TPG continues flexing its financial muscles with a new acquisition.
TPG Growth, the middle market and growth equity platform of Fort Worth and San Francisco-based private equity investment firm, has bought Crunch Fitness, a gym franchise.
The financial terms of the acquisition are not disclosed yet.
Crunch Fitness is a New York-based fitness company with more than 300 gym locations across 29 U.S. states and 4 different countries.
Currently, Crunch serves more than 1.3 million members.
"We’re a diverse community of real people that seeks to encourage, empower, and entertain,” Crunch Chairman Mark Mastrov said in a statement. “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.”
Crunch was founded in 1989. Mastrov and partner Jim Rowley had acquired the company in 2009 with the private equity arm of Angelo Gordon.
Crunch began franchising in 2010.
“Consumers across every age group are prioritizing health and wellness more than ever before. Crunch is capturing that consumer interest by providing a unique, high-quality and affordable gym experience,” Chris Kelly of TPG Growth said. “With more than 300 locations, the company has created a strong infrastructure for continued, meaningful growth.”