SAN FRANCISCO & FORT WORTH, Texas & NEW YORK–(BUSINESS WIRE)–TPG Progress, the center market and progress fairness platform of different asset agency TPG, introduced right now that it has partnered with firm administration to amass Crunch Health (Crunch). The transaction contains Crunch’s company-owned “Signature” amenities, in addition to its world franchising enterprise. Monetary phrases of the transaction weren’t disclosed.
“The funding from TPG is a testomony to Crunch’s distinct model, nice amenities, and robust administration and membership groups. Underneath the management of Ben Midgley and Keith Worts, we’ve been in a position to create a enjoyable, team-focused, and fitness-minded ambiance that our members, workforce, and franchise companions embrace and revel in,” stated Jim Rowley, CEO of Crunch. “With the assist of our new companions at TPG, we’re well-positioned to speed up this providing. We stay up for working collectively to boost our capabilities and increase Crunch’s footprint throughout the globe.”
Based in 1989 in New York Metropolis, Crunch “The Unique No Judgments fitness center” is a number one well being and health firm. The corporate owns, operates, and franchises greater than 300 health facilities serving greater than 1.3 million members throughout america, Australia, Canada, and Spain. Crunch is led by Mark Mastrov and Jim Rowley, two business veterans who beforehand constructed and ran 24 Hour Health. Mastrov and Rowley acquired Crunch with the personal fairness arm of Angelo Gordon in 2009 and started franchising the model in 2010.
“At Crunch, we attempt to offer our members with greater than only a health expertise. We’re a various neighborhood of actual those that seeks to encourage, empower, and entertain,” stated Mark Mastrov, Chairman of Crunch. “With TPG, we’ve discovered a associate who understands our imaginative and prescient and business. They’ve an extended historical past of working with corporations to construct genuine manufacturers, and we’re excited to welcome them to the Crunch workforce.”
With a spread of membership choices accessible, Crunch’s enterprise mannequin focuses on offering its members with a superior health providing at a compelling value level. Memberships embrace entry to high-quality cardio and power tools, dynamic group lessons, and customized coaching packages. Crunch Signature, the model’s premier providing, offers members with expanded amenities, upgraded facilities, devoted RIDE and yoga studios, full-service locker rooms, and extra. Because the firm launched its fast-growing franchising operation in 2010, it has represented one of many business’s most progressive and aggressive fashions. Crunch is actively pursuing franchise growth, with a number of territories nonetheless accessible domestically and internationally.
“We associate with nice administration groups that drive their business ahead, and Jim, Mark, Ben, and Keith have pioneered a enterprise mannequin that has reworked Crunch into the modern and inclusive neighborhood it’s right now,” stated Jonathan Coslet, Chief Funding Officer at TPG. “We’re excited to associate with the Crunch workforce as they give the impression of being to proceed their progress, together with their world franchise community.”
“Customers throughout all ages group are prioritizing well being and wellness greater than ever earlier than. Crunch is capturing that client curiosity by offering a novel, high-quality and reasonably priced fitness center expertise,” stated Chris Kelly of TPG Progress. “With greater than 300 places, the corporate has created a powerful infrastructure for continued, significant progress.”
TPG’s funding in Crunch builds on the buyer workforce’s technique of investing in corporations which are creating elevated experiences that cater to the distinctive pursuits of shoppers. In 2015, TPG partnered with Life Time, a complete athletic life-style resorts chain centered on wholesome dwelling, wholesome getting old, and wholesome leisure. Different related investments embrace Beautycounter, an advocacy-driven magnificence model, Mendocino Farms, a chef-inspired, farm-to-table restaurant chain, and Philz Espresso, a third-wave espresso home that focuses on custom-blends and handcrafted drip espresso.
Citigroup World Markets Inc. acted as unique monetary advisor and Akin Gump Strauss Hauer and Feld LLP served as authorized counsel to Crunch. Piper Jaffray & Co. acted as monetary advisor and Kirkland & Ellis served as authorized counsel to TPG Progress.
Crunch is a fitness center that believes in making severe train enjoyable by fusing health and leisure and pioneering a philosophy of ‘No Judgments.’ Crunch serves a health neighborhood for every type of individuals, with all forms of targets, exercising all alternative ways; understanding on the similar place collectively. Crunch is famend for creating one-of-a-kind group health lessons and distinctive programming for our wildly various members. Headquartered in New York Metropolis, Crunch serves over 1,300,000 members with over 300 gyms worldwide in 29 states, Puerto Rico and 4 nations. Crunch is quickly increasing throughout the U.S. and across the globe.
About TPG Progress
TPG Progress is the center market and progress fairness funding platform of TPG, the worldwide various asset agency. With roughly $14 billion of belongings underneath administration, TPG Progress targets investments in a broad vary of industries and geographies. TPG Progress has the deep sector data, operational sources, and world expertise to drive worth creation, and assist corporations attain their full potential. The agency is backed by the sources of TPG, which has greater than $108 billion of belongings underneath administration. For extra data, go to www.tpg.com.
About Angelo, Gordon & Co., L.P.
Angelo, Gordon & Co., L.P. (“Angelo Gordon”) is a privately held restricted partnership based in November 1988. The agency at the moment manages roughly $33 billion with a main concentrate on credit score and actual property methods. Angelo Gordon has 510 workers, together with almost 210 funding professionals, and is headquartered in New York, with related places of work elsewhere within the U.S., Europe, and Asia. For extra data, go to www.angelogordon.com.