Leonard Green & Partners takes majority stake in Crunch Fitness

UNITED STATES Hospitality & Leisure / Hospitality EV $1–10bn

Context

The transaction involves the acquisition of a majority interest in Crunch Fitness by Leonard Green & Partners (LGP) from TPG Growth and other minority shareholders. This leveraged buyout marks a significant platform investment within the fitness and wellness sector, occurring after a period of substantial scale-up under previous ownership. The strategic rationale for LGP is predicated on the target's robust business fundamentals, including its successful hybrid model of corporate and franchised locations which offers significant operational leverage. The investment is designed to accelerate global footprint expansion and capitalize on the resilient consumer demand for affordable, high-quality health services. Post-deal objectives focus on further densifying presence in domestic markets while exploring untapped international territories through the recently optimized design protocols.

Crunch Fitness, which reported an EBITDA margin of [members only] in 2024, is valued in this transaction at an EV/EBITDA multiple of 15x–25x.

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Target

Crunch Fitness is a premier global operator and franchisor in the health and wellness industry, recognized for its pioneering fusion of fitness and entertainment. Established in New York, the company has successfully scaled a high-value, low-price (HVLP) business model that emphasizes inclusivity and a proprietary "No Judgments" philosophy. Its revenue streams are highly diversified, encompassing corporate-owned locations, a robust global franchise network, and innovative group programming. By positioning itself at the intersection of lifestyle and performance, the organization has captured a significant market share within the competitive fitness landscape, catering to a membership base that exceeds three million individuals. The entity’s value proposition is centered on modern gym designs and a culture that democratizes high-quality training. This strategic approach has allowed for rapid international expansion across multiple continents, maintaining a resilient growth trajectory.

Ent. Value

$1–10bn

Equity Value

[members only]

Multiples

EV / Revenue

1x–3x

EV / EBITDA

15x–25x

EV / EBIT

[members only]

Historical Financials (USD)

Year

Rev

EBITDA

EBIT

2024

2023

Other operations with Leonard Green & Partners

Other operations with Leonard Green & Partners
Date	Acquirer	Target	Country	Sector
12/2023	LEONARD GREEN & PARTNERS / HG CAPITAL	IRIS SOFTWARE GROUP	UNITED KINGDOM	ERP, HR & Finance
11/2017	LEONARD GREEN & PARTNERS	PUREGYM	UNITED STATES	Hospitality

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REFERENCES

Valuation range: EV $1–10bn

Revenue range: $450–900M

EBITDA range: $100–200M

EV/Revenue range: 1x - 3x

EV/EBITDA range: 15x - 25x

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of Crunch Fitness by Leonard Green & Partners are reserved for mynth community members. Register for free to unlock full data.

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Target: crunch fitness

FAQ

What transaction does this page cover?

This page covers the acquisition of a majority stake in Crunch Fitness, an American company specialised in Hospitality, by Leonard Green & Partners in 2025, structured as a leveraged buyout (LBO).

How was the acquisition of Crunch Fitness by Leonard Green & Partners valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the $1–10bn band, its EV/EBITDA multiple within the 15x - 25x range, and its EV/revenue multiple within the 1x - 3x range. Exact figures are available to members.

What were Crunch Fitness’s revenue and EBITDA at the time of the deal?

At the time of the transaction, Crunch Fitness generated annual revenue estimated in the $450–900M range and EBITDA in the $100–200M bracket (FY 2024). Detailed financial figures are available to members.

What sources support the information on this transaction?

Information on this transaction is sourced from the official corporate announcement published by the parties, corroborated by a private document shared by the community and verified by the mynth team to ensure the accuracy of the shared information.

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