What’s happening: Private equity firm TPG hired investment bank Jeffries to explore a sale of Crunch Fitness in a deal that could fetch over $1.5B, per Reuters.
Crunchtime. Acquired out of bankruptcy in 2009, Crunch now counts 3M members across 470+ clubs in North America, Australia, Spain, and Portugal — while notching $1B+ in annual revenue.
With plans to open 100+ sites per year over the next five years, including more international markets, its growing business has triggered a recent PE rollup of its largest franchise groups.
Buy & build. With the fitness industry outperforming the market, gyms are changing hands.
L Catterton acquired [solidcore], valuing the brand between $600–700M.
Josh Harris-founded 26North bought Onelife Fitness from Delos Capital.
TZP Group is testing the waters on Lift Brands, owner of Snap Fitness.
Bolstered with cash, private equity funding is fueling expansion, with Equinox landing $1.8B.
Meanwhile, VivaGym became the fourth-largest operator in Spain following a Providence Equity-backed acquisition spree, and Europe’s largest chain Basic-Fit is being urged to sell.
TBD: Crunch’s sale process is expected to ramp up early next year, but with the whole category undergoing a shift, a lot can change.
We break down how fitness, wellness, and healthcare are converging — and what it means for business, culture, and capital.
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