Meaningful Partners, LLC announced the acquisition of Fitness Ventures, LLC, the second largest Crunch Fitness franchisee. Founded by CEO Brian Hibbard in 2016, Fitness Ventures is a leading health and wellness platform that currently owns and operates 47 locations with rights to develop clubs in multiple geographies across the U.S.
“We’re extremely excited about our partnership with Meaningful Partners as we continue to execute on our de novo and M&A growth strategy,” said Hibbard. “The Meaningful team’s background and experience in rapid scaling of multi-unit locations nationally makes them an ideal partner for our next growth phase. Our team is energized and excited to get to work.”
“Crunch Fitness provides one of the most relevant sets of offerings at deep value, meeting a long-term consumer theme of quality at value,” said Amin Maredia, the co-founder and managing partner of Meaningful Partners. “Under Brian’s vision and leadership, Fitness Ventures has systematically become the second-largest franchisee and has built an exceptional team, capabilities, and winning culture well-positioned for growth. These capabilities and an exceptionally talented and dedicated management team make this an exciting partnership and investment opportunity for Meaningful Partners.”
Jim Rowley, the CEO of Crunch Fitness, shared his respect for Meaningful Partners and its accomplishments.
“We welcome Meaningful Partners to the Crunch family through their significant investment in Fitness Ventures,” said Rowley. “This partnership reflects Meaningful Partners’ progressive view on Purposeful Growth Capital, a philosophy that aligns perfectly with Crunch’s commitment to innovation and excellence in the fitness industry. Amin’s leadership and vision have made a profound impact, and we’re excited about the potential this partnership brings.”
Rowley also highlights the incredible success of Hibbard and his team and their trajectory with the Crunch brand.
“Brian and team’s achievements with Crunch Fitness have been nothing short of extraordinary, and their appetite for growth continues to drive our expansion and success,” said Rowley. “With the support of Meaningful Partners and the dedication of franchise leaders like Brian Hibbard, Crunch Fitness is poised for a future of unprecedented growth and excellence.”
Debt for the transaction is financed by the Credit Group of Ares Management. Greenberg Traurig LLP represented Meaningful Partners, LLC as legal counsel, and Latham & Watkins LLP represented Fitness Ventures, LLC as legal counsel. Harris Williams and MOK Advisors acted as financial advisors to Fitness Ventures, LLC. Terms of the investment were not disclosed.
