Crunch Holdings, LLC, the well-known fitness brand, has announced a strategic investment from Leonard Green & Partners (LGP), a prominent private equity firm. As part of the deal, LGP will acquire a majority stake in Crunch Fitness from TPG Growth and Crunch’s minority shareholders.
Founded in 1989 in New York City’s Greenwich Village, Crunch Fitness began as a single gym with a unique “No Judgments” philosophy. Today, it is one of the fastest-growing fitness brands in the world. For the second consecutive year, Crunch ranked #1 in the fitness category and #32 overall in the Entrepreneur Franchise 500®, the most comprehensive ranking of franchises. The company has built a loyal, diverse membership base globally, offering an inclusive culture, innovative fitness programs, and an affordable gym model.
“This marks an exciting new chapter for Crunch,” said Jim Rowley, CEO of Crunch Fitness. “Leonard Green & Partners has a proven track record of success with consumer brands. Their strategic insights and operational expertise will help us grow even further while staying true to our values.”
Crunch’s growth since TPG’s investment in 2019 has been impressive. The brand added more than 2.1 million members—an increase of 176%—and expanded by 275 gym locations, more than doubling its footprint. Crunch now has over three million members and operates more than 500 gyms globally. The company’s recent innovations, including the Crunch 3.0 gym design, continue to attract strong demand both domestically and internationally.
“We are extremely grateful to TPG for their exceptional partnership over the past five years,” Rowley said. “Their support, especially during the pandemic, was key to our transformation and expansion. We also thank our dedicated franchisees and team members, whose passion and hard work have been vital to our success.”
John Danhakl, Managing Partner at Leonard Green & Partners, expressed excitement about supporting Crunch’s growth. “Crunch’s impressive business model and unique member experience make it a perfect fit for our portfolio,” he said.
Jonathan Coslet, Partner at TPG, also praised the company’s achievements. “Jim and his team have built a great company that serves both members and franchisees. Their creativity and customer-focused culture will continue to drive Crunch’s leadership alongside LGP.”
Jefferies LLC acted as the lead financial advisor to Crunch, with North Point M&A also advising. Kirkland & Ellis provided legal counsel. Rowley concluded by thanking the advisors for their support throughout the process.
