, Kentucky.
Two locations are open and operating, while another two are under construction and are expected to be open by the end of 2022.
“Expanding into Louisville is particularly exciting for us,” said Brian Hibbard, the CEO of Fitness Ventures, in a statement. “We own and operate locations throughout the U.S. with a lot of that concentration in the Midwest. Louisville fits extremely well into that strategy. Greg Tibbs, Mike Goodsell and the entire Louisville team have done an amazing job building the Crunch brand in the market along with a strong culture, so we are excited to build on that momentum.”
With this acquisition, Fitness Ventures now boasts 35 Crunch locations, with plans to open around 15 locations per year for the foreseeable future.
“These four locations are just the start for the Kentucky market,” continued Hibbard. “We will have additional locations being announced in the coming months in Louisville as well as the surrounding markets such as Lexington, Bowling Green and Elizabethtown.”
Greg Tibbs, the franchisee Fitness Ventures acquired the Crunch locations in Louisville from, said the market has been underserved when it comes to high-value, low-price offerings and feels the acquisition was a good fit.
“The Louisville market has been underserved for high value low-cost fitness options for quite some time,” said Tibbs, in a statement. “I believe that is why we have thrived so well here. We had acquisition interest from several great groups. Ultimately, we chose Fitness Ventures as both our teams were very culturally aligned. After meeting with several people within their organization, it became apparent they had a team first mindset that very much mirrored ours. We were also drawn to their vision and growth strategy, and we wanted the Louisville team to be part of that.”
Fitness Ventures was founded in 2016 and is one of the fastest growing franchisees in the Crunch system. They were recently acquired by the private equity firm Prospect Hill Growth Partners.
